While the COVID-19 pandemic continues, many of us are stretching pennies to make ends meet.
"Obviously it is challenging the longer we go in the pandemic, the harder it is to kind of make ends meet, and to, kind of, as they say, make a dollar out of 15 cents." Said Dr. Henry McKoy, a former banker, economist, and current professor at the School of Business at North Carolina Central University. "I think there are a few things folks can look at depending on their situation."
Dr. McKoy suggests:
Refinancing your home. Rates are low right now. Dr. McKoy says that you may be able to roll over some high-interest credit card debt into that. Refinancing could reduce your monthly mortgage payment.
Save where you can. Dr.McKoy says save if you can - even if that's $10 or $20 per month.
DIY Projects. Look around your home. If there are projects you were going to hire a professional for, considering opting to DIY.
Dr. McKoy also says that now is the time to protect your credit. If you have credit cards, look for 0% introductory rates that you could consider transferring over to.