You might not realize how much money you have tied up in insurance, and it’s not as if you can just cancel all of your policies. You need automobile, home, life, and health insurance at a minimum, and if you company doesn’t offer the last two as part of your benefits package, you may be drowning in insurance debt. Rather than go without and suffer any resulting consequences, give this line item on your household budget a quick audit to see if there are areas where you can realize some savings.

Automobile Insurance Savings

Local insurance agents will tell you there are numerous ways you can save on your automobile insurance. If you are a young driver, you might not have as many cost-saving options, but there are a few tricks that might help you, too. No matter your age, check your annual mileage to see if you fall under your policy’s low-mileage cap. If you do, you’ll pay less for your coverage. Talk with your insurance agent about driving courses. Seniors in particular can earn lower insurance premiums by taking a driving course and graduating with a certificate.

Purchase rather than lease your car. If your vehicle is paid off, you don’t have to carry full coverage in most states. If you lease your car, you might save money on monthly payments, but you’ll likely more than make up for that with full auto insurance coverage, a requisite to your lease contract. Finally, talk with your agent about anti-theft, safe-driver, and any other available discounts. If you have a car alarm, there is less chance your vehicle will be stolen. If you pay your premium in one annual sum, you’ll also save money that can go back into your home’s budget.

Home Insurance Savings

As with a car alarm, many home insurance carriers offer policy discounts if you have a burglar alarm installed in your home. Make certain your carbon monoxide and fire detectors are operational, too, and see how much savings that will fetch you. To stay out of debt, many subscribe to the “If you don’t need it, don’t buy it” philosophy, and this will save you money on your home insurance coverage. The more stuff you have, the more insurance you need, especially if you purchase a ton of valuable things. Live moderately – no, live modestly, and see how easy it is to save on your homeowner’s policy.

Combined Savings

Talk with your agent about combining your coverage, especially if you pay for health and life insurance, too. Many insurance companies want to place all of your coverage under one umbrella so they receive all of your business. In order to encourage their customers to do this, they offer significant savings – sometimes as much as a few hundred dollars – if you let them insure everything. Plus, it’s just easier to bundle your insurance; you make one payment for all of your policies and boom, you’re done. If you pay for the entire year, as discussed above, you’ll pay a lot less.

Is your insurance keeping you in debt without you even realizing it? Go over your policies carefully and then take a long, hard look at your life. Figure out where you can save and reduce this necessary debt.

If your inbox, internet ads, or television commercials are anything like mine, they’re probably yelling at you about your tax refund.  It’s Waiting For You!

As though it’s been lost all year long, or you forgot to pick it up after soccer practice on Wednesday.

Is your return just sitting there on the curb, in the rain, cold . . . lonely?  Hoping to see you drive up with a smile and a treat from McDonald’s?

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choicesDebt and investment are not often talked about in the same sentence.

After all, when someone is ridden with debt, it’s hard to think about investment. All your extra money needs to go towards servicing that debt, leaving nothing left over for investment.

There are some exceptions where certain investments balance well with certain low-interest debt, but these are in the minority. People with debt have to put a lot of attention and energy into getting rid of their debt, otherwise it’ll never happen. Investments are something to think about much later, if at all.
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bundle of receiptsYou do it.  You know you do.  And it’s okay… I do it too.

I’m talking about worry.  Specifically, worrying about your money.  How much you make, how much you spend, how to get out of debt, or how to avoid falling into debt.

I actually don’t worry nearly as much as I used to.  Here’s how I quit worrying about money:

Save Early, Save Often

Even as a 15-year-old lumber yard warehouse sweeper, my dad told me to keep back a part of my paycheck.  Over the years, as I made more, I began to save a little more as well.  I even followed Dave Ramsey’s Drive Free, Retire Rich program to help stay out of car loan debt and help pad my savings.
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Debt Freedom is a Lifestyle, Not Just a Goal

July 16, 2016

I have a  family member who uses smokeless tobacco, which caused oral cancer in his lip and soft palate.  Thankfully, the doctors were able to remove the cancer with surgery. This was more than 7 years ago, but unfortunately he still uses smokeless tobacco to this day. His choices make us all sad and concerned, […]

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Bank Of America Sold My Checking Account

July 14, 2016

Have you ever had one those moments where you realized that you don’t know how the world works? Like, you thought you had a handle on the flow of things, but then something happens and you realize “I have no idea what’s going on.” Well, it happened to me.  Bank of America sold my checking […]

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Sometimes I’m Just a Kid in a Candy Store, With a Credit Card

July 8, 2016

Please save me from myself! I am a 35 year old level-headed father (oh, and a personal finance blogger), and yet I still have those moments where wise spending and self control just fly out of the window.  Sometimes I still don’t feel ready for adulthood. If my son and I spend more than 10 […]

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