Do you ever wonder about ways to better your financial position? Maybe getting a second job makes sense, or getting rid of that extra car. Perhaps you’ve had visions of selling all the stuff stored in the attic and garage for years. Some homeowners investigate the idea of refinancing their houses, while others consider getting an auto refi to lower their monthly car payments. The truth is, when it comes to saving money and thickening your wallet, there’s more than one way to pull it off. Here are some of the most effective, and common ways that working adults increase their immediate wealth profile. See if one or more would work for you.
Refinance Your Auto Loan
You can slice a chunk of spending out of the monthly budget by refinancing your auto loan. Do an online search to find the best lenders and be sure to compare offers before making a decision about which one to go with. Offers come in a variety of shapes and sizes, featuring different interest rates, repayment periods, and monthly payments. Consider taking advantage of a refi calculator. They’re available free at many financial websites. Keep in mind that when you do a refi, it’s essentially a brand-new contract. In many cases people end up with new lenders, different interest rates, longer repayment terms, and lower monthly payments. That’s why it pays to spend time and do research before deciding to refinance. Choose your lender carefully and compare as many offers as possible to see what’s available to you.
Use a Financial Calculator
Check out several scenarios for refinancing your car or home. The best way to start is with a financial calculator. You can find one on just about any of the major banking, lending, or finance sites. They’re free to use. When you use a calculator, the app will ask you to input basic information about your current vehicle or home loan, like total amount owed, what kind of rate you’re paying, how much you pay every month, how many payments are left, and a few other details. In less than a minute, you’ll find out how various interest rate changes, term changes, and other factors will affect your entire loan arrangement. But most important, the calculator will provide exact monthly payment amounts based on any criteria you input. The goal should be getting the best refi rates, and if you work with the best lenders, it’s possible to end up with a new loan package that makes more sense for your situation.
Get Rid of High Interest Credit Cards
Credit cards are double-edged swords. They can be a temporary shelter in an emergency or a weight on your financial freedom when you get in too deep. If you want to keep one or two pieces of plastic for emergency purposes, be sure to get the lowest-interest ones you can. It’s amazing how much variation there is in the credit market. Even those with the exact same credit scores often have cards with wildly different interest rates. If your credit is decent or better, shop around and find a card that makes sense for you, has low interest rates, reasonable terms, and an average spending limit. Don’t focus so much on rewards as locating a low rate.
Hold a Virtual Yard Sale
Garage sales are still alive and well, even with the many online selling options. What some homeowners do is hold a standard garage sale first, then sell everything else via online auctions or direct sale sites. Not everyone likes the idea of taking the time to wait for auctions, so they simply put a sell it now price on their online merchandise. What’s the advantage of having both a garage and a VYS?
In-person events are excellent venues for unloading bulky, items that are hard to transport or ship. The other hot category for house, yard, or garage sales is clothing, particularly baby clothes. New parents often scour local ads to find sales that include baby-related merchandise like clothing, beds, toys, and more. Bulky items sell well at yard sales too. Scooters, sporting equipment, exercise stations, weights, area rugs, furniture in good condition, pianos, and large appliances sell fast at in-person events.
On the cyber side of things, it’s small items that dominate. Jewelry, silverware, gadgets, laptops, hard drives, art works, and leather clothing are red-hot sellers. The goal of your VYS and traditional garage event should be to rid yourself of anything you haven’t used in more than a year. Cut loose of all those boxes full of junk in the attic, garage, basement, or extra bedroom. Just say go, then put them up for grabs online, in the garage, or in the front yard. Donate unsold items to charity and get a receipt for fair-market-value. If you itemize your tax deductions, you’ll at least be able to squeeze a bit of money out of the things that didn’t fly off the shelf.
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