3 OTHER WAYS TO SCORE MORE CASH
NO TAX REFUND THIS YEAR?
If you didn’t catch a break from Uncle Sam with a tax refund this year, you might be looking for other ways to pad your finances. Taking on a part-time gig may seem obvious, but you might not have the time.
Instead, consider these three ways to bring in added income.
1REFINANCE
With refinancing, your current loan is paid and replaced with a new loan at a lower interest rate. Consider refinancing your auto loan, mortgage or student loan.
Mortgage refinancing is best if your credit has improved or you’re planning to stay in your home long term, switching from an adjustable rate to a fixed rate or getting rid of your private mortgage insurance. Refinancing your mortgage can carry fees ranging from 2% to 5% of the loan balance due.
Auto loan refinancing is the easiest and quickest type of refinance. Consider it if your credit has improved or if interest rates are lower now than when you borrowed.
Student loan refinancing is best for those with strong credit and a steady income. But if you hold federal student loans, refinancing means you’ll lose out on federal protections and opportu- nities, such as loan forgiveness, as well as flexible repayment plans. 2NEGOTIATE
If the thought of negotiating makes you uncomfortable, focus on how you’ll feel with a lowered bill or a higher paycheck. Here are three areas where you can test your bargaining skills: Recurring payments: Longtime customers often get stuck overpaying for cellphone service, Internet, television, home security and gym memberships. Let your provider know you’re thinking of switching. Research competitors so you’re armed with other rates for comparable service. Medical bills: You may be making high monthly payments for medical bills as a result of a significant illness or a series of medical tests and procedures. If the expenses are too high, contact your health provider or work with a medical billing advocate to negotiate a more manageable payment plan.
Salary: Consider speaking with your employer about a salary increase if you’re nearing your review, are changing positions or have successfully managed added responsibilities.
Use websites such as Glass-Door and PayScale to research salaries for your position and field to know what’s reasonable to ask for. 3SWITCH You can save on insurance costs for your car, motorcycle, home or rental simply by changing providers. Others may charge less for the same coverage and offer discounts for switching. You’re likely to get a discount by bundling multiple policies with a single provider.
With these money-saving measures, you may not even miss that tax refund. Consider using some of the cash you save to pay your future self via a retirement account or stash away funds for a rainy day.