Stretch Your Dollar: Overspending and adding to the rainy day fund

Stretch Your Dollar

If the pandemic has you searching for ways to save money, you’re not alone. We are stretching your dollar with why more people are looking at insurance as a cost-saver.

The pandemic had more people logging on to not only visit with family virtually but also search for savings. Snejina Zacharia is the CEO of Insurify that helps people shop around for insurance. She said they’ve had a surge in people dropping their plans.

“Insurance is one of the most expensive items, so saving between $500 and $1000 off a premium could be a significant savings in times of uncertainty.”

She says drivers in Connecticut have saved roughly $800. And another point – she adds the state’s shut-down order may mean you’re eligible for some kind of financial break from your current provider.

“So if you haven’t heard anything about a potential refund or discount from your carrier, make sure you check with them and if they haven’t offered anything, maybe it’s time for you to reshop.”

It’s not just insurance. This is a good time to look at your full financial picture and look for other ways you’re overspending and build that rainy day fund. Let the pandemic serve as a reminder of how important it is to be prepared for anything.

It’s good to have that emergency fund in a separate account so you’re not looking at it every day and tempted to tap into it.

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