We're turning our focus on saving money, and every week we're going to tackle a new way to save on things you’re already spending money on.
By taking action and doing some of the stuff we’re talking about in this series, you can build your first emergency fund and pay down tons of debt.
The next tip we’re sharing is how to save hundreds of dollars on insurance premiums.
Insurance is by the far the number one area my Roots members save TONS of cash! How are they doing it?
When is the last time you shopped your insurance? I know, there are other things you’d rather do, but what if a little investment of time could save you hundreds, maybe even thousands of dollars per year? It’s worth it. Find a local independent agent to help you with getting quotes from multiple companies. Doing so ensures you are getting the absolute best rates based on your situation because they can shop you around with many insurance companies.
Insurance is a transfer of risk, and when you take on more of the risk by saying you will cover more of the costs of any claim, the insurance company charges you less money. IMMEDIATE SAVINGS! This is where having that super valuable emergency fund comes in handy. When you’re living paycheck-to-paycheck, this one can be a little harder than our other tips, so be sure you can cover the deductible you sign up for.
This is an easy one, but one that gets missed. This is another reason I love working with an independent agent. We all have multiple insurance policies. Insurances like homeowners, renters, automobile, umbrella, life, etc. When you bundle these insurances together with one company, you will likely get a nice discount on all the policies.
Did you know you can save tons of money when you pay your premiums in full, opt for paperless billing, if you’ve got a good student in the house, and by having no claims and being a good driver? Some of these are obvious, but the point is to make sure you’re asking your agent if there are discounts available to you based on your situation. Just by asking can save you tons of money!
With just a few simples changes and spending a little time, you can save yourself tons of money, freeing up cash to save your first emergency fund and pay down your debts! Go ahead and get started and I can't wait to hear how much you save!
To continue the conversation with other people who are working their way out of debt, join our FREE Facebook group! CLICK HERE!