Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did do. So throw off the bowlines, sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.”- Mark Twain

Wednesday, May 19, 2010

Auto Insurance - Paying Annually Rather than Monthly.

I have a 2008 two door burgundy Mitsubishi Eclipse. It was the biggest purchase I've made, to date. This is a car that I drooled over since I was sixteen. Finally, when Mitsubishi came to Canada, I began my six month long debate/research of possibly buying one.

After going on their website almost every day, and using the virtual "build it" tool, to make and price out my dream car, I decided to take the next step and go to the dealership. I had been driving a car I had for almost seven years, and they offered (after much back and forth mind you) what I thought was a very reasonable offer for my seven year old car.

The deal was made, and two and a half years ago, I drove away with the car I had wanted for over ten years. The payments are very reasonable over a five year term, and I am still happy with my purchase.

The only problem with buying a two door car is insurance. Being a 28 year old female in NS, with no previous accidents or fines on my record (*knocks on wood*), I didn't expect my insurance to be so high. However, it is a few cents away from $1000.00 per year for full coverage. This is about $200 more per year than DH's insurance on his truck of the same year and he doesn't have a squeaky clean driving record.

For the past almost ten years since I've had my own vehicle, I've always chosen to pay my car insurance monthly. Coming up with a lump sum of cash every year wasn't something I could easily do, so thought it was much easier to just pay monthly. This year, since I'm really to start coming around to savings. RRSP's, Tax Free Savings Accounts, etc, I thought I would look into what the price difference would be to just pay my insurance in a lump some, for the first time...well, ever.

I've been paying $91.15 per month for insurance. $91.15x12 is $1093.80. Therefore I'm paying my insurance company an additional $93.80 per year to pay monthly rather than annually. Truthfully, I would really like to have the $93.80 in my hands rather than theirs.

Off to my insurance company I went. I have my bill for my upcoming insurance which is due in another two months, and will be saving money from my next few paychecks to cover this amount. Yes, things may be a bit tight for the next few weeks, but it's worth it in the long run. Not only do I have $93.80 to add to my piggy bank savings, I also have one less monthly bill to think about for an entire year. I hope to pay my car insurance this way from here on out.

Monday, May 10, 2010

Canning the Coffee Chain for Canned Coffee!

"Can I have a large coffee, two cream & one sugar please?" This used to be my typical morning order at our beloved Tim Horton's drive through. I never really thought about the $1.62 that I spent at least 6 times a week. But now, I am reevaluating everything that I spend money on. This is a monthy cost of $38.88, just for me. DH probably gets Timmy's 3-4 times a week which is $19.44 or more per month. So in total, this is costing us $58.32 or more per month ($699.84 per year). $700 a year on coffee? Are you kidding me? This needs fixing!

After trying different types of home made coffee, we've discovered one that we really like. I wasn't a fan of Tim Horton's brew at home coffee, Maxwell House & Folgers seemed so watery to me, even when I made it stronge, and Starbuck's brew at home coffee is pretty expensive. We tried Nabob, and we both LOVED it. This is about a middle-of-the-road coffee as far as price is concerned in the grocery store. It has a nice full flavor, and to be truthful I think I like this better than my Timmy's.

Regular priced, a large can of this is $12.50, (and I had a $0.50 coupon), but this should last us at least 3 months. Obviously we still have to buy our own cream, which is $3.25 for 1 liter. This normally lasts 1.5-2 weeks. I was fortunate enough on Saturday to find Nabob coffee on sale at the Super Store for 50% off. It was the small cans, but with my coupon I got each can for $2.50. Each can will last almost a month.

We still keep Timmy's as our "treat" that we get say on Friday's after work, or whenever the splurge feeling hits. So as of now, I am buying Timmy's once a week, or a monthly total of $6.48 or $12.96 for the both of us. This is more like it! I do beleive that we should be able to treat ourselves here and there, so for $13.00 per month, I don't mind doing this at all.

Right now with buying our own coffee & cream, (we always have sugar in the house), it is costing us approx $10.50 per month. We still have our once a week treat from Timmy's, which is approx $12.96, for a total of $23.62 per month. This is a savings of approx. $34.86 per month! (or $418.32 per year!) Not to mention the calories & fat we save ourselves from not getting the Timmy's coffee & cream (it's unreal, but that's another subject).

Now, we both agree that we are going to slowly cut back our coffee intake, just because we do drink alot of it, not really for the money savings this time. We're hoping by this time next month to only make a pot of coffee once every other day. Even though this isn't going to be for the money savings, it will still cut our $10.50/month back to $5.25 per month or there about. (Total approx $219.00 per year for coffee, rather than our $700.00 per year coffee intake, for a total of $481.00 savings per year!!)

Happy brewing!