With the cost of living spiraling out of control, you need to put every dollar in your name to good use. If you are struggling to make ends meet, you need to take a hard look at your finances. You might be surprised to find that you’re throwing good money at some unworthy causes.
Refinance your mortgage
With most home loans accounting for up to a third on the monthly expenditure, you stand to save quite a bundle by refinancing at a lower rate. With the help a home loan calculator, you can search for the best deals in Utah. Bringing down your monthly payment by as much as half a percentage point results in considerable savings.
Not only do you have more money left at the end of each month but also get to lower the amount of interest payable over the life of the loan. In essence, it enables you to bring down the overall cost of your house.
Pay off your high-interest debts
While credit cards are handy and convenient, they also make great money sinkholes. Some cards carry exorbitant interest rates and can leave you to drown under a pile of debt. Rather than make the minimal payment on such cards, make an effort to eliminate such debts as quickly as possible. That might mean throwing every extra dollar you can to this cause.
While difficult to implement and execute, such a move saves you considerable sums of money in the end. In fact, you might channel some of the saving to paying off your mortgage.
Transfer your high-interest balance
If you are not in a position to pay off the high-interest loans quickly, consider moving them to a new card with a lower interest rate. In most cases, new cards come with ultra low promotional rates. However, you need to make a proper calculation of the total cost of the move and the interest rates after that.
With a little effort, you can streamline your finances and increase your savings every month. Refinancing your mortgage, transferring or paying off high-interest debts are some of the moves to set you on the right path.