Not Made Of Money

Health savings accounts are great ways to make your medical expenses more affordable. Unfortunately, the deductible associated with these accounts can be pretty scary. How will you come up with the $1,000+ that you could end up paying out for your medical expenses?

If you’re attracted to the idea of using a health savings account, you shouldn’t let the deductible scare you away. Instead, you just need to put that money away into an emergency fund that you can use when you need to. Funding that emergency fund doesn’t have to be a huge hassle. You just need a short-term source of some extra cash.

Set up a small direct deposit. Although this option won’t work if you need your deductible now, you could start putting next year’s deductible away by setting up a direct deposit from your weekly paycheck. As little as $20 each week will leave you $1,000 next year.

Try having a financial fast for a month or two. You can do anything for one month, right? During your month of financial fasting you’ll make as many sacrifices as you can with the goal of stashing away the needed cash. I’ve written about this before, but here are a few ways you may increase your savings contributions for those thirty days:

Eat as cheaply as possible. Name brand food items are off limits during your financial fast. Likewise, you should avoid eating out and vending machines. By cutting your grocery bills to the bare minimum, you’ll be able to put more cash into your emergency fund. Although your menu may become a little monotonous, just imagine how much you’ll enjoy your return to your normal foods next month.

Cut your entertainment expenditures down to nothing. Forget going to the movies or concerts this month. Instead, take advantage of free ways to entertain yourself like reading books or watching movies from the library, playing in the park with your kids, or completing some of those household chores that you often forget. Although this month won’t be the most fun month you’ve ever experienced, keep your goal foremost in your mind. You can do something to treat your self next month.

Make a vow not to purchase any new clothing. You could clean your closet to discover forgotten clothes. Sorting out your clothes will allow you to find those seldom-word items hiding in the back. Try combining these clothes with other items in your closet to keep your wardrobe exciting. Whether you clean out your closet or not, however, remember that this month you’re not buying anything new.

Keep in mind as you struggle through each of your sacrifices that this self-denial is only temporary. No one will expect you to keep this type of regimen up for any length of time; you’re just trying to save as much as you can as quickly as you can. Make a goal for yourself and then try to shatter it.

Sell some stuff. Check out your closets and garage for items you can sell through Ebay or Craigslist. It’s a great way to come up with some extra cash and cut down on clutter at the same time!

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