What is your biggest short term financial concern?

Squeezing Pennies · #1 (**permalink**) 02-09-2008, 04:57 PM

I was asked this today and I am still mulling over it.

JanH · #2 (**permalink**) 02-09-2008, 05:09 PM

Finding the money to fix the foundation of our house. Most houses in this area have foundations that shift over the years. We've been lucky until now. I've heard it can cost in the tens of thousands to fix. I am really worried about getting this done before something really big happens. A friend had her dining room floor fall in! So far, we have a couple of cracks happening and we know that it is only a matter of time.

PrincessPerky · #3 (**permalink**) 02-09-2008, 05:52 PM

Figuring out how much this baby delivery will cost..and how to reduce that amount.

Squeezing Pennies · #4 (**permalink**) 02-09-2008, 06:20 PM

I guess I should put short term as meaning maybe in 2008?

Like in the next year what is your biggest worry? (Someone will ask what I mean by short term).

I am trying to prioritize my list and it is giving me a headache.

Ahhh cracking foundations.... don't get me started!

tripods68 · #5 (**permalink**) 02-09-2008, 06:33 PM

I'm muling over which running shoes to buy Nike $79.99 which my favorite brand or Reebok $59.99. Can't decide yet

jasanderson · #6 (**permalink**) 02-09-2008, 06:38 PM

Quote:

Originally Posted by JanH

Finding the money to fix the foundation of our house. Most houses in this area have foundations that shift over the years. We've been lucky until now. I've heard it can cost in the tens of thousands to fix. I am really worried about getting this done before something really big happens. A friend had her dining room floor fall in! So far, we have a couple of cracks happening and we know that it is only a matter of time.

Out of curiosity when that happened is it something insurance covers? My neighbors hot water pipe on the second level just broke and her insurance covers the cost of gutting and remodeling her house. I realize you obviously don't want disaster but I'm just curious

jodi · #7 (**permalink**) 02-09-2008, 06:50 PM

Making my 2007 Roth IRA contributions for DH's account (I fully funded mine last year). After April, it will be finding the money for our 2008 contributions!

Scanner · #8 (**permalink**) 02-09-2008, 07:31 PM

Ohhh. . .trying to prioritize between

1. Roth IRA contribution
2. Small car loan
3. New deck/above ground swimming pool so the kids don't drive us crazy this summer

Roth contribution will have to come first I guess. . .even if it means a tad higher car loan. I have gone down in my goal for a minivan - getting a used one w/extended warranty.

Loan will "bridge" as I try to private sell my Taurus.

Like2Plan · #9 (**permalink**) 02-09-2008, 08:22 PM

What is your biggest short term financial concern?

What kind of HD TV to buy (one that will fit in the space where our 13" TV sits).... But, all my problems have been solved for the time being. I thought they were going to switch off the regular TV signals Feb 17th of this year.
But, it is really going to be next year, so I have no worries--I will be able to see this year's Oscars with our good 'ole TV.

The HD TV selection problem is now a long term problem that I don't have to worry about for another year.

sweeps · #10 (**permalink**) 02-09-2008, 08:22 PM

Endless pool?

JanH · #11 (**permalink**) 02-09-2008, 08:56 PM

Quote:

Originally Posted by jasanderson

Out of curiosity when that happened is it something insurance covers? My neighbors hot water pipe on the second level just broke and her insurance covers the cost of gutting and remodeling her house. I realize you obviously don't want disaster but I'm just curious

I'm going to talk to my insurance company and find out how much the "foundation" coverage actually covers. I was hesitant because we've already had a claim in 2005 for Hurricane Rita damage and now this in a couple of years. They dropped our windstorm after that (we had to get it through the state) and now another claim might be a problem for coverage. But it beats having the house do the limbo around the lot.

BabyBear · #12 (**permalink**) 02-09-2008, 09:47 PM

For 2008, I'm looking at:

(1) Buying a Cricut cutting machine for my Scrapbooking--it's about $200 and I'm putting money aside for it each week on payday
(2) Paying off our new 46" flat screen, HD TV in 12 months (we have a 3 year 0% interest card it's on, but want to pay it off earlier)
(3) Adding more to retirement contribution
(4) Building up savings to get closer to a 6-month EF

disneysteve · #13 (**permalink**) 02-10-2008, 06:13 AM

The big thing on our financial list this year is our daughter's Bat Mitzvah celebration in September. We budgeted a certain amount for this and we've had the money set aside for years. Now that the event is approaching and we are actually spending that money, the goal is to keep to the budget.

Quote:

Originally Posted by Like2Plan

What kind of HD TV to buy (one that will fit in the space where our 13" TV sits).... But, all my problems have been solved for the time being. I thought they were going to switch off the regular TV signals Feb 17th of this year.

FYI - You don't need to buy an HD-TV. TV signals aren't going HD, they are going digital. If you have cable, you won't need to do anything. If you use an antenna, you will have to get a converter box to convert the signal to digital. In either case, you can keep your current TV.

Quote:

Originally Posted by JanH

I'm going to talk to my insurance company and find out how much the "foundation" coverage actually covers. I was hesitant because we've already had a claim in 2005 for Hurricane Rita damage and now this in a couple of years.

DON'T DO THIS!! Do not contact your insurance company unless you are certain you will be making a claim. Some companies consider an "inquiry" to carry the same weight as a claim. That inquiry goes on your record and may affect your ability to get insurance. If you had a claim in 2005, another claim in 2008 may be enough for them to drop your coverage. Many companies have a limit of 2 claims in a 5-year period. We ran into this in 2000 and lost our coverage. After many phone calls to many insurance companies, we finally found affordable coverage, but for a while, I was sure we were going to have to go with the high-risk policy that would have cost a fortune.

scfr · #14 (**permalink**) 02-10-2008, 06:16 AM

- The falling interest rates on savings accounts
- The real estate market (trying to decide when to hop off the fence and buy a house)

Like2Plan · #15 (**permalink**) 02-10-2008, 06:53 AM

Quote:

Originally Posted by disneysteve

FYI - You don't need to buy an HD-TV. TV signals aren't going HD, they are going digital. If you have cable, you won't need to do anything. If you use an antenna, you will have to get a converter box to convert the signal to digital. In either case, you can keep your current TV.

Oh!-We don't have cable (because I think it is too expensive since it costs more than free

). We put in for a coupon for the converter box for our regular TV, but we they haven't been issued, yet. For a while there, I was thinking it was one of those typical government programs where they pull the plug before everything is ready to go--(but, then I was thinking they were going to pull the plug next week--thus, all the worry about no signal.)

The thing about the converter box is that even with the coupon, there is going to be out of pocket expense. Also, the info I was reading indicated that we might also have to purchase a different antenna (we have rabbit ears right now). I have no idea how these things work and if you have to stay brand specific on the converter box (apparently, there are many different types to choose from). If I have to figure all that stuff out, maybe it is time to figure out what I need for HDtv (which is why we've stayed away from it up 'til now)...

(And, I believe all new TV's have to be digital as of last year?)

I'm also worried that I don't know what the picture is going to look like with all these adaptations and I really hate investing money in a converter and possibly a new antenna and possibly not liking the result. The TV is very, very, very old and the screen size is very, very small (especially when you watch DVDs in wide screen format)... Maybe it is time to upgrade?

Ima saver · #16 (**permalink**) 02-10-2008, 07:20 AM

I too, am concerning about the falling rates on savings and c.d.'s. I aso worry how much I will have to pay out in income tax this year.

maat55 · #17 (**permalink**) 02-10-2008, 08:31 AM

Janh

I would not hesitate to turn in another claim. Most people never recoup the money they pay in for insurance, few ever use it more than they pay. Insurance co's show no mercy when you have to pay them, I could careless what they think when I need to make a claim.

As like most people, my financial plans are based on full pay. As a self-employed person, I'm concerned about the recession slowing me down. I'm more in the baby stage of being financially secure so a slow down is not welcome.

disneysteve · #18 (**permalink**) 02-10-2008, 09:11 AM

Quote:

Originally Posted by maat55

I would not hesitate to turn in another claim. Most people never recoup the money they pay in for insurance, few ever use it more than they pay. Insurance co's show no mercy when you have to pay them, I could careless what they think when I need to make a claim.

maat55 - In case I wasn't clear, I didn't suggest not making a claim if there is one. I advised not to make an inquiry because it can mar your record and count against you even if you never actually file a claim.

As for making a claim, it can result in you losing your coverage. If that happens, you may find it extremely difficult and costly to get new coverage. When we were dropped, I called at least ten companies before I found one willing to insure us for a reasonable price. Most wouldn't insure us at all for any price. Two claims in 5 years can make you uninsurable.

Ima saver · #19 (**permalink**) 02-10-2008, 09:31 AM

Since my husband is self employed and builds houses for a living, I am concerned about the slow down in building.

aurielle · #20 (**permalink**) 02-10-2008, 09:33 AM

Finish building up my 6 month EF. I am halfway there. I was going to go with only a 3 month EF until DH went out on temporary disability last October and had back surgery in November. Now this particular money situation has worked itself out and we have had no need to dip into the EF at all but this situation has shown me that not having an adequate EF can turn out disasterous quite quickly. I have also watched people where I work go out on disability for months at a time and after a certain point they have to pay their portion AND the employer's portion of our health insurance which together is close to $1000/month. So the amount I am saving towards has more than doubled with the added health ins cost.

I am also going to try my hardest to max out my Roth.

I also need to save for another car. My current car is very old. Its a matter of if my car will last until I can save enough money for another one.

So I have three biggest short term financial concerns and I have more of them than I have disposable income.