Friday, March 26, 2010

Car Insurance update

Yesterday I was wondering if I should pay my car insurance premium off every six months when I renew or if I should continue my monthly payments with the $4.00 surcharge.

Well I decided that the monthly payment thing just does not work for me. I told the lovely lady at Geico that I would like them to charge my full premium amount to my credit card ( remember it's only $348.50) on the date that it is due (April 2o, 2010). I will then pay it off when the bill comes.

Some I readers gave me the idea of putting a little bit more money in my Car Fund so that in October when its time for me to renew I will have the money in the account and pay for it in full instead of putting it on a credit card.

So this is what I did...

I changed the biweekly automatic savings to my car fund in my ING Direct savings account to $50.00. $100.00 a month will go into the car fund. When it is time for me to pay the full premium on October 20 I will have enough to simply transfer the money to my ING Direct checking and either mail them a check or use my check card to pay the balance in full.

Also, whenever my car needs an oil change or new breaks or some other minor repair I will have money in the car fund to pay for it.

Thanks for all the comments!!! I owe this to you!

until next time, think prosperous thoughts

YBP

3 comments:

********Shelly********* said...

I have followed the trail to your blog from another blog and have read a couple of your posts just now. I am interested to learn about the ING Direct savings account, have no idea what that is! We are desperately trying to get out of debt and have a plan for our finances (finally after 18 yrs of marriage! haha) So...I will be checking out some more of your postings....thanks for sharing! :)

Aaren said...

Awesome awesome awesome!! You're doing such a great job! I WISH I knew half of what you do when I was your age, lol. I have 3 separate accounts in ING, along with an Electric Orange account. They're all "planned spending" accounts, and when I need to use them I just do an automatic transfer to the Electric Orange account, which goes through immediately. It has made life SO much easier.

And *Shelly*, good for you! Later is always better than never, and I wish you the best. Go to home.ingdirect.com to get started. It's really easy, and it's really user friendly. My only advice would be to start with a small initial deposit. The first deposit is held for 30 days, so my first deposits are usually in the $1-$5 range. Good luck!

YBP said...

@Shelly

Congrats on working to get out of debt. There are so many resources on the net and many bloggers that have shared their stories.

Aaren

Thank you so much. Now if I can just begin this student loan debt snowball.