The past 3 years we have had a pretty pricey term life insurance policy. For both my wife and I to be covered, we have been paying $95/month. The coverage for her was $186K and mine was $350K. The main reason we got that policy was that my wife worked for that company for a while and it was best for her to be using the companies policy. I have been urging her for over a year now to investigate a different company and plan, but she has not been in the mood to do so. Well, with money really tight for us over Christmas and knowing that we were paying another $95, she decided to do some shopping around.
The plan we were quoted will be a bit under $40/month total for her coverage at $200K and mine at $350K. Her coverage is lower and costs more due to her pacemaker. We have physicals this weekend to go through in order to make sure we can truly get the $40/month estimated price, but even if it's $50/month, that will save us $45/month or $540/year.
The next expense that we need to trim out of our budget is the cell phone, which the last payment will be in March. After that, it's getting these debts out of the budget.