ZT:sombody's First Family Financial Crisis...

http://www.fatwallet.com/t/52/745366/

Date Posted: Jul/04/2007 5:51 PM
Rating:+3
Through our 15 years of marriage, hubby and I have been able to avoid a lot of financial crisis, due in part to hard work, luck and the great advice I've received on this forum over the last couple of years.

But, of course, something was bound to hit us sooner or later. Hubby is now rehab, recovering from an addiction to prescription medicine. Fortunately, my insurance will pay for most of this. It's 4 weeks in-patient and 8 weeks out-patient. We will end up owing about $4,000, plus the gas expenses associated with the out-patient treatment. I expect the gas will cost about $125 a week. (The center is 60 miles away.)

Of course, my husband's recover is my #1 priority. However, I would be crazy not to keep a very close eye on our finances. Hubby lost his job in January, due to his addiction. He has committed to finding some job, although I'm certain any job he finds will pay about 75 percent of his old salary. We can almost live on my salary, supplemented by some from our savings. I have decided to lower my 401k contribution by $100. And I've also decided to, for the first time in my life, carry a credit card balance of about $3,000. Most of this is from a car wreck that resulted from his addiction. I've also taken on a second job that will increase my pay for about 25 percent.

I need advice on two areas: should I be more concerned about hubby's ability to find a job so quickly after rehab. He has no criminal records and we have many connections in our town that may be willing to help. If his job search is long, though, we may exhaust our savings and I may be looking at withdrawing money from a small ($10,000) 401k. I know this is considered a cardinal sin and I am trying to prevent it.

My second advice is how to encourage and support my husband while restraining his financial spending. He is used to eating out everyday. I have asked him to consider taking lunch with him to eat after his treatment is over as opposed to eating in a restaurant. He has also been used to helping family members who are in financial trouble and this, of course, will have to stop. My husband and I haven't fought much and I don't want to cause a relapse, but I feel he should also be aware of the financial consequences of his addiction.