| Hi Taylor
- Between insurance, my lease, and gas, my car is costing me over
$1,000 a month. How can I get this number lower? I'm feeling pretty
helpless right now. - Steve
Hi Steve - I completely empathize. Our cars are so vital to
our daily lives, and there's nothing cheap about owning and maintaining
a vehicle. Let's see if I can help you chip away at that monthly bill.
about insurance costs. Different plans will save you in different
ways. You don't want to go with a super low premium because that
could leave you in a bad way when it comes time to use your deductible,
but you might be able to adjust your plan to better meet your
needs and save you a little money. Sometimes coverage includes
benefits you don't really need and a quick call to your agent
will save you $50 bucks a month or so. If you've had the same
policy through the same agent for a long time, get on the phone
and see what they might be willing to offer or even take a few
minutes and shop around your policy to different carriers.
2. Don't drive when you don't have to. You're probably looking
at insurance and the lease as the numbers you most want to drive
down, but if you put some effort into it, I bet you can lower
your gas spending significantly. I've got a post on GoFarWithKovar.com
about easy ways to save for vacations and I note changing your
driving habits as one of the best ways to put more money in your
bank account. I'm sure you have to go to and from work every day,
but how about those quick drives to the store when you could easily
walk, or the days you drive to lunch instead of eating at the
office? Cars give us a great convenience that we're all too happy
to take advantage of, but you have to remember that travel comes
at a price.
3. Think about getting a different car. It seems like a
lot of work, but trading in an expensive car for a cheaper model
will help with all your problems. You might be resistant because
you don't want money issues to keep you out of your dream car,
but believe me - it feels a lot better sitting behind the wheel
of an awesome car when you can rightly afford to do so. Look at
certified pre-owned vehicles or see if anyone you know and trust
might be looking to sell a good car. If a lease is making it hard
to get by every month, you probably need to ditch the lease.
You might have
to shake things up more than you want, but there's a way to save
money and keep on driving. Keep your long-term goals in mind, make
the savvy choice and everything will work out. Good luck, Steve!
Kovar June 25, 2019
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Information presented is for educational purposes only and is not
an offer or solicitation for the sale or purchase of any specific
securities, investments, or investment strategies. Investments involve
risk and, unless otherwise stated, are not guaranteed. Be sure to
first consult with a qualified financial adviser and/or tax professional
before implementing any strategy discussed herein. To submit a question
to be answered in this column, please send it via email to Question@GoFarWithKovar.com,
or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.