COVID-HIT Americans can make their own stimulus payment as thousands wait for their fourth payment.
Since the Covid-19 pandemic began shuttering work places around the world, the US has provided three rounds of stimulus checks to eligible Americans.
But those still waiting for their fourth covid relief check can do a number of personal finance hacks to boost their cash flow, reports Yahoo finance.
DEFER STUDENT LOANS
Payments on federal student loans have been paused until October.
But you could potentially save thousands on total interest fees and shave years off your debt by refinancing to a lower rate or shorter term.
This could see your interest rate drop by more than 2 full percentage points and save an average of nearly $17,000 in lifetime interest over a lifetime, according to Credible, an online loan marketplace.
CASH IN THE ATTIC?
Toys from the last 40 years could be worth hundreds of dollars on eBay. You may even earn as much as a Covid check itself.
Also, why not use a buyback service that will take those items off your hands and give you cash for them.
OLD BANK ACCOUNTS
You can search a state database of unclaimed funds by going to MissingMoney.com.
There, you can see if you left any money in an old checking or savings account, or if you’re entitled to life insurance cash from relatives who have died.
Also, you can check with the IRS on whether you might be missing any tax refunds.
CHECK FOR BEST DEALS
Use a free price-checking browser extension that will automatically scour for deals and coupon codes every time you shop online.
Then you could use the cash you saved to invest it.
Check out Moneywise.com on how to do this.
SLASH DEBT COSTS
Many Americans have been maxing out their credit card during the pandemic, but the chickens can come home to roost with punishing interest rates.
The Federal Reserve says the average credit card interest rate clocks is14.75 per cent on top of compound interest.
But fear not, you can roll your balances into a lower interest debt consolidation loan.
LOWER CAR INSURANCE COSTS
Each time your policy comes up for renewal, use a website that makes it easy to compare policies.
Or, you could agree to higher deductibles.
This means you cover more of your own losses before the actual insurance kicks in.
REFINANCE YOUR MORTGAGE
Homeowners who have not yet done this can take advantage of some great deals out there. Technology provider Black Knight says 13 million homeowners still have an opportunity to save an average of $283 a month.
The best packages are given to those with at least 20 per cent equity in your home and have a credit score of 720 or higher.
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