Budgeting for a Medical Aid maybe easier than you think. So, you’ve found a medical aid plan that seems reasonably priced for what it has to offer. And that’s a relief, as living life as a medically uninsured person really is a lot like playing Russian Roulette with both your health and your finances. However, you still need to find a way to fit that monthly premium into your budget.
The Importance of a Real Budget
Actually, most people don’t actually have a budget, not a real one anyway much less have they thought about actually Budgeting for a Medical Aid. They get paid, they pay the bills they know have to be paid – the ones that if they don’t pay their lights will go off or their car will be repossessed – and then they spend the rest and well, survive until the next pay cheque. So before you actually try and figure out how to fit a medical aid plan into your budget you actually have to make one.
This isn’t as much of an undertaking as you might imagine though. Get out all of your bank statements and credit card bills from the last six month ago and use them to take a long hard look at where your money really goes and just how much you really bring in. If you are not a maths whiz there are some great budgeting softwares, and even smartphone apps, out there which can help you pull together a real accounting of where your money goes that will be invaluable.
Cut the Fat
Once you have a more formal accounting of just where your money goes every month it is likely that you will be able to identify just where you can ‘cut the fat’ to fit that new medical aid plan into your budget. For instance, many people fail to realise just how much their morning takeout coffee habit costs them, or what the total weekly bill for those trips to the fast food joint on a busy day at work really adds up to. Cutting out unnecessary spending like this can help you find that ‘extra’ money for a medical aid more easily than you think.
Reevaluate Some of Your Existing Obligations
Often you can ‘find’ extra money by reevaluating some of the financial obligations you already have. For instance, are you really paying the best possible price for your car insurance? Is there a cheaper energy supplier out there you could switch to? Or a lower interest credit card you could transfer you balances to?
To reduce some of these bills may take effort. For example, to reduce your other insurance obligations you will have to do a little hopping around, maybe even with the help of an independent broker, as these people often have access to rates that the ‘general public’ do not. And sometimes, believe it or not, the key to a discounted rate is simply asking. Are you someone who does the responsible thing and pays off your credit card balances quickly? If so often a simple call asking for an interest rate reduction will get you one.
A Little Effort Brings a Big Reward
So you have maybe figured out by now that Budgeting for a medical aid plan will take a little bit of effort but it is quite possible. You will have to crunch some numbers and maybe give up a few things you enjoy. However the reward will be a big one; the peace of mind of knowing that if and when you do need medical treatment the costs are not going to bankrupt you!
Talk to one of our consultants today and find out how we can help cut your costs and afford a Medical Aid.
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