Long time lurker, first time poster.
One thing I would encourage everyone who is trying to cut expenses and build net worth to do is not skimp on car insurance. I personally carry a 300k liability policy and then have a million dollar umbrella policy. Shop around to get the best price on the coverage, but then get a solid amount of coverage.
In many states you can drive with only a very minimal amount of liability coverage. Liability is the coverage that pays the occupants of another vehicle, or your passengers, in the event that you are responsible for an accident.
The problem is that ever if you are driving with a legal amount of coverage, if you are at fault for an accident with injuries\death exceeding that value you can become personally liable.
For most people that isn't a big deal, since they are broke (judgment proof). But if you have a net worth of hundreds of thousands or more you become a very attractive target to be sued and have your property\retirement\savings, etc., use to satisfy the liability.This is a real concern for those of us with paid off real estate & high account balances.
As an example, in one situation I am personally aware of a man retired at 60 years old used his savings to pay cash for a 600k house\land. He continued to drive with 25k minimum liability insurance. A year later he changed lanes into a motorcycle, causing over a million dollars in medical bills. The motorcycle driver hired a lawyer, who obtained a large judgment. The man then lost his house, and all savings\accounts over a $2,500 exemption.
Although I probably pay $1,500 more a year for the additional coverage + umbrella, I think that if you are at the point where you have a net worth of a couple hundred thousand or more, that a higher coverage level is necessary.
Also - get new quotes on insurance annually. It is very expensive to have friends in the insurance business.