Articles Posted in financial wellness

When faced with a large medical bill, the first instinct may be just to pay it. But if you are like most people, you cannot afford to pay for healthcare out of pocket. That is where medical bill negotiation comes in. By negotiating your medical bills, you can reduce the amount that you owe. Here are some tips on how to negotiate those medical bills.

1. Know What You Owe

The first step in negotiating your medical bills is to know what you owe. This may seem like a daunting task, but it is essential to have a clear understanding of the charges you are facing. Next, you can request a detailed bill from your provider, which will list all of the services you received and the associated costs. Once you have this information, you can begin to negotiate. Continue reading

If you are a first-time house buyer, congratulations! Buying a house is one of the biggest—and most exciting—milestones you will ever reach. That said, it is not without its challenges. A lot can go wrong, from producing a down payment to dealing with unexpected repairs. These issues might affect your financial wellness. There are four common problems first-time house buyers face.

1. Coming Up with a Down Payment

One of the first-time buyers’ biggest obstacles is producing a down payment. The standard down payment can be as much as 20% of the purchase price, which can be difficult—or even impossible—to scrape together, especially if you are already saddled with student loans or other debts. In addition, paying such a hefty sum will impact your financial wellness. Continue reading

According to a recent study, nearly 60% of Americans have struggled to pay medical bills in the past year. With the inflated cost of healthcare, it’s no wonder so many people are struggling to keep up with their medical expenses. If you are one of the millions of Americans who are struggling to pay your medical bills, do not worry—you are not alone. Here are some tips on how to manage your medical expenses on a budget. Continue reading

In today’s world, protecting your financial wellness is more important than ever. Financial health means being in control of your money and having the ability to meet your goals. You can do many things to protect yourself from sudden emergencies.

Some Ways to Do It

1. Review your expenses and make changes where necessary:
2. Make a budget and stick to it.
3. Invest in yourself by taking courses and learning about financial planning.
4. Stay disciplined with your spending.
5. Have an emergency fund to cover unexpected costs.

Continue reading

The prospect of a bankruptcy filing can be a major shock to the system. People are justifiably worried because of the consequences to their financial wellness of having to go into bankruptcy. It is a sobering situation, but it does not mean you cannot survive.

An individual must be mature about the situation. However, there are some steps to take to successfully survive financially.

1. Understand the process

The first step in surviving bankruptcy is to understand the process. Bankruptcy is a legal process that allows individuals or businesses to reorganize or liquidate their assets to repay their creditors. The bankruptcy process can be complex and confusing, so it is vital to seek out the advice of an experienced bankruptcy attorney. Continue reading

The inflation rate did go down last month, but we are still experiencing rising prices, more than we have dealt with for decades. So, these can be challenging times for those who use their credit cards.

Telling people not to use credit cards is unrealistic. Most in-store shopping is done with plastic because it is safer than carrying cash. Online purchases all require credit cards to close the sale. Regrettably, credit card interest rates are the only ones that will not go down. Those double-digit fees are creating large holes in the financial wellness of the average consumer. Continue reading

Some excitement has been generated by the recent decision of the Biden Administration to cancel billions of dollars in college debt. People are hoping that the government will make the final big decision to cancel all the debt held by college graduates. It sounds like a great possibility, but we suggest those with college debt be careful.

The decision caused considerable controversy and was not very popular with certain groups. It shows that college debt is a complex issue that does not encourage easy solutions. Frankly, there is no guarantee that the government will cancel any more debt. Continue reading

Medical costs scare people. They might be small prescriptions or extensive therapy sessions; either can cause anxiety. Anyone over 50 years knows the cost of staying healthy can be steep.

Be a Proactive Consumer

Folks often feel resigned to paying hefty sums and instinctively reach for their credit cards to pay. That attitude does not make things any easier. What a person should do is become a proactive consumer. There is nothing wrong with asking questions or inquiring about alternative solutions. Consultations with a healthcare provider should be a two-way street. Continue reading

There are many anxious moments in money management. People understand the importance of being responsible, but unexpected emergencies happen. These hit a person’s budget like a tidal wave and create stress.

The challenge is not knowing what to do. Adults can manage ordinary expenses, but medical treatment is expensive, and credit card balances get out of control. Managing cash is difficult when you do not know what to do. Continue reading

Bankruptcy is not always caused by reckless spending. There are situations when credit card abuse does not play a part in a person’s downfall. It can take a significant bill or a series of major expenses to cause a collapse.

The Price of Healing

Medical bills are a major cause of bankruptcy. Surgery will create trouble, but medication is a serious cost creator. Many life-sustaining drugs are expensive, and health insurance will not cover all the costs. As a result, an individual gradually sinks deeper into debt, trying to stay alive. Continue reading