Welcome, 2020!!! New chapter new budget new beginnings new goals. Bring on the year with positivity and compassion, and in the end, I hope more money to our names and less to the debt companies. Let the financial journey begin.
What Has Changed: Financial Journey January
First off we updated our medical benefits through Greg’s Company. They offered 3 plans, basic, standard, and platinum. We used to be on the standard plan which was $6,500 a year. We chose that one last year because we weren’t sure if Jane would need more therapy, meds, or specialty care and the deductible was less.
Then we compared the standard to the basic and honestly there wasn’t much different except for the deductibles and out of pocket max. The percentages of coverage were all the same. We looked at the deductibles and the out of pocket max and thought if we have no medical needs we will never pay that much in a year so why are we paying for standard when basic is just the same.
Guys, that saved us $3,300 a year. A small review with a big impact!!
Second, I got our auto insurance review. When I saw that number (1,070) for 6 months. We haven’t had a ticket or filed a claim but it went up to $200. I thought HELL NO!! Both of our cars are still financed so we needed full coverage on both. I was able to find full coverage insurance with progressive for under $500 for 6 months. Total savings on auto insurance for 6 months came to $589.00.
Adding up the savings: The total extra income per month is now $277.00.
Yes!!! Just money we were throwing away!!
Lessons Learned January
Don’t assume that there isn’t anything better out there till you look. Changing insurance is a headache and going through medical information is a snooze, but these things should really be looked at, reviewed, investigated, and understood yearly.
- 2020 Starting Debt: $68,700 (Car’s, Credit Cards, Student Loans)
- Month Debt: $2,150.00 (didn’t pay extra this month need to build emergency fund first)
- Debt Pay off: $2,150.00
Savings Tips: Call around and see what other auto insurance rates you can get. Even saving a $50 every cycle will add up at the end of the year.
2020 Finacial Journey
- January ’20
- February ’20
- March ’20
- April ’20
- May ’20
- June ’20
- July ’20
- August ’20
- September ’20
- October ’20
- November ’20
- December ’20
Well, that wraps up the financial journey January report for this month!! What lessons have you learned?