Episode•August 8, 2019•7 min

How I (Almost) Cash Flowed Braces | Ep. 4

This was a $5,000 unplanned expense that I almost panicked over! Has this ever happened to you? Did you have a big unplanned expense that came out of nowhere? It could completely derail your progress on your financial goals. Listen to how I made it work by using my company benefits and some clever financial hacks to get it to less than $2,000. Like what you heard? We are now on Patreon! Support the movement and become a Patron to get exclusive content and insider information! Links Visit our blog: www.moneytalkwitht.com Connect on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant YouTube: Money Talk With Tiff Channel Pinterest: Money Talk With Tiff This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
Always request multiple payment quotes before committing to large expenses
Orthodontist offered $500 cash discount on $5,000 braces
Comparing cash, debit, and financing options revealed best deal
Cash discount made paying upfront financially advantageous
2
Maximize employer benefits like FSA accounts for medical expenses
FSA contribution of ~$2,100-$2,300 provided nearly half the cost coverage
Reimbursement processed same day after uploading receipt
FSA optimization reduced out-of-pocket expense from $5,000 to $1,800
3
Use low-interest credit union advances strategically for short-term needs
10% interest rate on credit union cash advance was manageable
Excess funds immediately returned to card after purchase
Discipline prevented lifestyle inflation with borrowed money
4
Financial awareness prevents panic during unexpected expenses
Knowing all available options enabled creative problem-solving
Single mom successfully managed $5,000 unplanned cost
Episode emphasizes researching benefits before making decisions

Intro

Tiffany Grant shares how she reduced a surprise $5,000 orthodontics bill to under $2,000 using employer benefits and strategic financial moves as a single mom.
Tiffany Grant is the host of Money Talk with Tiff, a podcast about personal finance, debt freedom, and optimizing money decisions. She has a background in HR.

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– The $5,000 Surprise

Tiffany's 10-year-old son needed braces—an expense not in her budget. The orthodontist quoted $5,000, prompting her to request all available payment options including cash discounts.

When the orthodontist said, and by the way, this is going to cost $5,000, I was like, whoa, whoa, whoa. Like, how am I going to make this work?

– Negotiating Better Terms

By asking for quotes with all payment methods, Tiffany discovered a $500 cash discount. She researched her employer benefits and found she had maxed out her FSA account (~$2,100-$2,300), which could reimburse a significant portion.

I learned from looking at my options that they did a discount, a pretty significant discount. It was about $500 off if I was to pay cash.

– Strategic Cash Advance

Tiffany took a $5,000 cash advance from her credit union credit card at 10% interest—lower than typical credit cards. She paid cash for the braces to secure the discount, then immediately returned unused funds to the card.

I did a cash advance for the $5,000... at about 10% interest, which I'm like, that's not that big of a deal because I knew that I was going to pay it off pretty quick.

– FSA Reimbursement & Final Cost

She uploaded the receipt to her FSA portal the same day. Reimbursement reduced her balance to $1,800. She emphasizes returning excess borrowed funds immediately and knowing all options before deciding.

I went from $5,000 to now only having to pay $1,800. And I'm happy to report that that balance is about to be done.

Topics

personal financeunexpected expensesFSA benefitscredit union strategiessingle parenting financesmedical expense planningcash discountsfinancial disciplineemployer benefits optimizationdebt management