 TITLE: 7 Budgeting Tips to Try After a Pay Cut CONTENT: 6\\. Consider Refinancing Your Debts\n-----------------------------------\nWith interest rates being as low as they are, now might be a ripe opportunity to refinance debt—and free up some extra money in your budget. Refinancing involves taking out a new loan with a lower interest rate or longer repayment period, which can bring down your monthly payment. When done right, it can save you money in both the long and short term.\nYour mortgage, student loans and auto loans may all be on the table, but just because you can refinance doesn't always mean it's the most financially savvy thing to do. Refinancing a loan can involve costs that can make doing so tough to justify. Only refinance if you've considered these fees and factored them into your savings calculation. Another thing to keep in mind is that refinancing a federal student loan to a private loan means you'll lose protections like payment deferrals and income-driven repayment options. END