Financial Expert's Tips for Managing Medical Debt and Saving Money
As the summer season winds down, many people are gearing up for the back-to-school rush, which often means a surge in expenses. Amidst this financial transition, it's crucial to address one of the most pressing financial challenges many Americans face: medical debt. Kathryn McCall, a financial advisor at CAPTRUST, recently shared valuable insights on KCRA 3, offering practical advice on how to tackle this issue and other ways to save money.
The Rising Issue of Medical Debt
McCall highlights the growing problem of medical debt, emphasizing the importance of scrutinizing itemized bills. She advises, "Make sure you're paying attention to the details. Confirm that your insurance has covered its portion, and don't hesitate to negotiate the bill with the doctor. Most medical providers are willing to work with patients and can offer payment plans to make the cost more manageable."
This advice comes at a critical time, as a study by Fidelity Investments reveals that Americans are saving only 3 to 4% of their income this year. The implications of this low savings rate are far-reaching, making it even more crucial for individuals to take control of their financial situation, especially when it comes to medical expenses.
Saving Money on Utilities
McCall also offers practical tips for saving money on everyday expenses. She points out that peak summer hours can significantly increase the cost of using appliances like dishwashers, washers, and dryers. "During the summer, peak hours from 8 a.m. to midnight can make your regular utility activities 15 times more expensive," she explains. "If you're an early bird, you can save a substantial amount on your utility bills by doing laundry or running the dishwasher early in the morning before 8 a.m."
Selling Clothes for Extra Cash
Another creative way to boost your income is by cleaning out your closet and selling your clothes. McCall suggests, "There are numerous online platforms and local shops in Sacramento that offer consignment services. This is an excellent opportunity to declutter your wardrobe before the fall and earn some extra cash on the side."
Maximizing PTO for Financial Gain
Lastly, McCall emphasizes the importance of using your Paid Time Off (PTO) wisely. She believes that not utilizing PTO is essentially leaving money on the table. "Your time is your money," she asserts. "Don't let it go to waste."
In conclusion, as the back-to-school season approaches, it's essential to address medical debt and explore creative ways to save money. By following the advice of financial experts like Kathryn McCall, individuals can take control of their finances and secure a more stable financial future.
