Having a mortgage is a normal part of adult life, as most people have to use this financial service if they want to buy themselves a home. Property is expensive, and it can seem nearly impossible to save for something like this when you’re having to pay rent, making it a challenge to afford a house in cash. We get it.
However, once you have your mortgage, though, you will have the chance to start paying it off. To help you to do this as quickly as possible, here are 5 tried and true tips to help you pay down your mortgage as soon as you possibly can.
Tip #1: Don’t Use Your Credit Cards
While most mortgages have a term which the bank will expect you to pay everything back within, there is nothing stopping you from finishing your loan early. The best way to achieve something like this is by limiting your spending (especially on credit cards).
It might be hard, but forcing yourself to spend only what you need to can make it possible to save a lot more than usual, with a lot of people failing to see quite how much money they don’t have to spend. If you need help with this, a budgeting app should be enough to help you to visualize your money.
Along with avoiding spending, there are also a lot of tools out there which can make it nice and easy to start paying off your mortgage faster.
The Ascent by the Motley Fool, for example, is a free online service which gives you access to loads of resources to help you to cut down your mortgage. To help you to find options like this, it will be worth doing some research, with sites like Google making it nice and easy to search for new options.
Tip #3: Earn Some Extra Money
There are plenty of ways to earn a strong side income when you’re paying off your mortgage. If you have extra space in your place, you could host a lodger, having them pay a small amount of rent for the time they are with you.
Alternatively, you could also think about the idea of getting into some investment. Having something like this which can cover your repayments will make life much easier.
Can A Mortgage Be A Good Thing?
Of course, while it is a good idea to try and pay something like this off nice and quickly, it’s always worth focusing on other loans first. A mortgage is a key part of life, and they are usually very fair to customers. Other loans, though, could be a lot harder to manage, making it worth considering your priorities at this stage.
Paying down credit cards or payday loans that are higher in interest first will actually save you more money than paying your home off would save you. Eventually your goal should be to be completely debt-free and living a calm and unchaotic life where you chose where you want to spend your money.
Hopefully, this post will inspire you to start working harder on the time you put into your mortgage repayments. This part of life is daunting to a lot of people, especially when they are looking at a couple of decades to pay off their loan. However, debt and a lifetime of paying payments is not how you have to live, it is possible to pay your debt off and to live in freedom.
Check out these other great resources to help you with your personal budgeting –
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