If you want to be financially free the first thing to do is get ahead of your mortgage. Sending extra cash to your mortgage each month will help you pay it off faster and save you lots of money over the life of the loan. To find that extra cash in the budget you can make some cuts to your household expenses that will have a big impact on your bottom line.
Getting your mortgage paid off as quickly as possible is key to being financially free. The monthly mortgage bill is likely the biggest cost to your household budget each month. Imagine, if you could pay off your mortgage as fast as possible. Not only would you save loads of money on interest fees, but you would also free up lots of cash each month. That money could be invested and bring you big returns or spend making improvements to your house that will further increase the value of it. Of course, this might not be an easy thing to do because it will require you to make some serious budget cuts. But, in the end your lifestyle will improve as soon as you get out from under that big mortgage debt.
The way to making bigger and more mortgage payments starts with cutting your other expenses so that you have more money leftover each month to put toward paying it down. You might think that there is no possible way that your household can cut expenses, but trust that you can do it. A little creativity and determination goes a long way toward meeting your mortgage free goal.
How To Save More Money For Your Mortgage
Cut out unnecessary bills – Every household has a monthly bill for something that they really do not need. Cable or satellite television is a huge drain on most household and one that you can easily do without. If you have both a land line and a cell phone you can probably cut one of them out completely. While you are at it, go over your plan to see if you are paying for more minutes then you actually use. Cut your plan down to just the essentials and cut down on your cell phone use. Those who are paying for an expensive gym membership can save big money by dropping it from the budget. Go for a walk or run for exercise. If you absolutely need the gym for motivation then join a less expensive one, like the YMCA. You will still get the exercise you need and you will support a great organization.
Use public services – The library is free and you can get all the newest book titles and even DVD’s usually for no cost. Instead of driving your car to work and burning expensive fuel take the city bus system, or even better ride your bike along some of the nicely kept up bike trails and lanes. Attend public concerts and events for free instead of dropping wads of cash on movies and concert tickets for entertainment.
Plant some seeds – Gardening is a great way to cut costs and eat healthy. It is relatively simple and you do not have to have much money or skill to get started. Ask for advice at the seed store and research on line about what to grow and how to harvest. You will eat better and have a lot of pride in the fact that you can feed your family from your own garden.
Use a co-op system – Whether it is for babysitting, vegetable growing, or carpooling you can easily find a circle of friends who want to share in your cost cutting measures. You never have to feel guilty asking for a favor because you will be on target to pay it back with a system that works for everyone involved.
These little steps can make a big difference in your budget. Take all of the money you save and throw it to your mortgage and you will see a big reduction in your interest fees and a much sooner pay off date. Owning your home outright is the first step to building real wealth.
This article was written by William Eve. William writes about saving money, property investment and real estate for Home Loan Finder. If your looking for a home equity loan or a mortgage broker, visit the Home Loan Finder website for great advice and competitive mortgage products.