The Money Mustache Community

General Discussion => Share Your Badassity => Topic started by: CodAlmighty on May 20, 2016, 04:48:33 AM

Title: Paid my car insurance in one lump sum
Post by: CodAlmighty on May 20, 2016, 04:48:33 AM
It may not be much to some people, but it's quite an achievement for me...

Today I paid for my car insurance upfront for the first time in my life, which means that not only have I eliminated another monthly payment that leaves my bank account, but I have also saved myself the 13.6% interest that I would have had to pay if I had no choice but to pay monthly.

I'm new to mustachianism and am only just starting to build my 'stash, but having the extra money lying around to do things like this is definitely making it all worthwhile.
Title: Re: Paid my car insurance in one lump sum
Post by: ender on May 20, 2016, 06:10:20 AM
A marathon begins with a single step :)
Title: Re: Paid my car insurance in one lump sum
Post by: terran on May 20, 2016, 07:36:35 AM
Great job! Now, don't forget to add that monthly payment to a sinking fund so you can do it again next time around.
Title: Re: Paid my car insurance in one lump sum
Post by: GrOW on May 22, 2016, 03:43:39 PM
If you have not yet, see if you can pay via credit card for cash back or points. I paid home, rental, and auto insurance this way, without a fee, and it almost covered a cc rewards bonus hurdle by itself.
Title: Re: Paid my car insurance in one lump sum
Post by: forummm on May 22, 2016, 04:17:06 PM
Saving 13.6% interest is always great!