Simplifying our finances this year means we're examining all of our expenses and seeing if:
- they are necessary
- we're getting value from them
- if there is a better deal out there for us
We've done a decent job keeping our expenses reasonable, but I think an occasional look would still be useful.
Inspiration comes from J Money of Budgets are Sexy who did a fantastic job with his Challenge Everything project. Over 12 months he managed to save over $5,000!
While I would like to knock it all out at once in a sense (let's save big bucks!), it's better for us to handle a few expenses each month.
Car and Home Insurance Savings
Since we have to get a home insurance policy in the new place, I thought it would be handy to recheck to make sure we're getting the best deal.
After getting the quote, our agent mentioned that if we switched over our auto insurance with them we're get another discount.
Usually our auto policy stays put since its cheaper, but I also tell them to go ahead and run the numbers to confirm. I'm glad we did, cause this time moving the insurance meant we'd save on both car insurance and the home policy.
The switch means we'll shave off $12.50 each month. It doesn't sound like much, but that totals to $150 by the end of this year.
Stash the Cash
Of course, saving isn't really saving unless you stash it away. Leaving money in the checking account can make it tempting to spend it.
To make sure we don't, I've already set up a monthly transfer into savings.
We like to use Capital One 360 to build our stash. They have a higher interest rate than many banks which helps our money grow a little bit faster.
Capital One 360 doesn’t have a minimum balance or monthly maintenance fee which means we get to keep more of our money.
Every month I'll tackle one or two bills to see if we can save some money or get better service for the same price.
If you want to join, just let me know which bill you're zeroing in this month. I'd love to hear your successes!
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