Health Savings Account-Health Savings Account Info

MaskMan asked:


10 months of unemployment and my wife losing her job at the same time has wiped out our savings accounts as a family. I’m 37 years old, married with 2 toddlers, zero savings, and was able to finally find a 50k/year job in I.T., but bills, health care costs, everyday expenses, and mortgage payments eat up almost my entire paycheck with little room for any sort of savings. Our home was purchased in 2006 for 215K and is currently underwater roughly 50K-60K, with it’s value still declining. My wife and I are extremely frugal with our spending habits and she’s staying home now to raise the kids. I’m extremely concerned over the fact we cannot save any reasonable amount of money for those life emergencies that pop up…car, house, health, etc. Not to mention thoughts of our kids and college, or even retirement.

I’m afraid that if we don’t get out of our house and downsize, we’ll never be in a position to start saving properly again. Sure, my wife should be able to go back to work in a couple years once the kids are in school, but I’m afraid we may end up in a credit card hole by the time. I don’t see the value returning to our house over the next 10-15 years and that’s a long time to fore go any sort of reasonable savings plans. Looking for thoughts.

Leon Jelden

JOSHUA B asked:


i currently have my house up for sale and only offer i have got is 15000 less then i owe, i have took a substancial pay cut since buying my house 8 years ago, around 22% plus loss of comminsion around 500 to 1000 a month, plus loss of health insurance which is 116 out of pocket, in the summer i can make the payment with not a lot left over but i get by, once i am on unemployment i lose around 250+ a month, over the last 3 years of dealing with this i have exhausted my savings account to where i will have nothing left after this year, should i stop paying on it and let it go back? or just keep and rack up a bunch of credit card debt over the next 4 to 6 months depending on long this lay off lasts for
thanks, i am trying to due the short sale option the bank said no to the 15000 less offer, apparently would rather see me struggle or take it back on forclosure, obvisiously trying to avoid that option because i like having credit

Joel

Lexxie A asked:


I have fallen in love with an apartment with a perfect location. I am a home-body so the size and quality of my housing is a top priority.

With heat and hot water and electric, the rent will be just under 1/2 of my monthly earnings. I was always told to keep it under 1/3, however I have not found a single place in this price range and I have been looking online (craigslist etc) and with realtors since this spring. When I say “monthly earnings” I mean AFTER I account for health insurance, taxes etc.

However, I do not need a car. I can walk to work, walk to a bus, walk to the train in under 2 minutes. So no car payments, no gas etc
Also, I am in no debt whatsoever. I have significant savings, which I would not like to tap into, however if I were to lose my job I could pay heat, hotwater, electric and the rent for 1 year no problem.

What do you think? Am I crazy to do this?
A 500/600$ apartment in the area I am looking to live does not exist. A studio goes for 900+ and many in the neighborhoods srrounding my work are twice that. If you are living with more than 3 people and each pay 600 or a little more, that might be doable farther from public transport.
I take home 2500$ a month after taxes etc…it isn’t like I am living under the poverty line…am I at real risk for the landlord rejecting me?
I meant to say that in the area I work in, a studio is often much more than 900. Where I was living up until now a 1 bdroom went for 2k and a studio is 1550. there are cheaper places, of course, the farther away you get, but nothing in the 500$ range, even in the towns an hours drive away.

Rosario Olevera

Phil B. asked:


We cashed in our retirement funds in an effort to stay afloat. Instead its turning to be just a bandaid for the problem. people consulting us have said that we should stop paying our mortgage . Our lender wont work with us till we are deliquent. We have listed the home, and wish to save some money but, can we have a savings account if we are planning to short sale the home?

Bobby

Jean-Claude L asked:


I plan to put 10K into a high yield savings account for about 5 years and adding 1,200/year. Who has the best and most reliable rates?

Quyen Murtaugh

Marie Patterson asked:


I am 24 years old and recently got a job where my take home pay (after health insurance, taxes and 401K) is about 2050 a month.

I paid off my car and student loans, so I am competely debt free.
Car insurance is 130/month and cell phone is 40/month. I would also like to be able to put 10% (200) away into a savings account each month.

How much can I afford to spend on rent? Is 800/month reasonable with this budget?

Candelaria Mckean

Mike W asked:


Hello – I would like to give you some of my financial information to see if you believe I would qualify for a loan before having to run my credit and have points deducted.

I turn 20 years old in the fall. I own a landscaping business. I have been living with my parents to be cheap and save money for as long as I can hoping to buy a house and to build a good financial cushion I make a base salary of $2,653.00 each month, $31,836 a year. The business pays pretty much all of my expenses, cell phone, vehicle, fuel, insurance, 50% of health insurance, office telephone and internet – pretty much everything but food, hygiene, clothes, and entertainment. I feel very comfortable with roughly a $900-$1,100 a month payment, by IRS regulations I am able to reimburse myself 15% of all expenses for a “home based business” (my office) for (mortgage payment, water, electricity, TV, etc) so I plan about $130-$150 from that.

Experian reported my credit as of 7/31/09 of 742

1 account now closed, no late payments etc
1 account open – $500 limit no balance (paid off each month)
1 account open – Business Equipment Purchase roughly $15,000 remaining of $24,000 – no late payments etc.

Where my problem is,

In 2007 I reported $19,000 in gross income from a previous employer – 3 years of reports
2008 $10,000 (first legal year in business, about 60% of my wages were under the table which hurts for my situation now)
2009 –

I am also employed by Sheetz for the winter, basically just a hobby to have something to do. I roughly pull in about $2,500 over the 3 winter months working part time there.

Another problem is I do not have a co-signer.

I would like to look into purchasing within the next (3) months if it is possible, I just would prefer buying then renting.

If you believe I might be eligible let me know and we can go ahead and do the actual prequalification – I just don’t want to run my credit if I have a few possible reasons that can revoke my qualification.

Daron Lars

Nobody asked:


So I am making myself a list of what I need to consider when I move out of my house. I only have a couple thousand dollars saved in my account so I really have doubtful feeling about moving into an apartment but it’s better for my mental health if I do this, because of parental issues. I will also have a roommate to split the costs.

-Rent per month
-Utilities per month
-Electric/Heat/Water/Sewer etc. per month
-Car Insurance per month
-Car payments (if needed)
-Groceries per month $200
-Cellphone per month
-Cable/Internet per month
-Health Insurance per month
-Life Insurance per month
-Pet Care per month
-Renter’s Insurance per month

Did I cover it all? Does anyone know some of the “estimate” prices of the listed items? I know some are all depends situation. Any help would be greatly appreciated! Thanks!

Jone Lilla

Keith C asked:


A friend of mine retired last year and acquired an apartment. So his income is basically rental income and a little retirement check. Can he form a S-Corporation in California to lower his taxes? He is thinking of saving in health benefits and open a SEP account.

Rick Westall

JW asked:


I just found out that my Ex is foreclosing on a house that my name is still on. I gave her the house in our divorce decree (from Nevada) which states that I am not to be held legally or financially responsible for the property. I signed a quitclaim deed, and provided her with information on how to remove my name previously (about 4 years ago), which she apparently has not followed through with.
My credit score has recently been affected (dropping by almost 200 points from a previous 815), and she has informed me that she will be filing for bankruptcy. She also indicates that her attorney suggested that I file as well.
I have spent the past 4 years rebuilding my financial situation and have been somewhat successful. I do not believe that I should be forced to file bankruptcy and I feel that I’ve been wronged to a point that it has affected my health.
So, does anyone know if there are any other avenues of recourse? Since she is filing bankruptcy, I feel that she will abandon any responsibility that she has to me. Can I file against the mortgage company for wrongly going against me? Can I file against the state (Nevada) that the divorce decree is from? Does the mortgage company have the right to freeze/seize assets like savings accounts (which I fear they will)?
Any info would be appreciated.
Edit: I appreciate all your advice. I’ve gone ahead and spoken to the county who has advised me that my name is no longer on the old property. I’m not sure what this means to the mortgage; however, I do believe that they will come after me after she files.
So, basically I’ve been left holding the bag. Yes, I did ‘shoot [myself] in the foot’ if you consider following the advise and direction of the lawyers, mortgage company, and judicial system who are in place to represent the case in a fair and legal light, and still getting stuck with the bill, and trying to provide a decent property to a woman who I have growing disdain.
Further, unfortunately I do not have $5K lying around to spend on more advise that will likely cost me more money. I’ve lost all faith in the legal system as it seems to only protect the rich and penalize the middle class. Also, yes, a grenade is an optimal way to obtain everyones attention. If a legal document holds no worth then why have it in the 1st place.

Gracie Caposole