Due to my current employment status, or lack thereof, I have been trying to figure out how to reduce some of my monthly expenditures. One of the best ways is to lower my car insurance. Of course I was restricted by how much I could lower the coverage because I still had a car loan. Well, no more, I paid it off yesterday. I was within 7 payments of paying it off anyway, but I decided to do it sooner. Luckily I had money saved up for my son's private school tuition, so I borrowed from that money for the time being.
Now, I feel relieved. I did not think paying off my car would make any difference in how I felt, but it does. It's just one less thing. It's like a weight has been taken off my shoulders. Now I have to call my car insurance agent to see what all my options are for lowering my insurance rates. Yes, I actually have an agent.
I know a lot of you may just be saying, big deal, you don't have a car payment. But it is a big deal for me. I am one of those that will run a car into the ground. And with the way cars are built nowadays, I may be able to get more years than that our of it. So I will be tying to keep this one at least 10 years. In case your wondering, I have a Scion Xa, and I love it. It is a tiny car, but it is unbelievably roomy inside. Also I get 32 miles/gallon in the city. Woohoo!