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Finances dictate much of our lives. If you’d like to improve your family’s finances, you’ll have to put in some work. However, by planning out decisions, improving your financial life isn’t all that difficult. We’ve put together a few tips to help better your financial fitness. Following them could make a noticeable difference a lot faster than you’d suspect.

Pay Off High-Interest Debts

Debt isn’t always a bad thing, but you want to avoid paying too much interest. Take a look at your debt obligations, and arrange them in order of interest rates. Anything higher than 9% is going to cost you a ton. So, we’d suggest paying those debts off as quickly as possible. Although it may not seem like much, it’ll save you a whole lot in the long run. Each dollar of interest that you save could be thought of as another dollar you earned. Whenever you pay debts off early, check to see whether there are any prepayment penalties. Paying the debt off early is a great idea as long as there aren’t any penalties. Otherwise, you might not save anything.

Talk to a Professional and Do Your Own Research

If you have the budget for it, it can be financially worth it to talk to a financial expert to guide you. They will be able to answer your questions and give you their opinion on the right finance choices your family should make. Other options include doing your own research which can help you learn about great MoneyVisual personal finance tips to consider. This way you are able to gather as much helpful information as you can so you can make correct decisions moving forward.

Pick Up Another Job or a Side Gig

Your income is the most important part of your overall financial profile. Without enough money coming in each month, it’s tough to get into a better situation. People who aren’t making enough money at their jobs should think about finding more work. By bringing more money in each month, you can pay down some of your debts. Thus, lowering your monthly obligations. Sometimes, people don’t have flexible schedules. That can make picking up another part-time job difficult. Thankfully, sidekicks have become much more abundant in recent years. These are jobs where you don’t have a set schedule. Meaning, you can work them whenever you’ve got the time.

Start Investing With a DST Firm

Investment income can be a true game-changer, but you always have to worry about taxes. A Delaware statutory trust could be a great way to invest your money while minimizing your tax liability. These organizations avoid capital gains tax through a 1031 tax-deferred exchange. DSTs let people own small fractions of real estate properties. That makes it easier for people to enter the market, and you receive any cash flow generated by the property. Having money in a DST gives you access to a source of passive income. Any dividends or rents created by the property will be sent to you.

Raise the Temperature a Few Degrees During the Summer

How much did you spend on your HVAC bills last summer? Believe it or not, air conditioning can make up nearly half of your total electricity use. Lowering the temperature a few degrees doesn’t feel like a huge difference, but it can save you a ton overall. If you were shocked at last year’s cooling costs, try raising your home’s temperature by 2 or 3 degrees. Such a small change could lower your monthly cooling costs by as much as 20% or more.

Refinance Your Mortgage to Take Advantage of Historically Low Interest Rates

Housing costs are always going to be most people’s largest expense. Mortgages tend to cost less than rent, assuming we’re comparing the same property. So, becoming a homeowner can minimize how much you have to pay each month. Still, your monthly mortgage could be even lower than it is already. Today’s interest rates are at a historic low. If you haven’t taken advantage of them, it might be worth taking a look. Simply refinancing your mortgage could lower your monthly bills by several hundred dollars. Plus, you can save a massive amount on the overall cost. Lowering your interest rate is one of the fastest ways to cut your monthly obligations.

Improving Your Family’s Finances Fast

Bettering your finances doesn’t sound like a lot of fun to most people. Still, whether you want to or not, it’s an important thing to think about. Our tips should serve as a great starting point, but don’t forget to go even further. There are a million ways to decrease your expenses and increase your income. Use as many of them as you can.