9 ways to give yourself a 2nd COVID stimulus check
9 ways to have a 2nd COVID stimulus check
While you wait to find out if you can get more COVID-19 aid from the government, the Washington negotiations have become a soap opera.
The United States, which is run by Democrats, passed another coronavirus bailout this month, including a second round of those $ 1,200 economic reviews to help support family budgets and stimulate the economy.
However, following his hospital stay at COVID, President Donald Trump said the White House was breaking talks with the Democrats.
A few days later, he said that negotiations had resumed. Still, the Senate Republican leader says it is "unlikely" that the two parties will come to an agreement before the elections.
Had enough? If you could use another $ 1,200 now, don't wait for Washington to team up. Here are nine ways to find sources of money and give yourself your own second stimulus payment.
1. Pay less for everything you buy online
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If you're doing most of your shopping online now because of the pandemic, Amazon may always be your go-to place. But Amazon doesn't always have the best prices and no one has time to review every store.
Just download a free browser extension for Chrome that will automatically find offers and coupon codes every time you shop online.
You can also set price drop notifications for your favorite products. If these are available for sale, you'll be the first to know.
If you take a moment to complete the installation, you can save hundreds of dollars each year - maybe up to $ 1,200.
2. Track down your long lost money
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Maybe you have some money out there, maybe in an old account that you've completely forgotten about. That is surprisingly common.
This happens to one in ten Americans, according to the National Association of Unclaimed Property Administrators, which says states are returning $ 3 billion in unclaimed property to their rightful owners every year.
You can search for government databases of unclaimed funds at MissingMoney.com. There you can find out whether you left money in an old current or savings account or whether you are entitled to life insurance proceeds from deceased relatives.
3. Reduce your auto insurance costs
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If you are like most people, your car insurance is due every six months. It's very easy to get complacent and just blindly keep paying your premiums - that way you end up paying too much.
According to a study by CarInsurance.com, drivers can save an average of $ 1,127 a year by regularly checking for the lowest auto insurance rates. Whenever you renew your policy, compare rates from multiple insurers to make sure you're paying the best price.
Look for advertised discounts - for example, if your car is loaded with safety features. The insurance company can cut a percentage of your bill for your airbags, anti-lock brakes, or even daytime running lights.
Or you can lower your premiums by agreeing to higher deductibles, which means you can cover more of your own losses before the insurance starts.
4. Refi your mortgage
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If you are a homeowner with a mortgage, you can easily create a $ 1,200 stimulus payment for yourself by refinancing on one of today's low mortgage rates.
Freddie Mac's weekly survey found that 30-year fixed-rate mortgage rates averaged just 2.88%. With interest rates this low, Black Knight estimates that refinancing could save 19.3 million homeowners an average of $ 299 per month by refinancing.
The mortgage data firm says if you own at least 20% of your home, cut your 30-year mortgage rate by three-quarters of 1 percentage point (0.75) or better, and have a credit score of 720, the mortgage data company says you make a good refi candidate or higher.
When refinancing, you will have to pay closing costs of 2% to 5% of your loan amount. But you could put the cost in the loan or put it in a slightly higher interest rate.
5. Look for savings on your home insurance
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As with your car insurance, if you do not shop nearby, you can fall into the trap of overpaying for your homeowner insurance. Prices can be anywhere.
For example, LendingTree's ValuePenguin website found that annual home insurance rates in Florida can vary by more than $ 1,500 if the coverage is nearly the same.
You may also miss out on discounts. A popular option is "bundling" when you buy both your auto insurance and home insurance from the same company.
A comparison page allows you to estimate offers from hundreds of insurers for free to see the best offers in your area.
6. Make money by doing a sideline
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If you have a hobby or special skill or talent, you may be able to land a side job for the equivalent of a second stimulus check.
Are you writing? Do you know website or graphic design? Do you have a knack for celebrity impressions? You can take advantage of an online gig work marketplace and find someone willing to pay for your unique services.
It's like online dating: you just create a profile that describes what you have to offer and people will get in touch with you when you have what they're looking for.
Once you start doing gigs and getting positive reviews for your work, you can increase your price, make even more money - and maybe consider making your site your full-time job.
7. Get money from the IRS that is yours
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Check with the IRS to see if you may be missing tax refunds.
The tax agency says the average refund to taxpayers in 2019 and 2020 was $ 2,741 - well above the $ 1,200 for coronavirus relief.
You can amend your previous tax returns for up to three years if you were eligible for a refund but weren't able to claim it.
The tax authority recently issued a final call to taxpayers to seek more than $ 1.5 billion in refunds from 2017 filings for 2016.
8. Get smarter about your student loan debt
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Federal student loan payments have been suspended until the end of 2020. However, if you have debt on a personal student loan, you still need to set your regular monthly minimum.
But here's something you might not know: private student loan interest rates are rock bottom - only 1% in some cases - and refinancing your loan can save you a bundle.
Refinancing allows you to pay off your current debt with a new loan at a lower interest rate. Your monthly payment will come down so you can potentially save at least $ 1,200 per year.
Compare loan offers from multiple lenders to ensure you are getting the best interest rate possible.
9. Sell what you don't use and don't need
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Are your closets full of old toys and other parts of your childhood that you held onto for far too many years? Maybe it's time to redeem the stuff.
Their toys from the 1970s and 1980s could be worth hundreds of dollars - maybe far more than a stimulus payment of $ 1,200. If you've never sold things on eBay before, getting started is relatively easy.
Or use a buy-back service that takes your old electronics, books and films off your hands and gives you money for them.
We ran an online benchmark test of the top services and found that Decluttr pays up to 33% more than the competition.
Simply enter the technical details of your item or scan the barcode with the Decluttr app and you will receive a quote. Then put your things in a box, stick the free shipping label on, and take it to the nearest UPS store. As soon as Decluttr has received the package, you will be paid via PayPal or direct deposit.
10. Become the next viral YouTube star
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Do you love to be in front of the camera? You may be able to make money on YouTube.
If your content goes viral, you can potentially make some serious money: some of the highest paid YouTubers make over $ 20 million annually.
It's hard to know what kind of content will evolve. So keep in mind that you may find yourself immersed for hours in a video that only a handful of people see and that will bring you a profit of $ 0.
If you're not sure where to start, check out this guide on how to make money on YouTube.
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