Having to pay off a mortgage is no fun. After all, we all would rather spend the money on fun things than paying off the mortgage! Luckily, there are steps you can take to be able to get your home mortgage paid off faster!
1) Track your spending
Many of us think we are not spending very much yet always find that the money is gone as soon as we have earned it! Try keeping a journal of all your spending for a month. From there you can find places where you have spent too much money or spent money on things that you did not need. From here you have even cut back on these expenditures.
2) Don’t spend money you don’t have.
It is so easy to spend money on credit cards or to take out new loans instead of watching your spending. However, whenever you are using money you do not have, you are making more debt which will make it take longer for your home mortgage to be paid off. Destroy your current credit cards so you will not be tempted to spend any more, and then pay them off as to prevent interest from building up. Don’t spend any money that you haven’t got in the budget and don’t find ways to borrow more.
3) Pay off as many bills as you can.
If you have any old outstanding bills, these will need to be paid first. Many companies will charge an added fee if payments are late and these fees will stack up quickly. Once your old credit cards, loans, and other bills are all paid, you can spend the money on getting your home mortgage paid off! If you can, pay your bills bi-monthly instead of monthly to save money on interest. Even a few dollars every month makes a big difference in how long it takes to pay your bills.
4) Look for things you can cut from your budget
Finding luxuries you can use less of and buying less of them will free up more money for paying off your home mortgage. For example, do you tend to buy bottled tea in the store? Try making your own tea at home and bringing it to work with you in a reusable bottle! Making your own tea can save you a dollar or more a bottle. Cooking from scratch instead of buying pre-cooked items saves lot of money as well. Look around carefully and you are bound to find many things like this you can do.
If you are careful with your spending and remove as many other debts from your life as you can, you will find there is a lot of extra money left for getting your home mortgage paid off faster. Just stick with your plan and be wise with your money and you can do it! This does take some time and effort but it is a lifestyle change and you will thank yourself in the end when your mortgage is paid off faster than you anticipated.