Saving Money on Car Insurance is a Step Toward a Manageable Family Budget

by James Hendrickson on June 12, 2017 · 0 comments

car insurance tips, saving money on car insurance, managing family budget

Whether you are a new mom or have been a mom for a while, saving money in today’s economy is a necessity. Inflation seems to be at an all-time high, with prices soaring week after week. If you’ve walked into the grocery for your weekly, bi-weekly or monthly shopping and thought, “Wait a minute, this wasn’t this expensive last time,” you aren’t alone. You must save money wherever you can; otherwise, your kids’ college funds aren’t going to be enough when they grow up.

The Best Times of Your Life

Shaving your budget can be a pain. You skimp here and save there so you have money elsewhere. It’s a constant work in progress, but it’s worth the hassle. Once you’ve mastered this skill, you will find it easy to manage your family finances, which gives you more quality mommy time with the kids. Nothing is more rewarding than spending an afternoon getting down to their level and being a goofball, which is why working on your budget is so critical.

The more money you save the more fun you can have. Remember, the period between birth and kindergarten is one of the best times you will have with your children. It will be you and them against the world, and having extra money to do the things you want to do makes this precious time in your life even better. You want to have the funds to take them for ice cream on a hot summer day. You want to have the funds to take them to the amusement park.

Shaving Your Budget

One of the best ways to save money is on your insurance coverage. You cannot skimp on insurance. You need automobile, homeowners or renters, health, dental, life, and so on, and you can find ways to fit these crucial policies into your finances a little easier. One way is to combine your policies into a bundle package, and insurance agents can do this for you. For example, having your automobile and life insurance in one policy rather than two can save you money on your premiums.

Speaking of premiums, you must also save on those where you can, and one way to do this is to pay them upfront rather than make monthly payments. Insurance carriers want your business. Your business builds their business. The more customers they have paying their premiums faithfully, the more financially sound they are within their market. It really is “Business 101,” if you will, and you and your agent can capitalize on this.

How to Do So

Your first step is to assess all of your insurance needs. Sit down with your spouse and write down everything that requires coverage. This is your home, your belongings, you and your children, your automobiles, your recreational vehicles, etc. Absolutely everything. Then, determine your budget. How much can you spend on insurance without cutting the rest of your expenses too short? Remember, you have to have insurance, so skimp elsewhere, but be realistic on this family budget line item, as well.

Finally, take this information to your insurance agent and have him or her shop for the best-bundled policies and individual policies for items that cannot be added to any all-inclusive coverage. With your budget in his or her hand, he or she will know which companies can best meet your needs for your price. The insurance agent can also recommend the best way to pay. In many cases, paying your premiums annually instead of monthly will save you money on your policy.

What do you do next? You take this budget savings and apply to quality family time. Yes, you can take the kids out for a late afternoon ice cream every once in awhile and let them spoil their dinner just because. Why not? With your family budget working for you, there’ll be plenty of money in the “Let’s Have Fun” line item.

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DINKS (Dual Income No Kids) Finance focuses on personal finance for couples. While by no means financial experts, we strive to provide readers with new, innovative ways of thinking about finance. Sign up now to get our ebook, "Making Money Tips for Couples" FREE.

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