How to Dramatically Reduce Your Monthly Living Costs

It’s no secret that many people are struggling financially right now. The global pandemic required many to reduce their hours or find a new job altogether. The initial stimulus check provided welcome relief, but with no additional check in sight, the pandemic raging on, and the holidays approaching, it might make sense to find ways to dramatically reduce your monthly living costs.

Reduce Your Monthly Living Costs: Refinance Your Mortgage

Your mortgage is likely one of the biggest monthly expenses you have. You may find it beneficial to refinance your mortgage. Interest rates are currently quite low, so you may find it helpful to renegotiate the terms of your mortgage. There are a couple of routes you can take if you qualify to refinance your mortgage. If you need to reduce your monthly payments, you can extend the length of your mortgage in exchange for a lower monthly rate. You’ll likely pay more in the long run, but your monthly expenses may be more manageable. Alternatively, you can increase your monthly payments, reduce the length of your term, and pay it off faster. It’s more expensive up front, but paying your mortgage off sooner can save you more money and free up more income when you do.

Energy Efficient Add-Ons

Utility bills can be another major monthly expense. Find ways to increase your home’s energy efficiency to reduce your utility bills. Energy efficient shower heads and leak detectors can help reduce water waste and save you money on your water bill. Installing a smart thermostat can help you control a major source of energy use in your home. Insulating your doors, windows, and attic is also a good idea.

Reduce Your Monthly Living Costs: Consolidate Debt

If you have multiple debts you’re paying, you’re likely to pay more in interest than is necessary. It’s also harder to keep track of multiple payments and due dates. Failing to do so can result in fines and have a negative impact on your credit score. Consider consolidating your debt so it’s easier to manage. You may find it helpful to take out a personal loan with a lower interest rate to pay off multiple debts with higher interest rates so you can focus on paying off the personal loan instead.

Between the upcoming holidays and the financial struggle that many people have experienced due to the global pandemic, many people are looking for ways to reduce their monthly living expenses. Some of the options include refinancing your mortgage, increasing your home’s energy efficiency, and consolidating your debt. This can help you free up some of your monthly income so you can put it towards rebuilding your savings or other necessary expenses.

Read this next: What Every Buyer Should Do Before Closing on a Home

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