Season of the
Paying for your home is likely one of the biggest expenses you have. Homeowners can benefit from paying off their mortgage as quickly as possible.
By paying down extra principal at the beginning of your mortgage, you can significantly reduce the amount of interest you'll pay.
Paying off your mortgage is a long-term goal.
Here are 3 tips to save on mortgage interest:
1. When you can, double-up on your payments. The extra portion will really help pay down the principal.
2. Try at least once a year to pay an extra lump sum.
A tax refund is a great opportunity to do this.
3. Even if your mortgage rate decreases, keep your payments the same.
If the monthly payment has not been a problem to maintain, maintain that and pay down the principal faster.
Save a Little
The cost of living is on the rise. Here are some
general guidelines to follow for saving a little
Homeowners should budget for approximately
30% of their household income to go to the cost
of housing. This monthly expense is one that is
like a forced savings plan.
Map Out a Plan
Food costs can vary depending on where you
live. Budgeting for food is very important to
keep track of. One of the easiest ways to
control the food budget is to plan your meals
and shop accordingly. Experts say you should
estimate about 15% of your monthly budget for
Whether you're paying for public transit or fuel
and insurance for a vehicle, you should expect
to allocate about 20% of your household
Saving where you can will help
your bottom line and make for
a more happy and prosperous