Tips to Budget Insurance for the New Year
A new year means a new start for many.
It’s the perfect time to reorganize and begin fresh. It’s often a time when people reevaluate their goals in several aspects of life. The start of the new year also signifies the beginning of a new insurance year. Sometimes this can be overwhelming and you might wonder how you’re going to budget your finances for the months to come.
I’ve put together a quick list of helpful tips to help you budget to ensure you’ve got enough money in the bank all year long to fulfill your insurance needs.
1. Cut unnecessary expenses. It’s estimated that the average American worker spends approximately $14 each week on coffee outside of the home. That’s over $1,000 each year. This is one of the easiest ways you can save. Try making coffee at home at least a few times a week instead of running to your favorite coffee shop every day. The same can be said of going out to eat. Preparing meals at home can save thousands each year, not to mention the health benefits that come with it.
2. Consolidate vehicles. If you only have two registered drivers in your home, it’s time to ask if having more than two cars is really necessary. If it’s not crucial to your daily living, perhaps it’s time to sell a car (or two).
3. Sell what you don’t use. Have an old boat taking up driveway space that you haven’t used in years? Perhaps you have a motorcycle laying around from your youth. Instead of holding onto big ticket items that are only collecting dust, consider selling them.
4. Prioritize your needs. Overall, the best way to budget is to prioritize your spending habits based on actual need. Taking time to evaluate whether or not that cup of coffee is really worth $1,000 a year, or if it’s necessary to have that extra car “just for fun.”
There are always ways to save a few bucks. If you’re worried about affording your insurance this upcoming year, take a step back. Consider your lifestyle, prioritize your needs, and determine what is a necessity for you. From there, consider what you can trim and just how much you’ll be able to save.
For more information on how we can help you with your insurance needs, let us know—we’re always happy to help!
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