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Even more savings to free up money for student loan payments

A few weeks ago, I wrote about medical insurance costs. Today, we’ll start with “necessary” insurances. The first is automobile insurance.

Like it or not, everyone who drives in America is required to have insurance on their cars. That’s not to say that some decide not to follow the law and drive without insurance. But if you are going to be a person of integrity, you need to buy insurance or not drive.

There are ways to save money on automobile insurance. Let me suggest a few.
The first thing I would suggest is buying a cheap car.

A cheap car has multiple benefits. The first is that insurance on an older car is almost always cheaper than on a new car. There’s just less car value to be insured. Another benefit of a cheap car is smaller payments or even paying cash for it. That’s more money freed up to pay on your college loans.

Another idea is to shop around. Insurance through a dealership may not be your best choice. If you belong to a professional or fraternal organization, group deals are often to be had. If not, just call around to the agents in your town and ask. You may save a bundle. But check out the insurance company’s ratings. It doesn’t help to have cheap insurance that won’t pay when you need the coverage.

Next, set high deductibles. This step requires that you have money in the bank to pay that deductible should there be a problem. Without that cash, you could have a car ready to be repaired. But the car won’t be worked on until you come up with your share of the repair cost.

Decide whether carrying collision coverage is worth it for your car. If the car is old and not worth that much, collision coverage may cost more than it’s worth. Without collision coverage, money is needed in the bank to fix or replace a damaged car.  

Take your time and look at the options. Every dollar you save here is a dollar that can reduce your college loan indebtedness.

May God bless you as you sort through the insurance jungle. Please forward this to anyone who would benefit from reading it or anyone who would benefit from the upcoming posts. And thanks for reading.

#SayNoToCollegeDebt, #CollegeLoans, #StudentLoans, #CollegeDebt,

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