In today’s economy, everyone is looking for ways to stretch their
dollar. There are a lot of minimalism strategies out there such as
giving up that morning latte, brown bagging it a couple times a week,
and even trading in your car for a bike. Here are three ways that you
might not have even thought about, that could put a lot more in your
pocket than skipping your coffee break!
Home Refinance
Interest rates are lower today than they have been in a long time. It
might be time to take a look at your mortgage and see if a refinance
would make sense. Even if your rate is already low, in the 5% or 6%
range, with rates now in the low fours, you could shave a significant
amount off of your monthly payment. What if your payment is OK where it
is? Why not take a look at dropping your loan from a 30 year loan to a
15 year loan. Your payment might stay pretty close to the same per
month, but you will end up saving a huge amount of money in interest
over the life of the loan!
Car Refinance
This is another strategy, but one you don’t hear a whole lot about.
Interest rates are low right now on cars as well. You might be able to
save some money by refinancing a car or two. This is not typically an
item that is thought to be refinanced, but with the rates as low as they
are, it couldn’t hurt!
Insurance Checkup
When was the last time you looked at your insurance? If you are like
most people, it was when you bought it. Maybe it is time to take
another look. You might be able to qualify for some discounts now based
on your age, driving record, or home improvements that you didn’t
qualify for when you bought the insurance.
You might realize that you
have never used that towing or rental rider on your car insurance, and
now have money in savings to take car of those if they happen. While
you are at it, you should also review your life insurance to make sure
you have adequate coverage there also.
There you have it, three ways you could potentially put hundreds of
dollars extra into your pocket each month, and you didn’t even have to
look silly riding a bike in a suit to do it!
When he is not flying around the world securing complex computing systems, Sean Mathena runs Find Your Peak where he helps people to achieve peak performance in every area of their life.
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