Money is tight right now for millions of Americans. With countless jobs lost and businesses shuttered, many people are struggling financially. Here are some ways to potentially find some financial relief right away.
Refinance Your Mortgage
Mortgage rates are at historically low levels today. If you currently own a home and have a mortgage, odds are your present interest rate is higher than what you can probably get at the moment. By refinancing your mortgage at a lower interest rate, you can potentially save tens of thousands of dollars over the life of your loan.
Chat with a mortgage specialist to see if refinancing your home loan makes financial sense for your particular situation. Some people have found it saves them a hundred dollars or more per month.
Putting money aside every month is a financially sound habit to cultivate, but a regular savings account doesn’t really pay out much in interest on money deposited. If you want your money to grow faster, consider investing your money in an asset or basket of assets that will pay out a higher return.
Just be sure to be conservative with your investment and choose a vehicle that will help you build wealth while minimizing risk. The goal is to put more money away, not risk losing much of it in high-risk investments.
Make a Change in Health Care
Whether you have health insurance or pay for medical care and treatments out-of-pocket, you’re likely spending a big chunk of change for healthcare. Medical bills are already sky-high, and health insurance premiums are rising every year. If there’s one area that’s worth revisiting when it comes to saving money, health care is it.
You may want to explore health insurance alternatives and opt for a more innovative and affordable health share program. These unique programs can help you save as much as 50 percent or more on medical care compared to the average health insurance plan.
Plus, health sharing programs offer more flexibility in terms of the types of physicians you see, all while allowing you to be part of a community of like-minded people with a similar belief system.
Honorable mention (if you’re a small business owner):
The top three money-saving tactics listed above are among the most effective these days, but there are others that are worth mentioning. If you run a small business, one way to keep more money in your pocket is to consider hiring virtually or allowing employees to work from home, wherever possible.
The money you can save in things like desks, equipment, and physical space for your employees can be a lot more than you may think. Especially in today’s environment where going remote seems to be the “it” thing to do, allowing your employees to work virtually may be something you may want to consider even if saving money is not on your agenda.
Whether you choose one or all of the above strategies to keep more money in your pocket, making a change in your medical program should be one of them. If you’re ready to make the switch or have questions about how health share programs work, get in touch with an expert at UHSM.