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Thursday, February 17, 2011

New Year, New Habits: Organize Infertility Expenses in 2011

This post is inspired by two recent interactions that I had that stuck in the back of my whirling brain. Somehow, they both bumped into each other and here we go....

Millions of people make New Year's resolutions on December 31st each year. Yet, each year most of those resolutions go unresolved.  Jill, a friend of mine (Artful Relationships) decided that she was not going to do a resolution this year, but would be doing a new practice for the New Year. Resolutions mean to resolve or have an intention to do something. A practice is something that you are intentional about in order to build a habit or become proficient at something. A practice is much more attainable and realistic in this context and I embrace making changes that are long and lasting.

A few weeks later, I read a tweet by @the2weekwait that said "Any advice on how to figure out all your 2010 fertility fees to claim on your taxes? I'm completely lost on this project!" Soon after I read this tweet, the 2 conversations collided and are now inspiration for this blog "practice".

A practical and easy solution on how to organize 2011 fertility treatment expenses.

"Practice" getting yourself organized and take control of your infertility treatment in 2011. Infertility is EXPENSIVE! Even if you have insurance, the sheer volume of doctor's appointments, procedures and medications can rack up a large bill.

Take just 5 minutes right now to decide how you will do this in 2011. Also, think what the value will be. We are more likely to do something and stick to it if it is easy AND if we see value in it. What is the outcome or value to you (Less frustration, time saving, sense of control, etc.)?

This practice is as simple as 2 steps:

1. Dedicate a pocket (or keep an envelope) in your wallet or purse to keep your infertility receipts

2. a) Once a month, after the end of a cycle, when you clean your purse, etc. purge those receipts into file folder for 2011 infertility related expenses OR

b) Identify one credit card that you use only for medical appointments. I would encourage you to pay cash if you can but if you are going to charge it anyway, try to use the same card each time. Then you can simply save the monthly statements, which will provide an itemized receipt of your transactions.

BONUS STEP: If you want to take this a step further, you can log those receipts into My Hopeful Journey's organizer as they occur or before you place the receipts in the file. This will allow you to keep track of your expenses and categorized by type (medication, appointments, procedures, etc.). You can attach reference documents and receipts to the expense by category and date. You can view reports and calculate the expenses by inputting a date range.

My Hopeful Journey will be available in the spring. Get up to date information on My Hopeful Journey by "liking" the facebook page or following the blog.

This time next year, your tax filing for medical expenses will be a breeze if you incorporate a practice like this!

(This blog has been transitioned to http://myhopefuljourney.com/blog)

3 comments:

  1. How wonderful! What a great resource! Thanks!

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  2. This is SUCH a huge help!!!! Thank you for writing it. And I can't believe I never thought of, "Identify one credit card that you use only for medical appointments." That's so simple and effen genius! Much appreciation! -- Jay

    ReplyDelete