For those of you who may not know, I'm an accountant. Not only that, I'm an accountant who *loves* to save money.
I have read multiple books by Suze Orman and Dave Ramsey regarding managing your finances, and I have learned quite a few helpful tools over the years.
I figure it's time to share the wealth. So from time to time you may see a budget-friendly PSA on the blog. I mean, who couldn't use more money in their wallets and a little financial freedom?
About six months ago I took a hard look at our finances and monthly budget. I felt like Steven and I brought home decent salaries - but couldn't understand why we didn't have more left over each month.
I decided it was time to trim the financial fat. But I wasn't sure where to start. So many of our bills were set in stone: mortgage payment, car payments, student loans. Not much "wiggle room" there.
So I started with our auto insurance policy.
I think there is a stigma associated with shopping your insurance policy: time consuming, frustrating, pointless. To say I was hesitant to start the task would be an understatement.
But I did - and I was shocked to learn that we could keep our exact same coverages and pay $45 less a month. That's a savings of $540 a year! I'd say that's time well spent. Fabulous even!
If you haven't shopped your insurance policies in a while - I suggest you give it a try. You might be shocked to see how much you have been overpaying.
A few helpful pointers:
- Get a copy of your current policy with deductibles & coverages. Be sure to request the exact same deductible & coverage to be sure that you are saving money by switching to a new carrier.
- Bundle all insurances policies with the same carrier. Most insurance companies offer you discounts for having multiple policies - so if you are a home owner or have a boat, be sure to bundle those policies with your auto insurance.
- Review your coverages with an agent. There is a chance that you may have more coverage than you need (this is common with home owner's policies). If so, you may be paying more than necessary.
Feel free to leave a comment or send me an email if you have any questions!
Happy Savings Blogger Friends! :)