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Under: Budgeting & Saving
Budget Obsessed
  • Jinx628
    I'm currently paying for COBRA until my new job's benefits kick in. So that's 3 months worth of crazy high health insurance payments added to my normal budget. To deal with this, every time I get paid, I immediately pay my bills and I have auto savings set up to hit my accounts on pay days. I've been taking the total amount of the money left over and dividing it by the number of days until my next pay day, making a daily budget for myself. I only have about $20 a day to spend -but it's definitely keeping me from overdrawing my account, committing to plans I can't afford and spending money on my lunch! The only problem is I'm obsessed! I can't stop thinking about my budget about 20 times a day now. Any ideas how to maintain this but stop it from cycling through my head all day?
  • kel78belle
    My first thought is to remind yourself this is only temporary as those benefits are coming but I realize 3 months is a long time to be constantly thinking about living off $20 a day. It sounds like you are in pretty good shape in that you are still putting away some money in your savings each payday. Would you maybe consider putting a hold on those auto savings days until your benefits kick in? This might give you a little more breathing room on your in between days and then once you have your benefits you can kick up your savings contributions. Good luck and remember this is temporary!
  • cyoung22
    Are you paying COBRA because of an ongoing medical need, or just so that you're covered until the new benefits kick in? If it's the 2nd scenario, here's something to consider. You can actually become a COBRA 'member' retroactively if you have an accident. Let's say you became eligible August 1 and your new health benefits will kick in Nov 1. You don't pay for COBRA in the meantime, but October 15 you have an accident that sends you to the ER and you've got beaucoup of bills (enough that it's worth paying the COBRA premiums rather than cash for expenses.) You can THEN sign up for COBRA at that point and while you'll have to pay the backlog (so, COBRA payments for August 1 - Oct 15) you will become retroactively covered by COBRA. Of course you should run this past someone with official say-so in the matter, and it might vary by state, but this is how it worked in Florida as of 2009. It might be worth it if you have 3 more months to go. Good luck!
  • jdmrosa
    @Jinx628, what if you tried the cash approach? You definitely wouldn't overdraw if you have the cash in hand to spend, and all you would have to do is look at your wallet to see what you have, instead of having to check bank balances.

    I agree with @kel78belle, keep reminding yourself it's only temporary and keep focused on the light at the end of the tunnel. You'll get there, and you'll be stronger for it!

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