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2boyzmama's Avatar 2boyzmama 12:56 PM 06-20-2009
This fall is going to be challenging for us. Hubby is doing his observation/student teaching semester, which is GREAT (cuz he's getting closer to being done! Mostly has classes left for his minor now) but will be hard financially because he won't be able to work. So we'll be paying a nanny (can't do daycare because of Connor's needs) AND we'll have a car payment (can't fit three kids in either of our current cars). We've been saving up as much as possible, getting ready for a few months of tight cash flow.

Just recently we met with our financial advisor. When hubby and I first married, we started investing with Company A (we'll leave names out of this!). Company A got sued for some unethical practices, and we dumped them and started working with Company B. We have two funds with Company A that we just left there, never did anything with. Recently we signed papers to move the funds to Company B. Apparently Company A is refusing to transfer them, so our options are to leave them there (we stopped contributing to them a year and a half ago) or to liquidate them and open new funds with Company B.

Hubby and I were talking about it this morning. We have no idea how much they're worth liquidated, their value is about $8000 combined, but I"m sure we lose a good bit liquidating them due to taxes and such. We're probably leaning towards leaving them alone until the economy turns again and they're worth more (they lose some significant value in the last year). But, it's good to know that if we really need it, we have some money at our disposal to help us get through this fall! We don't want to have to use it, of course, but it IS there, and it IS our's.

And when hubby's finally done with school, we'll have a second income (YAY!!). I'm probably getting a promotion in January (maybe?? No one at work has mentioned it directly, but there have been 'comments' indirectly..that's assuming I stay with my current company, I might change jobs) UGH!! So many options! But, at least there ARE options.

I think we can actually do this.

Lovinmum's Avatar Lovinmum 01:11 PM 06-20-2009
Wow! I think I would just try to hold on to it like it is. That way you have the option but its not just sitting around, all easy access style. I know for us, if its just in an account, we will spend it.
Pinkbruise's Avatar Pinkbruise 02:28 PM 06-20-2009
I have NO IDEA WHAT TO DO!

Maybe Clark Howard can give some some direction
http://clarkhoward.com/
joeys_mom's Avatar joeys_mom 05:40 PM 06-20-2009
You should post this in 'frugality and finances', those ladies always know what to do!!
annettemarie's Avatar annettemarie 09:18 PM 06-20-2009
Moving to the Frugality forum
sanguine_speed's Avatar sanguine_speed 09:33 PM 06-20-2009
Quote:
Originally Posted by 2boyzmama View Post
This fall is going to be challenging for us. Hubby is doing his observation/student teaching semester, which is GREAT (cuz he's getting closer to being done! Mostly has classes left for his minor now) but will be hard financially because he won't be able to work. So we'll be paying a nanny (can't do daycare because of Connor's needs) AND we'll have a car payment (can't fit three kids in either of our current cars). We've been saving up as much as possible, getting ready for a few months of tight cash flow.
Are you sure you can't fit your kids into your present vehicles? Have you asked in the safety forum? We have three seatbelts in the back that fit three car seats, but we had to find the right ones for our car. What cars do you have? What car seats do you need?
If you must buy a new car, can you basically trade for an equivalent value vehicle to avoid a car payment?

Also, have you looked into whether there are assistance programs for children in regulated child care settings who have special needs? Every area is different, but I read the links in your signature and I know those needs can be accommodated through integration support service programs in my city so that children can attend 'regular' child care settings. If you need a nanny, can you share a nanny? Or, what would be the difference between a nanny and a home care provider? Does your child require care in your own home instead of someone else's? Does he absolutely require one-on-one care at all times? What about sharing a nanny with one other family?
2boyzmama's Avatar 2boyzmama 11:26 PM 06-20-2009
Quote:
Originally Posted by sanguine_speed View Post
Are you sure you can't fit your kids into your present vehicles? Have you asked in the safety forum? We have three seatbelts in the back that fit three car seats, but we had to find the right ones for our car. What cars do you have? What car seats do you need?
If you must buy a new car, can you basically trade for an equivalent value vehicle to avoid a car payment?

Also, have you looked into whether there are assistance programs for children in regulated child care settings who have special needs? Every area is different, but I read the links in your signature and I know those needs can be accommodated through integration support service programs in my city so that children can attend 'regular' child care settings. If you need a nanny, can you share a nanny? Or, what would be the difference between a nanny and a home care provider? Does your child require care in your own home instead of someone else's? Does he absolutely require one-on-one care at all times? What about sharing a nanny with one other family?
Yes, we need a new car. I did post in the safety forum, and the Radian would *just* fit. We debated a lot of options about the car...the deciding factor was that we don't live anywhere near family, so we have long car rides several times a year. With a new baby, I need to be able to sit in the back seat next to the baby to nurse if necessary (I have perfected nursing while both of us are still buckled in).

We did debate trading in our car for one similar in price to avoid a payment, if even just for a few months, but weren't able to find any that made us comfortable safety-wise. There was a van we looked at, but it had no side air bags, for example. Our car has good resale value, and we have a private buyer, plus the deals on new cars are good right now (even with Toyota, which is what we're going with), so we are able to afford a payment.

We're not going to be HURTING, but it will be much more tight than usual this fall to get hubby through this student teaching semester. He has been the stay at home parent for years, taking his classes online or at night when possible. Just recently he's reached the point in his degree where he needs to take day classes, so we hired the nanny and he was working part time between classes to cover the cost of the nanny. He won't be able to work that part time job next semester.

The nanny is the best way for us. Part of Connor's needs are that he has a primary immune deficiency, so we really need in-home care for him to limit his exposure. Particularly during the winter months (he spent basically the entire winter sick this last year, including two inpatient admissions). He also has food allergies, he's non-verbal (relies on ASL), and he's in several therapies-some out of the house and some in our house. Our older son goes to half-day preschool, and the bus picks him up at our house. If we put them in a center or a home-based daycare, we'd have to find one on the same bus route. We started looking at some, and honestly the nanny is cheaper!!

We don't have the nanny this summer, but hubby is able to work part time, so we're saving up that money. Plus I just got a bonus at work, and am expecting another one in December, plus possibly a promotion. We already have extra savings, anticipating this kind of situation eventually. We have the option of halting our investments for a few months. We have the option of liquidating those old funds that we aren't contributing to anymore.

I'm not really sure how it's all going to work out in the end, but it does feel good to have several options at least.
sanguine_speed's Avatar sanguine_speed 12:24 AM 06-21-2009
So it sounds like you've got it all sorted. Good!
Maluhia's Avatar Maluhia 12:30 AM 06-21-2009
It is illegal for Company A not to transfer YOUR funds, Company B should be able to help you with that.

Also - make it a LAST resort to cash those out as the penalties you will pay are HUGE, we cashed out last year to pay for a Europe Trip (silly but DH was already there so it was a once in a lifetime) and our Tax Burden went up about 400% this year - thank goodness I looked ahead and saw that. Only do it in case of emergency.
2boyzmama's Avatar 2boyzmama 03:05 PM 06-21-2009
Quote:
Originally Posted by KailuaMamatoMaya View Post
It is illegal for Company A not to transfer YOUR funds, Company B should be able to help you with that.

Also - make it a LAST resort to cash those out as the penalties you will pay are HUGE, we cashed out last year to pay for a Europe Trip (silly but DH was already there so it was a once in a lifetime) and our Tax Burden went up about 400% this year - thank goodness I looked ahead and saw that. Only do it in case of emergency.
Yeah, see that's what I thought too! We signed the papers to have Company B become the controller of the funds we initially started with Company A (controller is probably the wrong word, but is descriptive enough I think). Company B called me to say that they tried several times, and Company A won't release the funds. When he called, I had two kids climbing on me and being loud, so I didn't have time to ask many questions, but I need to call him back because that didn't make sense to me.

And I don't know what the penalties will be, that's something I mentioned to hubby, that it might cost us a LOT in taxes...again something I'm going to ask Company B when I call them back. BUT...at least we do have that last resort, you know?
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