Inside: Update on my #Save500Challenge

It's been a crazy few weeks with my hubby’s graduation (debt free!!) and celebrating our 10th anniversary up at Lake Havasu.

Since some of my expenses have crept up again and I have some big savings goals, I decided to challenge myself to save $500/month by reducing the amount needed for my regular budget expenses. #Save500Challenge

My car insurance always renews in May as well and this time I got notice that it was going up... again…+

Ugg, just when you are all set on your budget, companies raise their rates. +

And for the cars that we have, 18 and 15 years old, not to mention mine is going to top 300k miles tomorrow (it's at 299,928 right now :-0), I'm not going to pay that much for insurance!+

First, I have already had a relationship with an insurance broker - they can shop all the policies and aren't just tied to one company. +

I love having one contact who can compare all the different policies so I don’t have to do the research myself. Because, saving time is just as important to me as saving money.+

Every six months when my insurance renews, I ask if there’s a better rate elsewhere and I’m prepared to switch companies.+

My broker replied back with a quote that was $205 less from a different company. Yes please! +

A quick e-signature and our insurance was transferred. All it took was two emails on my end and a total of 8 minutes. +

 And I now have a savings of $36.50/month to start off my #Save500Challenge.+

Did you know not all auto insurances have the same rates? And did you know there are numerous discounts that might knock your rate even lower? +

The first thing you should do is find an insurance broker and ask them to compare rates. I found my insurance broker through Dave Ramsey’s Endorsed Local Providers.++

Most policies will provide the same level of coverage. One time, I switched companies and ended up with even better coverage for a cheaper price! +

You can also get discounts for having +

• multi policies bundled together+

• student discounts

• low annual mileage vehicles+

• payment in full +

• having anti-lock brakes

• and even being married!+

Don't be afraid to set up a relationship with an insurance broker and call/email to find out if you qualify for discounts or if another company would be able to offer a better rate. Once you have a broker on your side, it doesn’t take much time at all on your end. +

I used to think that you can't change the 'regular' monthly bills, but boy was I wrong! I now check my insurance every six months to see if there's a better option. +

That brings me to my next point... ever so often I go through my budget and analyze my expenses to see if I can trim the costs.+

Related: 11 underused ways to cut household expenses

You ever notice how costs creep up and we don't even realize it? We just continue paying the bills? +

So I am in the middle of a savings challenge for myself this summer and see how much I can cut my expenses down.++

My goal is to drop my monthly expenses by at least $500 and then put that $500 into savings. If you can save $500 per month, that comes out to $6,000 per year. I don’t know about you, but I can certainly find another use for that kind of money! +

And I'm off to a good start already, I'm down $36.50 a month with a new car insurance policy. +

I'll be sharing updates here in email, on my blog, and on social with the tag #Save500Challenge.+

One for accountability, two to encourage you to look at your expenses to see where you can save money.+

But the key is to be intentional about what to do with the money you cut from your budget and put it immediately towards your money dream. DO NOT leave it in your checking account because it will grow wings and fly away! 😉​

TIP: Do you like the idea of earning cash back when you shop for groceries, eat at restaurants or shop online? With Ibotta, you can do just that!  Ibotta is an online app that gives you cash rewards when you shop online or scan your grocery receipts. It’s a simple way to earn extra cash!  Get a $10 bonus when you sign up with Ibotta!

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