Financial Goals for Spring 2010

1. Make my 2010 Roth IRA Contribution
2. Roll over 401(k) from my holiday job to a Roth or transfer it to my brokerage
3. Find more affordable car insurance before February 11
4. Obtain a credit report from one of the three agencies
5. Budget/Keep track of my expenses
6. Diversify my investments

 Come February, I will be covered by Geico.  The gecco offered me an unbeatable rate for liability insurance for my 1997 Honda Civic with 150k miles on it.  I never had full insurance coverage on a car.  This was a terrible decision for my first car since I wrecked it within 3 months of getting it but since I am a more experienced driver the libility-only mode of coverage has worked well for me.  Also, since I live in DC, I have alternative options for transportation.  I live near two bus stops and while the metro is not very close it is a doable 15-20 minute walk. 

Before 

Nationwide Insurance

• 6 Month Premium = $241.36
• Per month: $40.22

After

Geico  

• 6 Month Premium = $138.80
• Per month: $23.13

Total Savings:

• Per month: $17.09
• Per year: $205.12

I have been with Nationwide ever since I started driving.  We’ve been together for a long time but its now time to move onto greener pastures.  So, why the big savings?  It wasn’t all about Geico’s “15 minites or more could save you 15% on your auto insurance,” rather “Not having your paret paying for your car insurance can substantially lower your insurance premiums.”  The payment I made with Geico recently is the first time that I paid for car insurance because my parent has been paying my insurance all these years.  When someone else is paying for it you take it for granted and don’t compare shop as you would with your own money.  I didn’t notice the amount since I had no reason to.  I didn’t even find out what my actual insurance was until I called Nationwide to find out my monthly rate so I could do some comparison shopping.  I am glad that I took the time to compare my rate and make the switch.  I only wish I had done it sooner.   

How fabulous is my car insurance makeover?  Do you always compare shop?  What about when you were younger and you were using your parent’s money? 

When I pulled into Express Oil I was told not to get out of my car and to just pull into their work area.  As soon as I pulled in I was told I can stay in the car because it would only take 10 minutes.  I was also presented with a rose because it was Ladies Day.  Soon I popped the hood and two men started probing and filling my low fluids.  I was presented with a $32.62 and a request for my autograph and I was out of there as soon as I pulled in all without getting out of my car.  The service was excellent, it was quick and I loved my beautiful rose.  But, I couldn’t help thinking how much I really paid for this rose.  I called Bob’s Auto to find out the exact price of their oil change and with taxes it came to $27.75.  Hmmm…let’s see here.  Express Oil’s $32.62 – Bob’s Auto’s $27.75 = $5.37.  Whoa, that is one expensive rose! 

So, I overpaid for the oil change but it sure was nice being treated like a queen.   Next time I will keep the $5.37.