More IDA’s
NPR just ran a story about Individual Development Accounts as part of their radio series on Poverty in America.
I liked this one because it focuses on IDA’s. I found a directory site through the NPR story and checked it out. Virginia has quite a few programs, even one focused on prisoners who’ve been released, another for refugee resettlement. They’re all over the state and not just focused in urban locations. The first one listed in VA is decidedly suburban.
Today I convinced a friend to bank a small insurance windfall of $2000.00 instead of using it to lower a new car payment by $60.00 a month. I told her that she could save that money, raise her insurance deductible and see a savings on her insurance. She hold me her high quote was $1200.00, and the low quote was about $850.00. $350.00 saved over 6 months so it balances out. And since she’s keeping the $2000.00 liquid, she can use it for *any* emergency and not just a car repair. That’s the beauty of an Emergency Basket of Cash.
Mapgirl’s Fiscal Challenge / More on Auto Insurance wrote:
[…] I mentioned a friend’s insurance situation. Last night she came around with her new ride. It turns out she can’t raise her deductible to $1000.00 because her car insurance won’t let her due to the lien on the car. If you’re buying a new car or any car with a loan, keep in mind what your rates will be. Always factor the price of insurance into your monthly car payments, as well as the cost of gas for your commute. […]
Posted on 21-Feb-07 at 11:03 pm | Permalink