For a while there, it was looking pretty certain that Americans were going to get another round of those $1,200 coronavirus “stimulus checks.”
Democrats, Republicans and the White House all said they wanted to give out more money to relieve financial pain and stimulate the economy, and the U.S. House voted in May to provide fresh payments. But stimulus money was missing from a COVID-19 relief bill that was just introduced in the Senate — and promptly died.
1. Round up your long-lost money
You may have some money sitting out there, maybe in an old account, that you’ve totally forgotten about. That’s surprisingly common.
buy your own life insurance policy.)” data-reactid=”62″>You can search what’s in state databases of unclaimed funds by going to MissingMoney.com. There, you’ll find out if you left any money in an old checking or savings account, or if you’re entitled to life insurance proceeds from relatives who’ve passed away. (You’ll want to be more careful about notifying beneficiaries when you buy your own life insurance policy.)
IRS to see if there are any tax refunds you’re missing.” data-reactid=”63″>You also should check with the IRS to see if there are any tax refunds you’re missing.
You can amend your previous tax returns for up to three years if you were eligible for a refund but neglected to claim it. The tax agency recently put out a last call for taxpayers to claim more than $1.5 billion in refunds from 2016 returns filed in 2017.
2. Refinance your mortgage
refinancing to one of today’s lowest-ever mortgage rates.” data-reactid=”86″>If you’re a homeowner with a mortgage, you might easily create a $1,200 stimulus payment for yourself by refinancing to one of today’s lowest-ever mortgage rates.
Rates on 30-year fixed-rate mortgages are currently averaging a record 2.86% in the long-running weekly survey from mortgage company Freddie Mac. With rates that low, 19.3 million homeowners could save an average $299 a month by refinancing, according to estimates from Black Knight.
check it for free.)” data-reactid=”92″>The mortgage data firm says you’re a good refi candidate if own at least 20% of your home, could cut your 30-year mortgage rate by three-quarters of 1 percentage point (0.75) or better with a new loan, and have a credit score of 720 or higher. (Don’t know your credit score? You can check it for free.)
When you refinance, you will have to pay closing costs of anywhere from 2% to 5% of your loan amount. You could: try to reduce closing costs via negotiation; have them rolled into your mortgage; ask the lender to cover some or all of the costs in exchange for giving you a slightly higher interest rate.
3. Earn money through a side hustle
If you’ve got a hobby or some special skills or talents, you might be able to land some side work to earn the equivalent of a second stimulus check.
online marketplace for gig work and find someone looking to pay for your unique services.” data-reactid=”116″>Do you write? Know website or graphic design? Have a knack for doing celebrity impressions? You can use an online marketplace for gig work and find someone looking to pay for your unique services.
It’s sort of like online dating: You just create a profile describing what you can offer, and people will contact you if you’ve got what they’re looking for.
Once you start completing gigs and racking up positive reviews for your work, you can bump up your price and make even more money.
support yourself on your side hustle alone — and never have to go back to a regular job again.” data-reactid=”119″>Eventually, you might discover that you’re able to support yourself on your side hustle alone — and never have to go back to a regular job again.
4. Slash your insurance costs
