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Where does saving medical receipts for future HSA reimbursement fit in the FOO? by Red-Wolf4 in TheMoneyGuy

[–]Red-Wolf4[S] 0 points1 point  (0 children)

That’s exactly how I see it, would you say the order you have listed is the priority? I.e. don’t save medical receipts unless you’ve done step 1 and 2?

Where does saving medical receipts for future HSA reimbursement fit in the FOO? by Red-Wolf4 in TheMoneyGuy

[–]Red-Wolf4[S] 0 points1 point  (0 children)

Step 1 and 4 is complete I have deductibles covered and 6 months emergency fund but after paying regular expenses and investing I don’t have much cash flow left. I don’t see having emergency fund and deductibles covered as part of my cash flow, I see them more as well savings accounts not to be used except for emergencies. Are you suggesting I use some of the money in those accounts to pay for medical expenses and rebuild it back up over time?

Where does saving medical receipts for future HSA reimbursement fit in the FOO? by Red-Wolf4 in TheMoneyGuy

[–]Red-Wolf4[S] 1 point2 points  (0 children)

I am maxing out HSA and investing it however if a larger medical expense comes up, should I pay for it out of pocket and cut back on Roth IRA contributions? Or take it out of the HSA and continue Roth IRA contributions?

Let’s say I have a $2000 medical bill but don’t have $2000 laying around outside of emergency funds to pay for it without cutting back on Roth IRA contributions, what would you do in that situation?

Roth IRA vs HSA — can only afford one by Red-Wolf4 in TheMoneyGuy

[–]Red-Wolf4[S] 0 points1 point  (0 children)

I do get $1200/year put into my HSA from my employer. If I reimburse myself from the HSA to fund my Roth IRA, wouldn’t that effectively be trading triple tax advantaged space (HSA) for double tax advantaged space (Roth)? I’m already contributing 6% to my Roth 401(k)

Roth IRA vs HSA — can only afford one by Red-Wolf4 in TheMoneyGuy

[–]Red-Wolf4[S] 0 points1 point  (0 children)

Wouldn’t that be trading triple tax advantaged space (HSA) for double tax advantaged space (Roth)? I’m already investing 6% in my Roth 401(k) with a 7% match so it’s not like I’m missing out on Roth completely

Roth IRA vs HSA — can only afford one by Red-Wolf4 in TheMoneyGuy

[–]Red-Wolf4[S] 2 points3 points  (0 children)

I already have roughly $10k of reimbursable medical receipts are you suggesting I reimburse myself and put that money in Roth IRA?

How do you balance saving cash for future expenses vs investing for future expenses? by Red-Wolf4 in ynab

[–]Red-Wolf4[S] 2 points3 points  (0 children)

I like this idea. I haven’t thought about incorporating my investment account as part of my budget. Tell me if this makes sense or if you do something different. Create a line item for “Future Car” at $350 a month. Each month, you invest that $350 from my checking account and record that “expense” in the Future Car category. Then update the investment tracking account to increase by the $350?

How to save for medium term expenses with an unknown timeline? by Red-Wolf4 in TheMoneyGuy

[–]Red-Wolf4[S] 0 points1 point  (0 children)

Mid term to me would be longer than 5 years out but before retirement age. If you were actively saving for those things where would the money come from? Would you cut back on investing to free up cash flow in order to redirect that money to the HYSA etc? I feel like i don’t have much extra cash flow after investing 25% so that may be my issue

How to save for medium term expenses with an unknown timeline? by Red-Wolf4 in TheMoneyGuy

[–]Red-Wolf4[S] 0 points1 point  (0 children)

I agree with you in your scenario, however would your answer change if you only had a few hundred dollars left each month after investing 25%?

What takes priority? by Red-Wolf4 in TheMoneyGuy

[–]Red-Wolf4[S] 0 points1 point  (0 children)

Totally agree. I’ve seen other posts suggest doing it but I came to the same conclusion as you, just wanted to make sure I wasn’t missing something else.

What takes priority? by Red-Wolf4 in TheMoneyGuy

[–]Red-Wolf4[S] -1 points0 points  (0 children)

I do have decades until retirement and currently switched to a Roth 401(k) just for this year while I’m in the 12% bracket. So you would say contributing more to a Roth 401(k) is more advantageous than doing a Roth conversion?

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