Every Friday on How To Money, Matt and Joel share some headlines from the week and how they might affect our personal finances. On this episode, they talk about what new refinance fees mean for anyone interested in refinancing their mortgages, give some updates on new coronavirus relief funding and student loan payments, debate the financial merits of hitchhiking, and discuss opportunities in the stock market. But first, they talk about the most affordable brown-bag lunches, and it turns out that a classic bologna sandwich is the cheapest possible meal at only 34¢ per sandwich, with peanut butter and jelly and egg salad coming close behind. But even a delicious BLT, at around $2.46 per sandwich, is about a dollar less than a Big Mac – so making your lunch at home is still cheaper, and likely healthier, than grabbing a greasy bag of fast food.
Thanks to economic uncertainty, more and more people are looking to sign month-to-month leases on housing rather than the traditional one-year agreements. Matt and Joel are both landlords, and have been working with their tenants to provide some flexibility; they say it’s not likely that corporate landlords will be willing to do the same. But still, if you’re about to re-sign a lease, make sure you know the market; it’s possible you could get a break on your rent if you find a similar unit being offered for cheaper, or you could negotiate for a free month of rent for signing a year-long lease. If you’re a homeowner looking to refinance, it’s not a bad idea – rates are at historic lows. But Fannie Mae and Freddie Mac, the lenders who back around half the mortgages in the United States, have recently added a half-percentage fee onto any refinances. The bank is likely to pass that cost onto the consumer, so be sure to include it in your calculations if you’re trying to determine if refinancing is right for you.
While Congress has yet to reach a deal on a new coronavirus stimulus package, some aspects of that relief seem to be moving forward regardless, with 11 states offering extended unemployment benefits of $300 a week, and federal student loan payments and interest automatically suspended until the end of the year. So if you have any student loans, it’s a good time to start paying down the principle while the interest isn’t accruing; or, concentrate on other high-interest debt while you can safely ignore your student loan payments. As for the unemployment benefits, the guys warn that FEMA has been tasked with rolling this relief out, so there could be delays in getting that money as they create a new system. Hear all this great information, as well as stock market investments, ride-sharing, and an increase in contract work, on this episode of How To Money.
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