As a single divorced dad, you’re most likely always looking for ways to shave the budget. Looking for better internet deals; cable vs streaming; phone service etc. Well here’s a tip I learned while refinancing my home.
If you own your home and do taxes and insurance through escrow you may want to take a look at your current hazard insurance policy. Insurance companies will sometimes raise your rates knowing you likely aren’t paying attention as everything is done routinely through the escrow. You may even wonder why your mortgage went up $20 or $30 dollars last year. Chances are either your area went through a property tax reassessment OR your insurance company raised the premium on your hazard insurance.
After four years, my premium had gone up $500/annually. I hadn’t even considered this until my mortgage broker made me aware of it when I was looking at refinancing. And sure enough. After some research I found the exact same policy for $600 a year less with a reputable insurance company, saving me $50 a month on my mortgage. I was also looking at new car insurance and was able to get an additional savings by switching and having both policies through the same company.
Sometimes it pays to scrutinize and ask questions. Once you start taking a closer look at where your money is going, you’ll be amazed at how easy it can be to save $25 here or $30 there. And that adds up fast!