When everything is extremely overwhelming, like during a global pandemic, it’s common to get overwhelmed, especially with financial matters. With fewer dollars coming in and just as many dollars going out, it’s particularly exhausting. What do you have some control over with your finances? What can you do to help? Are there some expenses you have some influence over?
Insurance Premiums
It is possible to shop around and find better insurance premiums. First of all, it’s important to do all you can to show your insurers that you are dedicated to safe driving. This can include taking a defensive driving course, which can lower your premiums further. It also helps if you have a higher deductible, or a smaller vehicle. However, if you have a more valuable vehicle, it’s important to have comprehensive insurance, so consider your options wisely.
Utility Bills
There are some things which can help you to save on your bills. Dirty air filters can cause inefficient cooling, which leads to a bigger electric bill. Make sure your water heater is set to be around 100 degrees F, so it doesn’t overwork and use extra energy keeping your water warm in the winter. Your utility company can come and see if there are any major air leaks or drafts in your house. Check on making sure that you have enough insulation in your attic as well!
Refinance your Mortgage
If you own your own home, mortgage rates are terribly low at the moment. If you plan on staying in your current home for more than another three to five years, and the refinance rates offered are one point or more lower than your current rate, you can save money refinancing. Most lenders will allow you to roll the cost of the refinance into the refinance itself, but it does pay itself off after that time period. Being able to save the extra money is important right now, so every bit counts. A one-point drop can save you a hundred dollars or more monthly.
There are a lot of stresses right now. Please don’t feel overwhelmed if you, like millions of other Americans, need to use public services as well as all the cost cutting options you can find. When in the midst of a major public health crisis, it’s all hands on deck to help one another, and find every way possible to keep moving forward!
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