How to Get Financially Prepared for Adoption

how to financially afford the adoption

Life is hard. Adoption is hard. Money is hard.

A few years ago my 3-year-old niece informed my sister that she could do hard things. She inspired me to put one foot in front of the other while we faced our fertility and adoption journey. It’s the end result that has kept me going.

While you are on your adoption journey, here are a few tips to help you financially prepare.

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Lifestyle Inflation Definition and How to Cope with It

lifestyle inflation definition

Has the quality of your life changed since graduation? Have you started making more purchases once you’ve been promoted? 

Did you know that such changes in life have a special name? We are talking about lifestyle inflation. 

What does it mean? Why does it happen? Are there any negative impacts it may have on your financial stability? 

Read on to learn more about this notion and the best ways to manage your lifestyle inflation.

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Where to Find Help to Pay Rent? Here Are a Few Prompts

help to pay rent

Considering the fact that many people tend to live paycheck to paycheck trying to make ends meet and don’t have emergency savings ready to support through the hard times, it’s not surprising that many consumers need help paying rent. 

Often this short-term hardship happens during the employment changes, important life events or urgent health issues that require lots of funds. As a result, people think “I need help paying my rent asap”. 

Here are the best options and the most comfortable ways out of this temporary issue. Select the most affordable and suitable solution for you.

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Debt Avalanche – How You Can Use It to Get Out of Debt

debt avalanche

The person, who has been in debt, can understand the real pain. All the time you feel stressed and think about how to solve the problem. Well, you can give it a try to solve your debt problems yourself before resorting to professional help.

One of the DIY methods to solve your credit card debt problems is by using the debt avalanche method. You can use this method to repay your multiple bills and get out of debt completely.

Check out how debt avalanche method can help you to repay your debts.

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How to Get Help Paying Medical Bills

help with hospital bills

It is challenging to deal with a medical emergency while bills and payments for the procedures may be even more overwhelming. While you are coping with recovery from a surgery or treatment, you still need to think about paying these expenses.

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How can I get help paying for my medical bills?

You may choose the most appropriate and affordable solution mentioned above. There are special programs, personal loans, credit cards, and other solutions tailored to the needs of the patients. Each person may select the best option to pay down medical debt.

Where to find help to pay medical bills when there is no insurance?

If you are uninsured, you may qualify for special programs and charity organizations to obtain desired assistance. Government programs cover certain medical costs and procedures but you should check the available options in your state.

How can I get money to help pay off my medical bills I owe through a collection agency?

You may request a personal loan or a credit card to pay down medical debt. It can be more challenging to repay the debt that is already at the collection agency but you may negotiate and ask to lower the payment as well. Don’t ignore your bills and try to repay them on time so that your credit history isn’t damaged.

How much will medical bills help your credit?

If you repay the current medical debt according to the repayment plan offered by your health care provider or hospital, it won’t appear on your credit report. Only if you fail to return the debt on time, it may be sent to the collections office and lead to credit damage.

How much does claiming medical bills help taxes?

For tax returns filed in 2021, consumers may deduct qualified medical costs that are over 7.5% of their 2020 adjusted gross income. Generally, you should only claim the medical costs deduction in case your itemized deductions are larger than your standard deduction.

How to raise money to help with medical bills?

If you don’t want to obtain a credit card or a personal loan to pay down medical costs, you may also turn to one of the charity organizations and government programs that support low-income consumers. Many patients who qualify for any of these programs receive free or cheap medical services. So you may not pay for certain procedures or treatments if you qualify.

Who can help with medical error bills?

If you want to avoid errors on your medical bills, you may want to review all the information in each bill yourself or hire a medical advocate. He or she will work on your behalf and check every bill if it includes relevant information and if there is no double billing or other mistakes.

How to apply for help with medical bills?

Every government program has a website with details and eligibility criteria. If you are a low-income holder and need financial support you may obtain this assistance but it will take some time to review your application. Personal loans and credit cards are easier and faster to obtain but they come with interest rates and fees.

Where to get help with medical bills when you have insurance but still cannot pay the bills?

Insurance doesn’t cover all the medical costs so you may need to pay for certain treatments or procedures from your own pocket. If you don’t have enough savings or an emergency fund, qualifying for a lending solution or asking for financial aid from the state and federal government may solve your problem. Check various options and review what solution best fits your current needs.

Social Security – Your Most Frequent Questions Answered by Jim Blankenship, CFP

Social Security FAQ and Answers

Here you’ll find the answers to the following questions:

Social Security is a social insurance program, designed to provide retirement, disability, and survivor benefits to those who are eligible. The benefits are paid for by the withheld tax on current workers’ earnings.

That is to say, those individuals who are retired, or disabled, or whose spouse or parent has died, are able to receive Social Security benefits because other individuals are currently working, earning dollars that are taxed by Social Security.

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