Personal Finances | Hope Renews

About Us

Hope Renews was founded by parents of teens with severe emotional distress in residential treatment programs. Having had children in these programs we learned firsthand two things. First, that this kind of intensive intervention can be life saving. And second, we learned that it comes with a substantial price tag.

It has been our belief that this kind of care should not be the exclusive province of the wealthy. So we created a foundation to specifically address financial issues – through loans and grants directly to families, through the dissemination of information of resources that might be available to help pay for treatment, and through a forum of supportive voices to connect families facing this challenge.

Hope Renews has survived the critical first five years in operation. While our grant and loan program is focused on just one program, Vista Adolescent Treatment Center, the information in this website should be of use to the much broader universe of families struggling to pay for a child in treatment. More...

How Do I Pay for It?

Paying for treatment is a challenge to low- and middle-income families. But it is not impossible.

It takes a parent that is educated, dedicated, and thinks outside the box. It will require planning, locating resources, talking to programs, juggling tasks, all while you are trying to take care of your family. But if you approach this fight, armed with knowledge and support, you are more likely to get your child the help he needs. More...

Out of Your Pocket

Most families with adolescents in treatment pay for residential services out of their personal funds.

If they are able, they pay out of current income. It is more likely that they will take a loan guaranteed against family assets, like real estate, equities, 401K’s, pensions, etc.

Net Worth

A useful first step to determining how much you can spend is to calculate net worth, listing family assets and liabilities.

CATEGORY	CURRENT VALUE
ASSETS:
Savings Accounts
Checking Accounts
Certificates of Deposit (CDs)
Cash
Money Market Accounts
Money I Am Owed (Rent Deposits, etc.)
Cash Value of Life Insurance
Savings Bonds (current value)
Stocks
Bonds
Mutual Funds
Vested Value of Stock Options
Other Investments
Individual Retirement Accounts (IRAs)
Keogh Accounts
401(k) or 403(b) Accounts
Other Retirement Plans
Market Value of Your Home
Market Value of Other Real Estate
Blue Book Value of Cars/Trucks
Boats, Planes, Other Vehicles
Jewelry
Collectibles
Furnishings and Other Personal Property
Other
TOTAL ASSETS

LIABILITIES:
Mortgages
Car Loans
Bank Loans
Student Loans
Home Equity Loans
Other Loans
Credit Card Balances
Real Estate Taxes Owed
Income Taxes Owed
Other Taxes Owed
Other Debts
TOTAL LIABILITIES

NET WORTH (TOTAL ASSETS LESS TOTAL LIABILITIES)

To figure out your net worth, go to this Net Worth Calculator

Budget

If you have not yet done so, make a budget of monthly income and expenses. This can help you determine how much money you will need, once you figure in your child's treatment costs.

Here is an excellent article on creating a budget.

Next: Extended Family

Were you able to pay for your child's treatment out of your own pocket? Let us know how you did it in the Comments section below. Or join the discussion in the Community Forum.

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Newsletter 2010

The Hope Renews Newsletter for 2010 (that is, a real, hold in your hands, line your bird cage, burn after reading, made from paper document) is in the final production phases.

The topic is ADVICE:

from therapists to parents,
from kids to therapists and parents and
from parents to therapists.

You won't want to miss it, so please send us your mailing address and we will make sure you to get a copy -- in the mail.

The Editors