Studies show that the majority of America lives paycheck to paycheck. It’s a tough way to live and creates a ridiculous amount of stress but, if you fit this description, you are not alone. Pretty much everyone that you know is in that boat with you. However, it doesn’t have to be that way.
Many people have begun focusing their attention on ways to bridge that gap between paydays. The goal is to get at least one paycheck ahead. I mean, everyone wants financial independence but for many, it’s not happening. It really takes a special breed of person to crack that glass ceiling when it comes to creating some freedom financially. Most people are content to just get a little bit ahead. So… we take opportunities when they present themselves to create a little bit of a buffer in our finances.
This is one such opportunity.
Rachel Cruze wrote an article on savings through insurance that I thought some of you might find interesting. Following her suggestions could save you $500 or more on your insurance expenses and, when you are living paycheck to paycheck, every little bit counts. Check it out. I provided the link to the article above.
“When it comes to insurance, most people like to set it and forget it. Four in 10 auto and homeowner’s insurance customers have had policies with their current company for more than 10 years, according to a study by Deloitte University Press. In that amount of time, your insurance needs can change. But we keep those old policies, believing our loyalty is earning us a discount.” – Rachel Cruze
Her suggestion is pretty simple. Get your insurance policies out and look them over. It might have been a while since the last time you did this. Who knows what you are paying for currently that you no longer need coverage for? Here’s an example. Let’s say that you set up your auto insurance to be automatically taken out of your bank account once per month. When you initially took out the policy, you had three vehicles. Two of these vehicles were used daily for work and traveling but the third one was more of an extra car. However, you still had to insure it. This was three years ago but last year you sold the extra car. You have been allowing automatic deductions for insurance coverage on three vehicles for so long that it did not occur to you to drop down to two after you sold the car.
In this scenario, you end up paying for the third car for a year after you sold it. Hey, this is easy to do, especially when you have a million other things going on. So, set aside a little bit of time this week to look your insurance policy over. Maybe there are some things in your current policy that you could do away with and save a little cash as well.
Life is Strange. Live it Well.