How to save on the holidays

How to save on the holidays

As the weather heats up and the summer nears, there are several steps Americans can take to save money over the holiday weekend. By taking out a new student loan with better terms in order to pay back your current one — known as refinancing — you can pay off your loans faster and reduce the amount you pay each month. Borrowers of such loans should consider refinancing options carefully because that would disqualify them from current payment pause, income-driven repayment plans IDR and forgiveness programs like Public Service Loan Forgiveness PSLF. Private student loan borrowers can compare refinancing rates and possibly lower their payments. Refinancing your home loan could save you money every month, similar to student loan refinancing.

Many homeowners could still benefit from refinancing their mortgages. In March, when mortgage rates were just below the 5% mark, the data from Black Knight showed that two million homeowners have their monthly payments through refinancing.

The estimated savings were $312 per borrower, but some could have seen savings up to $500 or more.

If you want to refinancing your mortgage, visit Credible to compare multiple mortgage lenders at once and choose the one with the best interest rate.

If you're working on paying down credit card debt, consolidating that debt can help you do it faster and reduce your monthly payments.

A balance-transfer credit card can help you achieve this and pay down debt faster if you have zero interest for the first six to 18 months. These cards allow consumers to move their outstanding debt from one credit card to another, consolidate their total debt into one monthly payment and lower their utilization rate.

If you want to pay down debt, you can use a balance-transfer credit card or pay a personal loan and get preapproved in a matter of minutes.

Credit score is a factor that affects your monthly budget, since higher credit scores lead to better interest rates for borrowers. A good credit score has a big impact when it comes to locking in favorable terms for mortgages, credit cards, and other financial products. Bad credit can make it hard to qualify for loans and new credit lines.

You can use the holiday weekend to implement a few strategies to boost your score, like paying down debt, opening a secured credit card or reviewing your free credit reports.

Some modest-income buyers are even of the new vehicle market because of the surge in the costs associated with buying a new or used car.

Drivers can save money by shopping for a new car insurance provider. Different companies offer discounts for different reasons, like safe driving history, being a good student or bundling. As a driver's life situation changes, a new insurance company could provide a more favorable rate for them.

You can choose the one with the best rates and you will get the best rate.

Email The Credible Money Expert and your question might be answered in our Money Expert column.