The following is a guest post about how to pay back your mortgage faster. If interested in submitting a guest post, please read my guest posting policy and then contact me.
We all know that the faster you pay off a mortgage, the less interest you need to pay and the more money you save. So what exactly do we need to do when it comes to budgeting so that we can have more money set aside for the mortgage? Jeremy already has a stable of brilliant ideas for saving money and being thrifty throughout your week, so we gathered some lesser known tips from mortgage brokers that will help you save money for the bank.
Go easy on the air conditioning and heating – power and energy bills are getting higher and higher, so you’d be surprised how much money you will save if you simply put on an extra few layers instead of turning on a heater. Needless to say, this one will depend upon where you live and is not recommended for those who must brave subzero winters.
No pets allowed – we all love the companionship of an energetic puppy, a cuddly cat, or an aquarium full of angel fish, but honestly, the money that must be invested into keeping these companions in tip-top shape can occupy a serious portion of your income. The cost of toys, food and vet bills can often be very substantial, so think twice before committing to a pet. Ask yourself which is more important – paying off the mortgage faster and saving yourself countless pennies, or the joy of having a puppy there to greet you when you get home
Reduce your food bill – planting some veggies in the backyard (or in pots indoors) can be a fun way of saving money on fresh herbs, chillies, carrots and other easy-to-grow fruits and vegetables. This is a long-term money saver that can also turn into a great hobby. There is also the option of eating at friends and family dinners instead of dining out or cooking for yourself at home. Visit the folks on a weeknight and encourage your foodie friend to pursue culinary excellence. They will love your enthusiasm and you will get fed. This a cheeky idea but why not give it a try?
Clothes swap – it is fair to say that most women love to shop. Not out of necessity but because having something new is a great feeling. But the glow of retail therapy can be easily replicated by organizing a fun clothes swap between girlfriends. Even if shoe and jeans size are not the same, there is still the accessories category. It is a superb way of saving money that you would have otherwise spent on items from the department store, as well as giving your pre-loved items new homes. This is a win-win situation that becomes a triple-win once you factor in how much shopping money can be diverted into paying off your mortgage.
The best thing about creative budgeting is thinking about different, unusual and fun ways that you and your family can spend your money more wisely. The more positive you are about the process of repaying a mortgage, the faster it becomes. Best of luck!