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As inflation marches onward and into the next year, it’s good to have a few money-related hacks at the ready. Even though the recession hasn’t officially begun, it’s a safe bet that the first quarter of 2023 will be a challenging one for working adults, retirees, and owners of small businesses. What are the most efficient ways to conserve capital, protect savings, and avoid the pernicious effects of inflation? Luckily, there are several tactics that rise to the occasion and have the potential to stretch every dollar.
Refinancing education debt can give an instant boost to monthly budgets through lower payments and consolidation. In a similar way, homeowners who choose to rent out extra bedrooms can offset a significant chunk of their mortgage payments. Other consumers get traction from using coupon apps to save every time they shop. Focusing on the elimination of high-interest credit card balances, downsizing your lifestyle, and other money hacks can make life more enjoyable even amid not-so-great economic conditions. Here are more details about a few of the hacks that might help you survive 2023 in good shape.
Refinance Student Loans
Student loan debt has a way of preventing hard-working people from building up a savings account, setting money aside for a big vacation, or buying a house. The good news is that by refinancing student loans with NaviRefi, it’s possible to trade one or more old loans for a new one. The bonus is that the new loan can mean much lower monthly payments, more advantageous terms, better rates, and more time to repay the total balance. It’s more like a fresh start for those who feel trapped by their original college loan obligations. Refinancing could be your financial solution for 2023.
Coupons have an undeserved reputation as being a hassle and generally not worth the trouble. Maybe that was the case before the digital age, when people had to clip paper rectangles from magazines and newspapers to save a few cents on consumer goods. Today, the big game-changer is the app. Coupon apps are simple and free to download to a phone. They’re even easier to use. Some work right at the register. Other coupon apps let you scan receipts and add to a cash account whenever you shop. Try several of the most popular coupon apps. Most discover they prefer the ones that give them the most savings at stores where they already shop.
Rent Out That Extra Bedroom
Creative real estate hacks have the potential to earn homeowners’ significant sums every month. Those who join the worldwide trend of offering extra space on online platforms are discovering that they can offset a decent portion of their mortgages or just bank the rental income and use it for whatever they want.
Kill Credit Card Debt Systematically & Slowly
You don’t necessarily need to use a financial advisor to reduce debt, although you can, there are ways to manage this yourself with a little effort and patience. If you have balances on several cards, begin with the one that has the lowest balance, and make a budget to pay it off first. Then, continue this process until you have them all paid to zero balances. It might take a few years, but the technique can help you get your finances in good order. The goal is to stop wasting money on high-interest plastic.