Hi Money Minder,
Thanks for all the help so far.
My husband and daughter also help with cleaning. My husband has some physical limitations due to a back injury. Our income varies – we make around $5500/month.
Living cheaper isn’t really an option for us right now. We need a minimum of 3 bedrooms for my work as a therapist. We’ve tried to cut costs by switching to a prepaid phone plan and paying off devices, but we’re still struggling with some installment plans.
My therapist’s sessions cost $140 with a cash discount. I’ve been making progress and plan to switch to bi-weekly sessions to cover the cost by cutting back on the cleaning lady.
We’re not using credit cards and are working on paying off existing debt.
40-year-old married couple with a 15-year-old daughter. I run a private therapy practice, and my husband works from home as a customer service rep. We live in rural Texas.
We’ve hit some financial setbacks with my disability getting cut off and owing $40,000 in Social Security. We also have medical bills to pay and are struggling to cover basic expenses.
Our bills include rent, phone, electricity, water, credit cards, internet, streaming services, groceries, and cleaning services. The cleaning lady is essential for my mental and physical health, but we might have to cut back on her visits.
We’re just getting by each month and want to leave something for our daughter’s future.
Any advice on how we can manage our finances better?
Thanks for listening!
Response from THE MONEY MINDER:
Hello There,
I am sorry to hear about the challenges you are facing with your finances. It sounds like you are juggling multiple financial burdens, including the unexpected loss of your disability income and the looming bills from Social Security. It’s great that you are reaching out for advice and looking for ways to navigate these tough times.
Given your detailed breakdown of expenses and income, it’s clear that every dollar matters in your situation. One practical approach would be to create a comprehensive budget that prioritizes essential expenses like housing, utilities, and groceries. Look for areas where you can potentially cut costs, such as reducing streaming services, finding more affordable phone plans, and adjusting your grocery budget.
Regarding your therapy sessions, it’s encouraging that your therapist is working to get credentialed with your husband’s insurance. In the meantime, consider discussing a payment plan or reduced rate with your therapist to help manage the $140 cash price. It’s important to prioritize your mental health, but exploring all options to make it financially feasible is essential.
For outstanding bills like your TXU bill, phone bill, and water bill, reach out to the respective companies to discuss payment options or potential assistance programs. Many utility companies offer payment plans or financial assistance for customers facing hardship.
Lastly, consider seeking guidance from a financial advisor or counselor who can provide personalized advice and strategies to improve your financial situation. They may help you navigate debt repayment, savings goals, and long-term planning for your daughter’s future.
Remember, tackling one financial challenge at a time and making small adjustments can lead to significant improvements in your financial stability. All the best from THE MONEY MINDER.
