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What would you do? - 11/24/2008 9:34:05 AM
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coolfamily6
Posts: 338
Joined: 4/18/2005
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DD got braces before we had orthodontic coverage, then we added coverage. I figured that she was not covered because of our waiting period. When we went to have ds's first appointment, I happened to mention the waiting period. The lady said that since dd was still in braces after the waiting period the insurance would cover part of the cost. We filled out the paper work and I expected the insurance to pay around $200 but they paid the full $1500 that our plan covers. I have double checked that there is not an error and the money is ours.
We have two places we could put the money and I would like your opinion. DS's braces in order to pay it off more quickly or pay off DD's flute that we just purchased. We are making small payments on both. If we pay off the flute we get a discount on the overall price but if we put toward ds's braces we can lower the monthly payment.
We have no cc debt, etc. DH's company is slow right now because they are in commercial construction. There may be a time next year that we do not get a paycheck in order to not have to lay off his employee's. Lower monthly payments might be helpful then. We do have 6 months of savings and I am working part-time just in case.
Opinions?
_____________________________
If your bible is a mess; your life won't be.
~Encouragement a mom gave to our children at our First Grader's Bible Ceremony!
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RE: What would you do? - 11/24/2008 12:57:55 PM
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LCannon
Posts: 1223
Joined: 2/22/2007
From: Lebanon, OR
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Personally I would calculate the difference between the three opinions, supplication to the braces, her flute or save(or donate; there's plenty of worthy cases)the $200 'bonus'. Count your(our)family's blessings! It's good to have that 'problem' in these times.
_____________________________
"It may be that when the angels go about their task of praising God they play
only Bach. I am sure, however, that when they are together en famille they
play Mozart and then too our dear Lord listens with special pleasure."(Karl Barth)
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RE: What would you do? - 11/24/2008 4:16:20 PM
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APZR
Posts: 960
Joined: 4/18/2005
From: GA
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In this day and time, since your DH is in construction, I'd hold on to the cash.
_____________________________
Ya can't keep trouble from visitin, but you don't have to offer it a chair.
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RE: What would you do? - 11/24/2008 6:12:24 PM
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sudden
Posts: 167
Joined: 4/12/2005
From: Toronto
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You don't say how much of a discount you would receive on the flute. I'd say do whatever gives you the greater financial advantage overall.
Or I might try to consolidate both loans and negotiate the lowest interest rate possible and pay it off as swiftly as possible. Failing that I would ask both creditors for a lower interest rate on each. Most creditors, in these times are willing to be flexible.
If that cannot be done I'd pay whatever has the highest interest rate first.
Sudden
_____________________________
I will lie down in rest and sleep and peace, for thou, O Lord, only makest me to dwell in safety.
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RE: What would you do? - 11/25/2008 9:58:44 AM
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Ps103
Posts: 11743
Joined: 4/16/2005
From: Here, now
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I think I am with Apzr. How is your emergency fund?
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Fasten your seatbelts...it's going to be a bumpy night.
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RE: What would you do? - 11/25/2008 2:39:00 PM
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coolfamily6
Posts: 338
Joined: 4/18/2005
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We have 6 mos of DH's salary in savings as well as a couple of CD's. Both the flute and the ortho are payments spread over time but there is no interest on either. The flute will be a 30% discount off the amount due when we pay it off. If we pay it off this month we save about $300. I think we come out better paying off the flute since the ortho is not discounted at all. I was thinking that the ortho payment is $117 per month but the flute is only $40; obviously if we went thorugh all of our emergency fund $40 would be easier to pay than $117.
_____________________________
If your bible is a mess; your life won't be.
~Encouragement a mom gave to our children at our First Grader's Bible Ceremony!
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RE: What would you do? - 11/26/2008 7:31:39 AM
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coolfamily6
Posts: 338
Joined: 4/18/2005
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We decided to buy the flute using the discount. Thanks for your advice.
_____________________________
If your bible is a mess; your life won't be.
~Encouragement a mom gave to our children at our First Grader's Bible Ceremony!
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