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Photo: fizkes (Shutterstock) With the student loan freeze on interest and payments expiring Jan. 31, 2022, there’s still time to use that extra cash to improve your finances over the remaining three months, especially if all your other recurring expenses haven’t increased since the pandemic began. Here’s a look at some of your best options. Pay off high-interest debt Considering that the average student loan payment is about $400 per month and the average outstanding credit card balance is $3,824per person , paying off $1,200 would go a long way in reducing high-interest debt before the end of the student loan payment freeze. Assuming that you pay off your credit card debt by paying 5% of your balance each month, the difference in interest you’d pay on $3,824 compared to the potentially reduced amount of $2,624 would be about $500 . That’s money spent on interest alone, and doesn’t include payments that reduce your outstanding balance. Shore up your emergency fund While there’s some debate about whether you should have emergency reserve cash to cover three, six, nine, or even twelve months of your living expenses, this is a golden opportunity to increase your own fund with another thousand or two. For many people, it’s needed—the median emergency fund is about $5,000 per person, which isn’t likely to cover more than 2-3 months worth of expenses. Ramp up your retirement contributions If you’re under the age of 30 and have nothing put aside for retirement, this is a good […]