Re-amortization means that you pay a lump sum upfront - usually $5,000 minimum - to lower the principal balance of your loan, thereby lowering the monthly payments. For starters, you can always re-amortize, aka recast. You might think that your mortgage is a fixed payment that you’re locked into, but there are ways to save money on this hefty monthly expense. Mikolette / Getty Images/iStockphoto MortgageĪverage monthly spending: $1,200, according to the latest American Housing Survey from the U.S. Medicaid is specifically geared toward low-income seniors and covers both in-home and nursing facility services. Medicare or Medicaid can also help mitigate the costs of senior care. There are also housing programs for people of certain religions, veterans and Masons. Department of Housing and Urban Development (HUD) programs that help seniors and people with disabilities find affordable housing. If the senior care needed is extensive, consider U.S.
If you or your loved one are independent enough, it might be a matter of downsizing to a smaller, more manageable place where the costs aren’t as high. There are numerous options available, including adult day care, in-home care, assisted living and skilled nursing. So, the first step to save money on senior care is to honestly evaluate yourself or your loved one. For instance, a private room at a nursing home costs about $8,821 a month on average, whereas companion care costs $20 an hour on average. Prices for senior care vary dramatically based on location and the level of care needed, according to. Skip the expensive store-bought toys and go the DIY route instead.Īverage monthly spending: $1,603 to $8,821, according to Genworth's 2020 Cost of Care Survey
You can also try sites like Rover that allow you to compare prices of care providers in your area.Īdopt, don’t shop - the cost to adopt from a local shelter and save an animal’s life is significantly cheaper than buying one from a breeder or store. It takes time, a little elbow grease and pet cleaning products, but the savings can really add up - especially for long-haired pets that require regular maintenance.Īsk friends and family members to pet sit when you’re away. You'll receive 25% off all veterinary services from participating veterinarians.Ĭonsider grooming your pets on your own. Try a veterinary discount plan such as Careington Pet Assure Plan. Or, at least build an emergency fund - if you don’t end up needing the money for your pet, it’s still yours to keep. Spring for pet insurance that will cover you in case of a costly emergency. Whether it’s a dog, cat, bird or some other creature, there are various ways to save money on pet expenses: Razyph / Getty Images/iStockphoto Pet CareĪverage monthly spending: $126.19, according to OppLoans data Seek out day cares built on an affordable care business model, such as WeeCare. (Of course, make sure you clear this with the sitter.) The sitter can watch both of your children at one person’s house. Split the cost of a single babysitter with a fellow parent. Utilize nonprofit organizations such as your local church or the YMCA. Hire a live-in nanny, exchanging reduced-rate child care services for room and board. Join (or start) a babysitting co-op in which you trade care with fellow parents. There are several ways to save money in this area, however: According to Marketplace, you may still have to pay your day care facility even if it’s closed, depending on where you live and the type of contract you signed. If your child’s day care or school is closed but you have to work, you may need to make alternative arrangements for child care. SolStock / Getty Images/iStockphoto Child CareĪverage monthly spending: $1,360, according to Ĭhild care is one of the biggest expenses that parents contend with, particularly when their children are young and need constant supervision.
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