How You Can Learn From Our First Money Fail of 2020

If you follow @shemakescents on Instagram, you know that we became a party of 3 with the birth of our daughter, Chloe, back in October.  Since her arrival 3 months ago, she has learned to hold her own bottle, sleep through the night, and has stolen our hearts.  Seriously, I cannot believe that she is 3 months already and I now understand when parents say they wish time would slow down.⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
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In 3 months, the Mr. and I have mastered overnight diaper changes, morning snuggles, and baby swaddles while being sleep deprived yet grateful. What we completely bombed was our plan to pay for our week-long hospital stay when she was born.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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We received a series of bills in November that totaled over $40,000.00, not including insurance.   My entire jaw hit the floor when I read that number and the breakdown given from hospital.  A big part that that number was because we had to stay for a week due to complications that happened during childbirth.  Even so, that five-figure estimate had our anxiety in high gear because we had to wait several weeks to see what the final bill was, after insurance. ⠀⠀⠀⠀⠀
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After another few weeks, we received a final bill with over 90% of it covered from insurance. THANK YOU, GOD! With very little left on our FSA card, we decided to schedule a payment after the new year so that we can use our new FSA cards with replenished funds. 𝐁𝐈𝐆 𝐌𝐈𝐒𝐓𝐀𝐊𝐄!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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While this is probably a DUH MOMENT for most of you reading this, I had not considered that we wouldn’t be allowed to pay for a 2019 medical expense on a 2020 FSA card. [le sigh] Thank goodness that we had a sinking fund for something else that we could borrow from. I would much rather borrow from myself than credit. That being said, the money saved from the SMCmoneychallenge will now be used to replenish my sinking fund.

Update: Using the SMC Money Challenge, I was able to pay back the full amount of the money I borrowed from a sinking fund to cover our budgeting mistake by week 6 of the money challenge.

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