Category: Miscellaneous

How to refinance federal student loans is a popular student loan topic. Given the growing amount of student loan debt and relatively high-interest rate from federal student loans, many borrowers want to understand how to refinance federal student loans.

For example, “Should I refinance my federal student loans?” is one of the most popular student loan questions on Google. In this guide, we will discuss how to refinance federal student loans and if you should refinance your federal student loans.

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In this guide, you will learn:

• How student loan refinancing works
• Should you refinance federal student loans: Advantages
• Should you refinance federal student loans: Disadvantages
• How can I refinance my federal student loans?

How student loan refinancing works

Student loan refinancing is the process of consolidating your existing student federal student loans, private student loans or both – into a new student loan with a lower interest rate. When you refinance student loans, you receive one student loan with one monthly payment and one student loan servicer. With a lower interest rate, you can save money, pay off student loans faster and get out of debt more quickly. You can also choose a fixed interest rate or variable interest rate as well as your student loan repayment term.

The federal government issues federal student loans. However, the federal government does not refinance federal student loans or private student loans. Therefore, if you want to refinance federal student loans, you can refinance with a private student lender. There are many high-quality private lenders that refinance student loans, and you can compare the latest student loan refinancing rates to find the best lender for you. You can also use this student loan refinancing calculator to determine how much you can save with student loan refinancing.

Should you refinance federal student loans: Advantages

There are several advantages when you refinance federal student loans:

1. Get a lower interest rate
2. Save money
3. Pay off student loans faster
4. Change loan terms
5. Simplify student loan repayment
6. Change lender or student loan servicer
7. No origination fees
8. No prepayment penalties
9. Pause payments during unemployment

Get a lower interest rate

The main reason that borrowers refinance student loans is to get a lower interest rate to save money. Student loan refinancing helps you receive a lower interest rate compared to your current interest. Most borrowers choose the lender that approves them for the lowest interest rate. However, some borrowers may evaluate other factors, such as loan terms, customer service and student loan repayment flexibility.

Save money

Student loan payments can be expensive. The best way to save money on your student loans is to refinance because you receive a lower interest rate. When you have lower monthly interest payments, you can pay off your principal balance faster.

For example, let’s assume you have $100,000 of student loans at a 7% interest rate and 10-year repayment term. If you refinance student loans and receive a 3.0% interest rate and 10-year repayment term, you can lower your monthly payment by $195 and save $23,457 total.

Pay off student loans faster

Student loan refinancing can help you pay off student loans faster. First, student loan refinancing provides you with a lower interest rate. A lower interest rate means you owe less interest, which means your total student loan payment can decrease. That helps you save money each month, which you can apply toward living expenses, saving for retirement or other debt repayment. Second, student loan refinancing offers repayment flexibility. The standard student loan repayment term for federal student loans is 10 years. With student loan refinancing, however, you can choose a repayment term of five years, for example. This can help you pay off student loans faster and get out of debt more quickly.

Change Loan Terms

One big advantage of student loan refinancing is your ability to change your loan terms. For example, all federal student loans have a fixed interest rate and the standard repayment term is 10 years. With student loan refinancing, you have the flexibility to choose a new student loan repayment term. Generally, you can choose a loan term between 5 and 20 years. Shorter loan repayment terms mean your monthly payment may be higher, but you can pay off student loans faster. Longer loan repayment terms mean lower monthly payments, but it can take longer to pay off student loans. With longer student loan repayment,your student loans may be more expensive due to higher total interest.

Simplify student loan repayment

Student loan refinancing is an excellent way to simplify student loan payments. You may have multiple student loans, including federal student loans, private student loans, undergraduate student loans and graduate student loans. They each may have different lenders, student loan servicers and payment due dates. When you refinance student loans, you can combine all your student loans into a new, single student loan with one monthly payment, lender and student loan servicer.

Change lender or student loan servicer

If you don’t like your lender or student loan servicer, student loan refinancing can help you choose a better lender and student loan servicer that meets your needs.

No origination fees

There are no fees to refinance student loans. The best student loan refinancing lenders do not charge any origination fees to refinance student loans. That’s another reason why you can refinance student loans as often as you like.

No prepayment penalties

Unlike mortgages, student loans do not have any prepayment penalties. That means you can pay off student loans anytime without any penalty. This is especially helpful if you want to save interest costs.

Pause payments during unemployment

Many lenders allow you to pause student loan payments if you are ever unemployed or between jobs. Some lenders will even pause payments for up to 12 months or more.

Should you refinance federal student loans: Disadvantages

There are several reasons why you should not refinance federal student loans. These include, but are not limited to, several benefits that are unique to federal student loans:

• Income-driven student loan repayment plan
• Public Service Loan Forgiveness
• Teacher Loan Forgiveness
• Deferment and Forbearance
• Death and disability discharge
• Student loan default rehabilitation

Income-Driven Student Loan Repayment Plans

If you have federal student loans, you are eligible to enroll in an income-driven repayment plan, which allows you to make student loan payments based on your income, family size and other factors. An example is the Revised Pay As You Earn Plan (REPAYE), which can lower your monthly payment to as low as $0. When you refinance federal student loans, you will receive a private student loan and will no longer have federal student loans. Therefore, you would no longer have access to income-driven repayment plans.

Public Service Loan Forgiveness

If you plan to apply for public service loan forgiveness, you will want to keep your federal student loans outstanding. Only federal student loans are eligible for public service loan forgiveness. The good news is you can still refinance private student loans, even if you plan to receive public service loan forgiveness.

Teacher Loan Forgiveness

Like public service loan forgiveness, teacher loan forgiveness is only available for your federal student loans. Therefore, if you plan to apply for teacher loan forgiveness, you will want to keep your federal student loans outstanding. You can still refinance private student loans to lower your interest rate and save money.

Deferment and Forbearance

Like the federal government, student loan refinancing can provide you with protection if you lose your job or are unable to find work. Many lenders will pause your student loan payments if you lose your job or cannot find work. A deferment or forbearance for federal student loans helps you to stop making federal student loan payments or to reduce your federal student loan payments.

If you qualify for a deferment, you are not responsible to pay interest that accrues on certain federal student loans, including: Direct Subsidized Student Loans, Subsidized Federal Stafford Loans, Federal Perkins Loans, and the subsidized portion of Direct Consolidation Loans or FFEEL Consolidation Loans. However, during deferment, you are responsible to pay interest on Direct Unsubsidized Student Loans, Unsubsidized Federal Stafford Loans, Direct PLUS Loans and other federal student loans.

During a forbearance, you are responsible to pay interest that accrue on your federal student loans. You can either pay the interest as it accrues or you can allow the interest to be capitalized, meaning that the interest will be added to your principal student loan balance.

When you refinance student loans, check your loan terms to determine how a deferment works with your lender.

Death and Disability Discharge

Federal student loans can be discharged in the event or death or disability. When you refinance student loans, any discharge would be governed by the terms of your student loans.

Student Loan Default Rehabilitation

If you default on your federal student loans, the federal government allows you to enter student loan default rehabilitation to get back on track. Once you refinance federal student loans, you will have a private student loan. However, if you default after you refinance student loans, many lenders may work with you to help you get back in good standing.

How can I refinance my federal student loans?

The process for how to refinance federal student loans is easy and the same as when you refinance private student loans.

There are several steps to refinance federal student loans:

1. Compare lenders
2. Get interest rate estimates
3. Choose a lender and select loan terms
4. Apply
5. Sign documents
6. Loan gets disbursed

Compare lenders

When you compare lenders, you can look at various features, including variable and fixed interest rates, payoff terms, residency requirements (if any), minimum credit score and other terms. Most borrowers select the lender who approves them for the lowest interest rate so they can save the most money.

Get Interest Rate Estimates

Here’s a great part about student loan refinancing. Lenders allow you to check your new interest rate for free before applying. This is called a soft credit check and has no impact to your credit score. You can pre-qualify online in less than two minutes.

Choose a lender and select loan terms

Once you choose the best lender for you, it’s time to decide if you want a fixed interest rate or variable interest rate as well a shorter or longer repayment term.

While a fixed interest rate will not change over time, a variable interest rate may change during your student loan repayment. When you refinance federal student loans, you can choose a flexible loan repayment term, which typically ranges from 5-20 years.

While a shorter repayment term has a higher monthly payment, you can save interest costs and pay off student loans faster. A longer repayment term has a lower monthly payment, but overall will cost you more money in higher total interest.

This student loan refinancing calculator shows you how much money you can save with student loan refinancing.

Apply

You can apply to refinance student loans with lenders directly online, and the process takes only about 10-15 minutes.  Your lender may request the following:

• Proof of citizenship or residency (government ID or social security number)
• Valid ID (drivers license or passport)
• Proof of income (pay stubs or job offer letter)
• Transcripts or proof of graduation
• Student loan statements (from your current federal and private student loans)

At this stage, your lender will do a hard credit pull to confirm your credit background. Lenders may evaluate your credit score, other debt obligations and your debt-to-income ratio. You can also add a co-signer when you apply to help you get approved and could help you get a lower interest rate.

Sign documents

If you’re approved, it’s time to sign the final loan documents, including disclosures. Once you sign the final loan documents, you have a three-day rescission period if you decide to cancel your student loan.

Loan gets disbursed

Congratulations! You’re all done. Your new lender will pay off your existing student loans. You should keep making monthly payments to your previous lender until you receive confirmation that your old student loan has been paid off by your new lender. Remember to sign-up for autopay so you never miss a student loan payment. Most lenders will discount your interest rate 0.25% when you set up autopay.

Final Thoughts

It’s important for you to weigh the advantages and disadvantages based on your specific financial circumstances and life goals.

If you want to apply for public service loan forgiveness, for example, then refinancing federal student loans is not a good idea. However, if you have stable income, steady employment and a strong credit profile, refinancing federal student loans can be a smart financial decision if you want to lower your interest rate and save money.

While there are certain federal benefits that you lose when you refinance federal student loans, student loan refinancing can help you save money, pay off student loans faster and get out of debt more quickly.

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If you want to know how to refinance a car loan, the process to refinance your car loan makes sense in several circumstances:

1. Interest rates are low. You want to refinance your car loan when the interest rate on your new loan is lower than the interest rate on your current loan. When you refinance, it is considered a used car loan, which makes sense since you have had our car for awhile. Fortunately, interest rates are relatively low so it is an opportune time to refinance car loan rates now before interest rates rise.
2. Your credit score is stronger. If you have improved your credit card since you last got an auto loan, then now could be a great time to refinance a car loan. A stronger credit profile signals to lenders that you are financially responsible and trustworthy. It also increases the likelihood, from a lender’s view, that you will repay your car loan. Therefore, you can qualify a lower refinance car loans rates. Even slightly lower rates for your car loan can save you interest cost, which means more money in your pocket.
3. You didn’t get the best rate then. Even if you had strong credit when you bought a car, that doesn’t mean you got the best auto loan rates. Today, there may be lenders who will refinance your car loan at a lower rate. The ability to refinance a car loan at a lower interest rate can save you significant money.

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When Not To Refinance A Car Loan

The decision to refinance a car loan may not make sense in one of the following scenarios:

• Car value less than loan balance. The value of your car is lower than the outstanding loan balance.
• Car age.The age of your car is old compared to the maximum age that a lender will refinance your car loan.
• Balance too high. The amount you want to refinance is more than the maximum amount for which a lender will refinance your car loan.

You can always check the market value of your car on Kelley Blue Book, Edmunds or Auto Trader.

How To Save Money When You Refinance Your Car Loan

The decision to refinance your car loan can save you money because you are getting a new car loan with a lower interest rate than your current car loan. The proceeds from the new car loan are used to pay off your existing car loan, and then you only will make payments monthly on your new auto loan. The lower interest rate means you will save money each month, since there is less interest.

If you have a stronger credit profile and make stable income, you may qualify for a lower interest rate. Auto loan lenders like to refinance a car loan for a borrower with a higher credit score because it demonstrates financial responsibility and creditworthiness. This provides more comfort that you are a responsible borrower who will repay the auto loan in full.

How To Refinance A Car Loan: The Process

“How do I refinance my car loan?” is a popular question asked when people want to know how to refinance a car loan. The process is simple and straightforward.

1. Compare refinance auto loan lenders. To refinance your car loan, you can use Mentor Money for the best refinance auto loans. Mentor Money can help you compare car loan rates for cars side-by-side to find the best match for you.
2. Apply online. You can apply directly to refinance your auto loan with one of Mentor Money’s partners.
3. Fast application. The application is online and can typically be completed in 10-15 minutes.
4. Approval decision. The good news is that the lender will respond often within 24 hours to let you know if you have been approved to refinance your car loan.

Best Rates To Refinance Auto Loans

On Mentor Money, you can compare cars side by side for the best rates to refinance auto loans.

If you want to refinance a car loan, you get compare the lowest rates to refinance your car loan.

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Should You Buy A New or Used Car?

When it comes to choosing between a new or used car, there are several considerations. Yes, you can analyze the market value of a car or use a car value estimator. Once you look at a used car valuation and a new car valuation, you can compare which option – a new or used car – works best for you.

Despite the historical stigma that used car values are low because used cars are considered old, the fact is that used car values often are better than new car valuation due to depreciation.

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New or used car: what is depreciation?

Believe it or not, your new car valuation may lose 20-30% of its value when you drive your new car off of the dealership lot. Yes, it is called depreciation and it impacts the market value of your car. Each year, the market value of your car will depreciate more as their increased wear and tear on your new car.

Here is an example: Let’s say you are deciding between a new or used car, Which the best car to buy? A new car may cost $25,000. However, let’s say your sell that same car 5 years later for $10,000. That means that the market value of the car depreciated by $15,000 over 5 years.

Now, let’s say you purchase a used car for $15,000 and sell it for the same $10,000 5 years later. In this case, the market value of the car depreciated $5,000 over 5 years.

With the new or used car, you ended up with $10,000 when you sold it. However, the new car was $10,000 more expensive. So, when using a car value estimator to estimate a used car valuation versus a new car valuation, pay attention to the projected value in three, five or 10 years.

What are the advantages of new cars?

Even if new car valuation can be impacted by depreciation, the best car to buy for you may be a new car. Here are some advantages of new cars:

1. Reliability. Buying a new car means you will be getting the newest model with the highest reliability. That means fewer repairs and your new car is likely covered by a warranty. Most car manufacturers offer a three-year warranty or for the first 36,000 miles.
2. Advanced Features. A new car means the newest features and gadgets that can be harder to find with used cars. You will also find a new car has better fuel inefficiency.
3. Financing. When it comes to financing a new or used car, it is easier to find the best auto loans for a new car. You also can find lower interest rates.
4. It’s new. With a new car, you know that is brand new and you are the first owner.
5. Price transparency. There is more price transparency with a new car. You can compare prices for your make and model across offers to see which new car valuation and price works best for you.

What are the advantages of used cars?

When it comes to a new or used car, the best car to buy for you may be a used car. Here are some advantages of used cars:

• Less depreciation. Used car valuation can be better than new car valuation because of depreciation. For example, you could lose 30% of your purchase price when you drive off the dealership lot.
• Lower car insurance rates. The best car to buy for insurance is a used car because it costs less to insure a used car.
• Lower cost to register. Since you have a used car, the cost to register each year also will be less.
• More bang for your buck. Since used car values won’t be impacted as much by depreciation, you have more purchasing power to buy the car of your choice.
• Ok to get dirty. Unlike a new car, you will feel less stressed if your used car gets dirty or in a fender bender. After all, it’s a used car and the market value of the car is less impacted by its age. Focus on reliable cars that perform well even after 100,000 miles.

Best Auto Loans: New or Used Cars

Once you have selected a new or used car, you can compare the best auto loans on Mentor.

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How To Buy A Car: The Basics

When it comes to how to buy a car – whether you buy cars online or buy cars at a car dealership, there are certain strategies to follow. The process of buying a car can be easy if you follow these key steps.

1. Choose a budget. The top thing of what you know when buying a car is your budget. When buying a new car, determine how much you want to spend on your car.
2. Financing. The best way to buy a car often can be with a car loan. Figure out the size of your car loan and what the monthly payments will be. You can compare the best auto loans directly on Mentor.
3. Research cars. Determine if the car you want meets your needs and preferences. Check fuel efficiency, safety and other important features that are important to you in your process of buying a car.
4. Test drive cars. As you narrow your search, you can test drive cars at dealerships. One of the best ways to buy a car is to speak with a dealership to answer your questions when you test drive the car.
5. Choose a car. Once you have test-driven several cars, select the car, make and model that works best for your needs.
6. Online Comparison Shop. Check available cars online and find inventory. Research the cost of your car and how much other people paid for the same or similar model.
7. Dealership Comparison Shop. In addition to researching to buy cars online, you should check with dealerships to get price quotes.
8. Trade-in value. If you have a car, one smart strategy of buying a car in trading in your old car. Determine the highest value you can get when you trade in your old car.
9. Sign, Sealed, Delivered. Congratulations. It’s time to review the contract, and sign.

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What is the best way to buy a car?

If you want to know the best way to buy a car, the process of buying a car is so much easier when you do your homework. When people ask “what do I need to buy a car,” the best resources to buy a car include Kelley Blue Book, Edmunds, Consumer Reports and AutoTrader. If your goal is buying a new car, then research the “invoice price” of the new car, rather than manufacturer’s suggested retail price (MSRP). The invoice price is the price the dealership paid to the manufacturer, which will help you understand the dealer’s true cost. If your goal is buying a used car, you should understand what other people paid for the same or similar car. Understand the trade-in value of your current car that you can use as a credit against buying a new car.

You can use services such as CarsDirect and TrueCar to buy cars online.

What expert advice should I know when buying a new car?

The process of how to buy a car doesn’t have to complex. Here are insider tips of how to buy a car, whether you want to buy cars online or through a dealership:

• Do your research. The secret of how to buy a new car is to empower yourself with knowledge regarding the car price and invoice price, in particular.
• Rent the car you want. It’s an easy way to determine if it is the right car for you.
• Visit the dealer after hours. The best time to see your favorite cars may be after hours when there are no salespeople around to “sell” you.
• Avoid optional packages. A dealership may try to tack on additional fees and packages at the last minute. If you don’t need these extra packages, feel free to pass.
• Negotiate. The process of buying a car is one big negotiation. This is one of the number one things of what to know when buying a car. Be prepared for a long negotiation and comparison shop to get the best price.
• Understand the full price. The price of a new car is not only the car price. Understand the total price, including all fees and taxes so you know how much it truly costs when buying a new car or buying a used car. Also understand the maintenance and repair costs for your car once your warranty expires.

What documents do you need when buying a new car?

When buying a new car, you likely will need at least the following documents:

• Driver’s license
• Proof of insurance
• Proof of income
• Proof of residence
• Contact information (address and phone number)

What fees are there when buying a car?

The process of buying a car will include a contract that may have additional prices beyond the price of the car. Here are some fees to be aware of when buying a new car:

• Sales Tax. The state where you purchase the car may charge state sales tax.
• Registration Fees. Whether you register the car yourself or the dealer registers the car for you, there will be registration fees.
• Documentation Fees. Documentation fees are charged by a dealership to complete the contract and any other paperwork.

Fees may be negotiable so don’t feel like you cannot negotiate fees, particularly if any of the fees do not look standard to you.

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What is a checking account?

An online checking account is a bank account where you can write checks, pay bills and earn interest. Many of the best checking accounts deals are online, no monthly fee checking accounts. Assuming that your bank is federally-insured through the FDIC (Federal Deposit Insurance Corporation), your no fee checking account also will be FDIC-insured up to $250,000.

The best free checking account often is an online, high yield and no monthly fee checking account. A high yield checking account enables you to earn interest on your checking account balance at a higher rate than a typical checking account. A no monthly fee checking account also means more money in your pocket, since you would have to pay a monthly fee. Some banks may ask you to maintain a minimum monthly balance, while other banks will not.

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Why do you need a checking account?

You need an online checking account for several reasons:

1. Write checks. The best free checking accounts can help you write checks and pay bills, and use free online bill pay.
2. Earn high yield interest. The best checking account helps you earn interest income that can be significantly higher than the national average for a traditional checking account. Most high yield, online checking accounts offer an annual percentage yield (APY) that is higher than 1%.
3. Ease of use. An online checking account is mobile friendly and can help you manage your account and transfer money with ease.
4. No fee checking account. Traditional checking accounts may include a minimum balance or monthly checking fee. You should look for checking account deals that offer a no monthly fee checking account.
5. Limit on transfers. Under federal law, you can withdraw or transfer funds no more than six times per month from a checking account.

What is the difference between online, no feechecking accounts and traditional checking accounts?

When people ask “what’s a checking account,” they also like to understand the difference between traditional checking accounts and online, no fee checking accounts.

Here are the primary differences:

Traditional Checking Accounts: A traditional checking account is a default checking account offered by a brick-and-mortar bank. Traditional checking accounts may have a monthly fee and may require a minimum balance. The biggest downside of a traditional checking account is the annual percentage yield. Compared to CDs and investing accounts, the yield on traditional checking accounts are very low.

Online,No Fee Checking Account: An online, no monthly fee checking account is almost exclusively online, offers a much higher yield and has no monthly fee. The best free checking accounts can offer higher annual percentage yield (APY) because the bank saves costs by not having additional or any physical branches to support online checking accounts. Most online, no fee checking accounts have excellent customer service, so you still have access by phone, email or chat to speak with customer service. An online no fee checking account is a great option if you are comfortable with mobile and online banking. With the best free checking accounts, the good news is that you can earn a higher yield and typically do not need to maintain any minimum balance. Some online checking accounts may also pay you a higher yield if you have a higher balance. This is known as a tiered rate checking account.

How do you find the best free checking accounts?

You can find the best free checking accounts here on Mentor. Mentor’s list of the best free checking accounts includes banks that we believe offer the best no fee checking accounts rates, best customer service, checking account management tools and lowest fees.

You can compare these online checking accounts on Mentor, and choose the best checking account for you.

Then you can open a no monthly fee checking account directly through Mentor with one of our partners. It’s easy to apply for checking accounts. All you will need to provide is basic information such as you name, Social Security Number, driver’s license and other contact information.

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How can I lower my cell phone bill? It’s one of the number one financial questions about saving money, and the answer is easier than you think.

Everyone wants to know how to lower your cell phone bill, and here’s how.

Here are 6 ways to reduce your cell phone bill:

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1. Lower your cell phone bill by changing your cell phone plan

It’s easy to sign up for cheap phone plans, and then never review the fine print. With taxes and fees, those cheap cell phone plans can become more expensive. So, it’s time to review your usage so you can lower your cell your phone plan.

Your cell phone plan is driven by the number of lines and your data usage. To lower your cell phone bill, analyze your data usage for the past 3-6 months. Are you using all your data? If you can find ways to lower your data plan, you can lower your cell phone plan.

Also, assess whether you have exceeded your data usage and are paying monthly overages. Alternatively, you can choose an unlimited data plan so you are not paying overage fees on a per gigabyte basis.Finally, cell phone plans change. To reduce your cell phone plan today, you can’t rely on the cell phone plan you signed up for three years ago. Your usage changes – and do cell phone plans. So, update your cell phone plan to your current needs to lower your cell phone bill.

2. Change your billing address to lower your cell phone bill

Another strategy to reduce your cell phone bill is to change your billing address. It sound so simple, but it is one of the most overlooked ways to lower your cell phone bill.

The taxes and fees, including regulatory costs, that are you are charged are based on where you live. It is easy to update your address to lower your cell phone bill. Simply log into your cell phone account, and change your billing address in your user profile.

3. Increase the number of lines to reduce your cell phone bill

When you add more lines, the absolute monthly cost will increase, but you will save money on a per line basis. The key with sharing lines is that you share data. Therefore, you pay more per line, but you really lower your cell phone bill by sharing data across cell phone lines.

4. Avoid international calling plans

Even with cheap phone plans for calling internationally, you are probably overpaying. An easy way to lower your cell phone bill is to use mobile apps such as WhatsApp that allow you to chat and speak for free all over the world. There are many apps that allow you to do chat and speak globally for free. You can also see if Skype will help you lower your cell phone bill if Skype’s calling rates are lower than your cell phone company’s rates.

5. Review your insurance plan to lower your cell phone plan

If you think you already have one of the cheap cell phone plans, make sure you review your insurance plan. Insurance can help you save money if you lose or damage your cell phone. So for a small fee per month, insurance can save you hundreds of dollars if you lose or damage your phone.

The key to insurance, however, is not to over-insure your cell phone. You can reduce your cell phone bill by avoiding premium insurance plans and warranties that may already be covered in the basic insurance plan. You should also analyze whether premium insurance offerings are worth the annual cost to maintain, even if you do lose your phone because it can really hurt your cell phone bill.

6. Go paperless and sign up for autopay to reduce your cell phone bill

If you want to lower your cell phone bill, go paperless and sign up for autopay. Many cell phone companies will reduce your cell phone bill when you enroll in autopay and/or sign up for paperless billing. Plus, with paperless, you will help save the environment.

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How to save money on electricity is one of the top financial questions asked by homeowners and renters each year. If you live in a cold weather state in the winter time, or a hot state in the summertime, how to save on your electric bill is a top priority.

The good news is that there are many ways to save on the electric bill, and they are easier than you think.

Here are 6 ways to save on your electric bill:

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1. Get an energy audit

While the term audit might not be appealing, it’s one of the best ways how to save money on electricity. Your state utility company may offer a free home energy audit. During the audit, you will learn ways to better insulate home and how to lower your electric bill. You will also learn about the simple home improvements you can make for how to save on your electric bill.

2. Install ceiling fans

Everyone loves air conditioning, but it can come at a steep cost. One of the best ways to save on the electric bill is to install ceiling fans. Compared to air conditioning, they are relatively affordable and can lower your electric bill. When it’s winter time, your fan should spin clockwise to help keep the heat inside. When it’s summer time, your fan should spin counter-clockwise to help heat rise and go outside.

3. Do laundry at night

If you want to know how to lower your electric bill, consider doing laundry at night. When you do laundry after 8 p.m., for example, your energy costs likely will be cheaper. Many utility companies offer lower electricity rates if you use appliances during non-peak hours. You can apply the same strategy with dishwashers as well.

4. Wash your clothes in cold water to lower your electric bill

Up to 90% of your heating costs from washing your clothes in a washing machine involves heating the water. Therefore, if you want to know how to save money on electricity, wash your clothes in cold water. When it comes to drying clothes, there is no big way to save money on dryer costs. Your best bet to save money on your electric bill is to air dry your clothes, which may not be ideal.

5. Keep your vents open to save on the electric bill

It may sound obvious, but make sure all your air conditioning vents are kept open. Having a thorough energy audit should help you discover any gaps in air conditioning or heating. Other ways to save money on an electric bill involve cleaning and replacing air filters. To provide for optimal airflow, you will want to replace your air filters each month. They only cost a few dollars, and replacing them will help your air filters block dust and dirt from flowing in your home.

6. Use power strips to save money on electricity

Did you know that a substantial amount of your energy costs – up to 75% — can be attributed to appliances when they are not being used? That means your television, computer, DVR, DVD player, gaming systems and more are using electricity all the time. Want to know how to save money on your electric bill? Plug all your electronics in a power strip and turn off the power strip when you are not using these electronics.

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If you want to know the best way to save on travel, it’s relatively simple to do. In this guide, we will show you:

• Ways to save money on vacation
• How to save money on hotels
• The best way to save money on flights

These money-saving tips will help you save money on travel and have an awesome vacation all at the same time:

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Ways To Save Money On Vacation

Everyone wants to save on travel. With these helpful tips, you’ll learn the best ways to save money on vacations.

1. Compare rates

Compare the best flights and hotels on sites such as Expedia and TripAdvisor. They will help you compare different travel options, and find the best airline and best hotels that fit your preferences. Sites such as Expedia and TripAdvisor help you compare the lowest rates and are supported by reviews.

2. Use rewards credit cards

If you have a rewards credit card, you can use your travel rewards for free flights and hotel stays. A travel rewards credit card is a smart idea for travelers who want to earn rewards for their everyday spending. You can compare the best rewards cards and best travel cards directly on Mentor.

3. Convert currency at home

If you are traveling internationally, one of the best ways to save money on vacation is to change currency before your depart. Why? The currency conversion rate is often cheaper in the U.S. than it is at the airport or in your destination country.

4. Avoid impulse purchases

Sure, you may want to take home a few souvenirs, but don’t bring back a whole suitcase full of souvenirs. You may end up paying duty for it when you return to the U.S. (unless it’s duty-free), and you also may overpay if you’re shopping in tourist areas.

5. Rent your home while you are on vacation

With services such as AirBnB and HomeAway, you can even make money while you travel by renting your home. The money you earn can be used to help you save on travel, and is one of the best ways to save money on vacation.

How To Save Money On Hotels

When it comes to your vacation, how to save money on hotels is often top of the list. If you’re on a week-long vacation or longer, your hotel costs are more expensive than your flight.Here’s how to save money on hotels for your next trip:

1. Compare hotel costs online

Expedia and TripAdvisor are two reliable sites to compare hotel costs. You will see how to save money on hotels through comparison shopping. You can also evaluate reviews, ratings and proximity to the city center.

2. Use hotel rewards cards

The best hotel rewards cards can help you earn free hotel stays, hotel upgrades, free nights and even special club floor access. With hotel travel cards, you can earn points for every dollar you spend that you can redeem for travel rewards.

3. Find promotions and discounts

To save on travel, always check the hotel website for discounts, deals and promotions. The good news is that you can often find discounts for multi-night stays or if you travel during the off-peak season. Sometimes, hotels will honor the discount even if you book on a third party website. However, you should contact the hotel first to ensure you can get the promotion even if you book through a third party.

4. Use AirBnb and HomeAway

To save on travel, we already discussed the possibility of renting your home. However, you can also rent a home, apartment or villa on AirBnb or HomeAway on your vacation. As an alternative to a hotel, you may find a lower or comparable cost dwelling with more space. AirBnb and HomeAway work especially well with larger groups if you are traveling with friends and family.

5. Eat outside the hotel

If you want to save money on travel, the hotel restaurant may not be your best bet. One of the best ways to save money on vacation is to save money on meals. You don’t have to eat all three meals at the hotel restaurant. It’s often more cost effective to eat off-premises, and grab breakfast at a local coffee shop. Plus, you can save additional money on food by buying snacks at a local grocery store, which you can enjoy while you are sightseeing.

How To Save Money On Hotels

When it comes to your vacation, how to save money on flights is another essential goal. Along with your hotel costs, how to save money on flights should be your next focus.

Here’s how to save money on flights for your next trip:

1. Compare flights online and look for layovers

Use Expedia and TripAdvisor to compare flight options. Obviously, flying non-stop is the fastest way to travel. If you have flexibility, you may be able to find cheaper flights with one or more layovers. When traveling internationally, in particular, a long enough layover in a city can mean a free trip to that city (even if for a few hours). If you’re lucky enough to snag a 24-hour layover, congratulations – you just earned a free trip to your layover city.

2. Have flexible travel dates

When it comes to the best way to save money on flights, your best move is to be flexible on travel dates. It’s often easier to fly on a weekend, but the lowest fares are during the week. The best days to fly to save on travel are a Tuesday or Wednesday. You can also save money on flights if you take a redeye and fly overnight (rather than fly during the day). This is called an “extended stayover.”

3. Look for two, one-way flights rather than a roundtrip flight

The best way to save money on flights can be to book two, one-way flights, rather than a round-trip fare. It doesn’t work on every route, but many flights (particularly international ones) can be hacked this way if you find the right city to city combination. Another strategy is to drive to a nearby airport in another state to take the second one-way flight to save money on travel.

4. Fly during off peak times

To save on travel, try to avoid the usual winter and spring break that everyone else does. Airlines tend to give discounts after the major holidays. For example, you can save on travel by flying after Spring Break in April or after New Year’s in early January. If you have the flexibility, the best ways to save money on travel flights is to target these off-peak times. Of course, these dates may vary in different parts of the world, so keep an eye on prices for international travel.

5. Consider premium coach seats

Have a long distance flight and don’t feel like sitting in the last row of coach in that middle seat? We have all been there before. The best ways to save money on travel can be saved on your flight. Business class or first class may be a stretch, so a premium seat in coach near the first row may be worth the additional fee. Of course, the quality of the seat may vary for each airline, so do your research in advance. If you have a connection, a premium seat at the front of the plane can save you time when deplaning. A premium seat may also come with extra legroom.

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If you’re wondering how to save money, then this complete guide will teach you simple strategies to increase your bank account. The best strategy is to start thinking about saving each day, month and for the long-term.

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What is the best way to save money each day?

When it comes to saving money, the first place to start is to look at your daily spending.

Your daily spending includes everything from eating out and entertainment to transportation and groceries.

Here are 5 easy ways to save money each day:

1. Keep your pocket change

If you spend money with cash, your pocket change can add up. If you want to know how to save money fast, keep that extra change each day in a safe place. Deposit it in your bank account. Banks such as TD Bank have free change counters, and make it easy to deposit your loose change in your bank account.

2. Don’t automate online purchases

It’s convenient to shop online. With a click of a button, you’ve ordered a new wardrobe. The best way to save with online purchases is not to store your credit card and billing information with the online retailer. Is it inconvenient? Yes. Will it save you money? Yes, because it is a natural deterrent when you have to enter your payment and contact information each time.

3. Save money with an automated savings plan

One of the best ways to save money is to automate savings. When you automate savings, you use an online tool or app to move money from your checking account to savings account automatically. Apps such as Digit or Qapital are two examples of apps that automate savings, and transfer funds from your checking account to savings account to save. Acorns transfers funds with your remaining change each time you make a transactions.

4. Limit how many times you eat out

Everyone loves to dine at a restaurant, but the costs can add up. Another great way how to save is to eat out only on weekends. You can also skip an appetizer or those extra cocktails. If you want to save money fast, then consider ordering a salad or even an appetizer as your main dish. You can also save your money (and calories) if you skip dessert.

5. Avoid impulse buying

Are you someone who buys on impulse? Stop. Think through your big ticket purchases. Wait for holiday sales before you make major purchases. When you buy items on impulse, you may regret the purchase later. So, think before your spend.

What is the best way to save money each month?

When it comes to how to save money each month, you should focus on recurring payments. These are the payments that show up every month such as housing, cable, student loans, credit cards and more.

Here are 5 easy ways to save money on a monthly basis:

1. Change your cell phone plan

One of the best way to save money each month is to evaluate your cell phone plan. Do you need all those minutes? Do you need all that data? Perhaps a family plan makes sense. With taxes and fees, cell phone plans can add up. Shop around with different carriers to find the cell phone plan that makes sense for you.

2. Change your cable plan

To save on travel, always check the hotel website for discounts, deals and promotions. The good news is that you can often find discounts for multi-night stays or if you travel during the off-peak season. Sometimes, hotels will honor the discount even if you book on a third party website. However, you should contact the hotel first to ensure you can get the promotion even if you book through a third party.

3. Save on your electric bill

How to save money with your electric bill is a popular question with an easy answer. In the summer, a fan can save money compared to an air conditioner. Also, if you keep the drapes closed during the day, it can keep your home cool and save on air conditioning costs. In the winter, the best way to save money is to ensure you have energy efficient doors, windows and appliances.

4. Consolidate credit card debt

The best way to save money on credit card debt is to pay off your credit card bill each month. With credit card debt, the interest is the most expensive part and can add fast. If you have existing credit card debt, the best way to save money is to consolidate credit card debt with a credit card consolidation loan. When you consolidate credit card debt, you combine all your existing credit card debt into a new, single credit card consolidation loan with a lower interest rate. The lower interest rate helps you save money and pay off your credit card debt faster. Here are our best credit card consolidation loans.

5. Refinance student loans

The best way to save money with your student loans is to refinance student loans. Student loan refinance can help you save up to $20,000+ over the life of your student loans. With student loan refinance, you combine your existing federal and private student loans into a new, single student loan with a lower interest rate. You can choose between a fixed and variable interest rate, and a loan term between 5 and 20 years. You can learn more about our Best Student Loan Refinance Rates.

How to save money for the long-term?

When it comes to how to save money for the long-term, think about the financial mentality you need to make a mind shifting in spending and saving.

Here are 5 easy ways to save money on a long-term basis:

1. Develop a spendthrift mindset

If you want to know how to save money, you need to develop the right financial mindset. That starts with how you approach money, spending and saving. Do you bargain shop? Do you comparison shop? Do you only buy everything new? Do you buy discounted items? Your mentality drives your spending and saving habits. When you focus more on the bottom line, you will be on your way to save money for the long-term.

2. Create an action plan

Whether it is a budget or a long-term action plan, think about the areas where you can save money. Some ways to save may include where you live, the size of your house, what kind of car you drive, whether your car is new or used, where you vacation and many others. Think about your choices, preferences and actions. Identify a budget and action plan how you are going to manage these preferences and choices with the amount of money you have. Refine estimates with real-life costs, and modify your action plan over time to fit your lifestyle and realistic budget.

3. Create a savings plan

You need a mechanism of forced savings. A high yield savings account is a great place to start. You can also choose one of the Best IRAs or Best Roth IRAs to ensure you have a stable retirement account. Choose investment options that will help you retirement grow and match your retirement goals.

4. Set goals

Setting goals can actually teach you how to save money. Why? When we set goals, we create discipline and have a concrete thing to work towards. Whether it is a vacation or new home, we can quantify the cost and create a time line by when we need to save. The second component is how to save money. By making daily and monthly modifications in your financial life, you can save the money you need to reach your financial goal.

5. Analyze your spending

The best way to save is to analyze your actual spending. This is essential to track your monthly cash flow, and to determine whether your actual savings and spending matches your savings plan.

When you reflect on your spending, you can evaluate your process determine where to make adjustments. Most importantly, ensure that your financial plan going forward focuses on both spending less and saving more.

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