Financial Challenge – Day 8

Now that we have set up a plan on where to place the money that we’re going to save, it’s time to begin saving some money. The important thing to remember is that any savings that you reap from the ideas presented needs to go toward your investing plan. If you end up spending it on something else, it defeats the purpose of the entire plan.

There is often an impression that saving money is going to entail a lot of sacrifice and changes in the way you do things. The truth is that there are also a lot of places that you can save money without it changing your lifestyle in the least bit. I refer to these savings as Painless Savings and what we will concentrate on first in these finan

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11 Responses to Financial Challenge – Day 8

  1. Michelle Barrie says:

    I don’t think this works in Massachusetts, where the state sets the rates. If you have any info to the contrary, please let me know.

  2. Alice Herrick says:

    I did this last summer and saved a couple hundred dollars. We pay our insurance monthly and the payment went from 125 to a little under 90. I was a very happy camper! Unfortunately we didn’t save the difference but we did apply them to our credit card debt (until this years gas bills came along)

  3. Gloria says:

    My problem is that my hubsand has had three minor accidents in the past 3 years and on top of that has to travel very far for work, because of that our insurance has increased. USAA is suppose to be the best and they have ALWAYS come through with for us for everything about our car. Even if another auto insurance company offered us a better deal would they provide as good of a service and always cover us when we need? If they don’t that could cost us money too, in the long run. I’ve had friends tell me nightmares about their insurance company finding loop holes not to cover their clients when needed, so I’m scared of changing. Any advice?

  4. Steve Halvorsen says:

    We have 4 cars and 2 houses insured with one of the major companies. We have alway gotten great service. But I am afraid to “rock the boat” because I have had two tickets in the last two years, although it doesn’t show on the list of surcharges or credits for each vehicle. My daughter has a drunk driving violation from 2 1/2 years ago, which also has never shown up. In fact, her car has the lowest rate of the four. I can’t imagine being able to save any money if I had to report these on an application.
    PS If you ever do get in an accident with a Progressive Insurance customer, you will be absolutely amazed at the service they provide. I would be willing to pay a little more to have them, if we ever get thru a 3 year period w/o accidents or tickets.

  5. pfadvice says:

    “My problem is that my husband has had three minor accidents in the past 3 years and on top of that has to travel very far for work, because of that our insurance has increased. USAA is suppose to be the best and they have ALWAYS come through with for us for everything about our car. Even if another auto insurance company offered us a better deal would they provide as good of a service and always cover us when we need? If they don’t that could cost us money too, in the long run. I’ve had friends tell me nightmares about their insurance company finding loop holes not to cover their clients when needed, so I’m scared of changing. Any advice?”

    We will talk about this as one of the Financial Challenges this week – it’s still worthwhile looking for a better rate because even if you don’t want to change company’s, you can use the better price as a negotiation tool to lower your rate.

    “We have 4 cars and 2 houses insured with one of the major companies. We have always gotten great service. But I am afraid to “rock the boat

  6. Nate says:

    Steve,

    I have quite a few tickets and my current insurance provider doesn’t know about them (they didn’t do a check on my WA record, only my OR record). So anyways, I thought the same thing, no way I can get a lower rate when I have tickets on my record, but to my suprise esurance and geico both quoted me about 300-400 a year less than i’m paying now and i told them about my tickets. So its worth a look.

  7. Debbie Herbert says:

    I’m going to call my auto insurer in the AM to see if they will lower my rate because I am retiring April 1st and the car will just be used for leisure. It never hurts to ask!

  8. Laura says:

    I’d just like to put in my two cents for any Canadian readers that you might have, especially in BC, that if you are purchasing your optional insurance through ICBC you may be able to save some money by purchasing this portion through Coast Capital Savings. I went to them to renew my car insurance because they were the closest Autoplan branch to my office, and I assumed the rates would be the same as at ICBC. But to my surprise I was able to lower my rate by $400 a year and actually get INCREASED coverage with lower deductibles. I didn’t know this was possible here, where we have just one provincial car insurance provider (ICBC). I guess it’s different for the optional coverage.

  9. DivaJen says:

    I called my insurance company today to talk about one car’s policy. In the end, I updated policies for both cars and our home and we’re saving about $210 a year! I’ve been meaning to do this for months and am glad I finally got around to it. :)

  10. poundwise says:

    Results will vary. I got the best deal by far through Progressive and the worst offer from AIG. Associates of mine found better deals for them through Geico, etc. So it is important to check around.

    One caveat, make sure you are comparing apples to apples. Coverage limits matter and effect the policy premium as do extras such as towing and rental car coverage.

  11. Pingback: 25 Ways To Improve Your Financial Situation In Under 10 Minutes - SavingAdvice.com Blog

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