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! :)
5 years ago
8 comments:
Yay! A topic I know first hand :) I'm an insurance agent and know that it is not NEARLY frustrating or time consuming that people believe it is when shopping their insurance. We are an independent agency so we represent 7 different companies which is definitely an advantage. Every year we take a look at our clients policies to see if we can save them money with a different company. Glad you found savings girl! :) and if anyone needs insurance in Ohio...I'm your girl!
This post couldn't have come at a better time. We are going over our budget and requesting quotes on home/auto insurance. Thanks for the post, hopefully it won't be too awful to do.
We definitely need to trim some of the financial fat. We wonder the same thing every month...why is there nothing left over?!
These are times that I'm glad I'm not an all-the-way grown-up yet :)
That's awesome you were able to save some money!! We have been really watching it too.
I'm a huge fan of saving money too. That's awesome that you were able to figure out some place to trim the fat. If anyone can get an auto policy through USAA I'd highly suggest it. They are so inexpensive and provide great service.
Just found your blog and have enjoyed reading! Thanks for the tips on such a frustrating topic!
Bennett Love
www.callie-lynch.blogspot.com
I have to say...I know this is probably something I/we need to do. But I don't have a clue where to start. I guess I just need to bite the bullet and do it because I'm like you...often wondering why we don't have more left over at the end of the month.
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