Sangl’s Financial Activities

Here is what has been taking place in the Sangl household from a financial standpoint.

  • We have finally received the final bill from the hospital from my hernia repair surgery in June.  If I had not had medical insurance, I would have been on the hook for over $23,000 – WITH DISCOUNTS.  Since I did have medical insurance, I am obligated to pay the full deductible which was $3,000.  If you don't have medical insurance, GET IT NOW!  At least acquire major medical/catastrophic health insurance with a super-large deductible!
  • My health insurance qualifies for a Health Savings Account (HSA).  That means that I don't have to pay taxes on the $3,000 in health insurance costs!  If my tax rate is 25%, I would have had to use $4,000 of my income to get $3,000 in take-home pay!  I love tax-advantages!
  • I recently paid my annual health club membership fee.  By paying this annually instead of monthly, I only have to pay for eleven months!  Every month I save 1/12 of the annual membership fee and PRESTO! the money is there when the bill comes due!  I call it the Known Upcoming Expenses Escrow Account – and you can put together your own escrow account by visiting the TOOLS page.
  • My annual life insurance premium and Christmas shopping are also going to happen next month.  I am GLAD that I have the escrow account!  It makes it SO MUCH EASIER to save for these larger, non-monthly expenses.
  • I noticed that ING Direct lowered their interest rate by another 0.10% when the Fed dropped rates this week.  Oh well, they are still paying 4.20%!  If you have not opened an on-line savings account with ING Direct, you can still get $25 FREE if you open the account with at least $250.  I still have a few of those links left.  You can click HERE to open your account.  NO MORE "FREE $25 LINKS LEFT" – BUT you can still get a great account that is paying 4.20% interest with a minimum balance of $1 by clicking the link at the top right of this page!
  • My daughter turns eight in a couple of weeks!  Where did all of the time go?  I think it is high-time that I review her 529 college savings and make sure we are on the right track!

What financial activities did you embark on over the past week?

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