3 Last-Minute Money-Saving Moves You Can Take in 2021

Saving money is not an easy thing to do. And if you don’t do as much of it as you would have loved it in 2021, you might beat yourself up.

not do. The New Year is approaching, and with it comes an opportunity to increase your savings and achieve the goals you set for yourself. But that doesn’t mean you have to wait until 2022 to start saving money. If you make these three moves in the coming weeks, you can prepare to save before 2021 ends.

1. Pay off the credit card balance

Carry balance on a credit or multiple card credit cardsIt means paying interest on the amount you owe. The sooner you get rid of this debt, the more money you will save by paying less interest.

Of course, to pay off a credit card balance, you’ll need some cash on hand. But if you get a year-end bonus from work or receive a bunch of cash gifts for the holidays, you may end up in a position to hit your credit card balance and save interest in the new year.

2. Cut some expenses

If you’re expecting to be really busy with the holidays in the coming weeks, now might be a good time to cut your cable package and some streaming services from your personal collection. If you’re not going to get much use out of these expenses anyway, eliminating them is a good way to save a little money.

You may also want to consider cutting back on things like restaurant meals and eating out if they usually take up a fair amount of your income. If you’re meeting with your family for the holidays, you may spend a few nights where you’ll be off cooking, which makes it more rewarding for you to prepare more of your food for the rest of the month.

3. Refinance your mortgage

If you own a home, housing may be your biggest monthly expense. You will probably reduce it greatly Refinance your mortgage.

When you refinance a mortgage, you usually exchange your existing home loan for a new one at a lower rate Interest rate Add it to him. This lower rate can then result in much lower monthly payments, making it easier to save money.

It usually pays to refinance your mortgage if you can reduce about 1% or more of your loan’s current interest rate. But keep in mind that you will need a good credit score to get a competitive interest rate on a new home purchase loan. To get the best rates available, you’ll generally need a credit score of mid to above 700 or higher.

Even if you don’t quite get to where you hoped to save in 2021, there’s still plenty of time to set yourself up to save more in 2022. Consider checking these moves off your list before the current year is over and the new one is upon us.

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