Are you looking for a few ways to save big money fast? Check out these tips that can save you in an hour or less. (iStock)
Millions of Americans have to come up with creative ways to cut back because the effects of the coronavirus pandemic continue to weigh on the economy. More than 55 million people have filed unemployment claims since March, and with COVID-19 cases spiked in recent weeks in various parts of the country, many of those jobs may not come back soon.
When people find income help through unemployment benefits, taking a side job, or finding a job with lower pay, they can also look for quick ways to cut expenses. If you need to trim your budget, here are a few ways to save money with just a little bit of your time:
Simple ways to cut back
1. Review your current loans and / or consider a personal loan
Many lenders are willing to work with their clients regarding terms and repayment options. If you need to trim your budget, look into any private student loans and mortgages to see if you are eligible for refinancing. Refinancing your mortgage loan, student loan, or car loan can save you a fortune every month.
If you have a federal student loan, wait until September before considering refinancing your loan. If you choose to refinance a federal loan, you will need to choose a private loan, and you could lose the payment protection options offered by the federal government. Furthermore, collections on all student loans will be paused until 30 September.
Homeowners may be able to access much lower interest rates than previously available. Emergency rates cuts by the Federal Reserve are encouraging lenders to reduce and refinance their interest rates on new mortgage loans. The interest rates will vary depending on where you live and the discretion of your loan. If you want to refinance a private student loan, for example, use an online tool such as the Credible Rates table to compare multiple lenders at once.
The mortgage rates of today: At publication, the Freddie Mac, according to Freddie Mac, had an average 30-year fixed-rate mortgage rate of 2.88%, and the average 15-year fixed-rate mortgage had an interest rate of 2.44%. Overall, interest rates were 0.18 to 0.3% lower in the previous month. Average interest rates have fallen by almost half a percent since March. Interest rates remain low due to the weakened economy.
To see how much you can save on monthly payments by refinancing today, crunch the numbers and compare rates with Credible’s free online tool.
Alternatively, you could consider applying for a personal loan to consolidate other debts. Consolidating your debt will allow you to make a single payment each month, often resulting in a lower monthly payment than the combined payments you made earlier.
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2. Reduce your interest rate for credit card
If you are struggling to make your monthly payments on your credit card, you have a few options. Think first about transferring any balance you have on a high interest rate card to one with an APR of 0%. Many companies offer promotions that last from 3 to 18 months, with 0% interest on balance sheet transfers. Creditors will check your credit score and credit history. You have the best chance of approval if you have a clean credit record.
Alternatively, consider calling your credit card company and asking them if they are willing to lower your interest rate. Credit card companies want to get paid so they might be willing to work with you if you let them know you’re having a hard time making payments.
When looking for the best credit card rates, consider using the Credible tool to compare interest rates and benefits of different credit card companies in one place.
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3. Review options for car insurance and life insurance
You can save a significant amount of money on your car insurance if you are willing to make a few calls. Numerous online tools allow you to get bids from multiple companies. Each application should only take a few minutes, but you can get an estimate for the coverage options they offer and choose a company that offers the best deal. If you are willing to work with companies that do less marketing (so that they are less well known), then you can save even more.
If you need to save money on your life insurance policy, consider switching to a term policy instead of a lifetime or universal policy. They are almost always much less expensive.
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4. Cut down on unnecessary expenses
When money gets tight, there are always some sure-fire ways to take control of some of your money back. Here are some simple ways to tie the strings of the stock market and save money quickly:
- Eliminate cable, Netflix, Hulu or other streaming services
- Prepare your food and coffee at home, and cut to order
- Skip your convenience store by planning ahead
- Trim your phone plan down to a more affordable package
- Cut back or eliminate alcohol and soda from your shopping budget
- Shop at a concierge store for clothing, shoes, or home decor
- Set your account to pay automatically to avoid late payments
- Create a menu and shop only for what you need
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