Saturday, December 10, 2011

Saving the Moola: November In Review

Jason and I are constantly looking for ways to save money off our current expenses, and since we change up what we're doing each month in some way in an effort to decrease our overhead costs, we thought a month-in-review post might be helpful, both for ourselves and for you.

We started three new money-saving techniques in November:
Since Jason only works from home and I work primarily from home, we've tended to use just one car for everything. This has made it easier on our budget in terms of gas costs and other maintenance costs, but also, we prefer one car over the other.

We use Progressive for our car insurance, and we've been incredibly pleased with it over the years. We're a huge fan of the Snapshot program - we began this program this summer, and on Jason's car, we saved about 20% and on my car, about 15%. You can read more about this program here.

But since we're only using one car now (my car), we decided to make this official by putting Jason's car on parking insurance only. Taking insurance completely off any car is never a good idea. When you re-apply for insurance later, the insurance company will make your premium higher because they'll just assume you drove the car with no insurance on it (even if you tell them you didn't). Parking insurance can serve two purposes then:
  1. If and when you need insurance back on the car, your insurance premium will remain at its previously low rate.
  2. It can protect your car from normal parking disasters, like if a tree fell on it, etc.
Since Jason and I are not so much interested in preserving the car as we are just interested in keeping it as a second car should something happen to our primary car, we chose to put a higher deductible on the car than it is worth. Our goal was to get the highest deductible we could, which just happened to be more than we believe the car is worth. The end result, though, is that we literally pay nothing for his car's insurance. We are taking the risk that if a tree did fall on his car, the car would be done for. We're okay with this. We have enough money set aside that if we needed to purchase a second car, we have the ability to do so. At this point, we have no plans to replace the secondary car should a tree happen to fall on it. We would only purchase a secondary car if our job situations changed or our lifestyles changed.

I would say that it's probably a good idea to start the car on parking insurance now and then and perhaps drive it around your driveway, if you choose to put the car on parking insurance. Earlier this week, our primary car would not start, so when we attempted to start Jason's car, we discovered his car also wouldn't start (hello, panic!). We've had so many issues with his battery in the past that we're pretty sure this is the issue. The primary car's issue is now resolved. The goal is to keep both cars running so if one car definitely dies, we have the other for back-up.

You can read about our adventures in playing the drugstore game here and our adventures in buying beef in bulk here.

Share with us: What new money-saving techniques have you been using?

P.S. Jason and I are giving away a $5 gift card to celebrate the holiday season. We'd sure love it if you entered! Leave a comment on any blog post to let us know you'd like to be entered and be sure to leave your email address, too, so we can send you the card if you win. The giveaway ends 11:59 PM EST on Saturday, December 10, 2011. You can read the full details of the giveaway here.

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