Mortgage rates have fallen quite a bit this year, so a common question is whether or not you should consider refinancing. The benefits are easy to understand. The lower the interest rate, the lower your monthly payment and total cost of buying a home. But before you rush into a refinance, there are some drawbacks to consider.

For starters, it costs money to refinance. In some cases, it can cost thousands of dollars. So, while you may be lowering your monthly payment, how long will it take to break even on the closing costs? Six months? A year? Three years or more? If you aren't sure whether you'll be in the house long enough to offset the cost, a refinance could end up costing you more.

Refinancing your mortgage can be a great way to save money, but make sure you consider all of the pros and cons before signing any papers. It is an important decision, and if you aren't careful, it could prove costly.

College is an exciting time for young adults, but with this comes a lot of financial responsibility. Between college tuition, room and board, spending money, and trying to have a good time, money can be pretty tight. Unfortunately, many college students fall into a few major money traps that can follow them around for more than a decade.

Just a few poor decisions in college can hurt your prospect of getting a car, finding a mortgage, or even landing that dream job. So, instead of getting caught off guard college students should be aware of some of the major money mistakes and make an effort to stay out of trouble. If you do, you'll be well ahead of your peers after graduation. Here are the top five money mistakes college students make.

Combining finances can be very helpful for a new couple, but it can also be very stressful. Money is one of the top issues that create arguments in a relationship. Everyone has different priorities and values pertaining to money, so it is easy to see why money can be a hot button issue when couples don't see eye to eye.

Plan Ahead

The good news is that you can alleviate most of the problems with some planning. This means taking the time to talk about financial issues before getting married if possible. While you may currently maintain separate accounts, realize that it is important to think about what you're going to do in terms of bank accounts, saving money, paying off debt, and getting insurance before you're overwhelmed with all of these important decisions after you've tied the knot.

Communication is Important

While planning out your financial road map is important, maintaining an open and honest line of communication with your spouse is vital. One of the most damaging things you can do in a marriage is to hide and lie about money issues. Eventually, the truth will surface, and it will create an incredibly stressful and possibly harmful situation. If you are bringing debt into the relationship, be open about it. If you place importance on saving for retirement above all else, let that be known. The more open you are regarding your values and money situation, the less likely a problem will arise out of nowhere.

Additional reading:

• Marriage and Money - Planning Your New Financial Life Together
• How to Have an Affordable Wedding
• Joint or Separate Checking Accounts

For many employers, fall is the typical open enrollment period. It usually last a few weeks to a month and it's when you get to decide which benefits you want to enroll in or opt out of as well as how much coverage you want to pay for. This is an important time of year if you rely on your employer's benefits because once you make an election it's typically set in stone for the entire year until the next open enrollment period. If you were to make a poor choice or forget to enroll in a benefit altogether you could find yourself in quite a financial bind later in the year. Here's what to look for and how to make the most of this year's open enrollment period.