With the economy recovering steadily after the debacle of 2008 and income in a majority of sectors rising nicely, it’s as good a time as any to start working on your financial goals and improve on any areas that may require your attention. Although paying off your mortgage might sound like an overtly ambitious plan, especially if you’re recently gone for a long term refinancing, it makes sense to give serious consideration to paying off your home loan since it can have a positive impact on your finances in the long run.
Not only can an early mortgage payoff ease off a lot of burden off your shoulders, it’ll also net you considerable interest savings over the course of time since you’ll be free from scheduled monthly payments over the next couple of decades or more. However doing this not only requires a lot of discipline and intrinsic motivation, but also some smart moves from your side. Since it might be hard to cut down on expenses for most of you, we’ll cover some innovative ways of saving money that can help you put extra money towards your mortgage:
1. Check out Cashback Cards
Thanks to increasing competition, companies today are coming up with newer and better products in order to win over customers. Since this ends up benefitting end users like us, this usually results in savings over conventional products. Take for example cashback credit cards that offer you Cash Back on your everyday spending, thus lowering your expenses indirectly and resulting in considerable savings over a period of time, allowing you to put extra money towards your mortgage payments. This is exactly the reason why cashback schemes are becoming so popular these days. If you haven’t looked into them yet, then you should do that soon!
2. Find Good Deals
Another interesting way of lowering your expenses and augmenting your savings is by looking for good deals on products that you regularly consume. Even on medium to high ticket items, this can end up saving you substantial amounts – directly or indirectly since you could either get decent discounts on most products or other lucrative deals in the form of special offers. Usually it’s best to compare the prices of the items you want to buy online since you would be able to come across sites that offer the same product for much lesser prices than the others.
3. Opt for Alternative Products
While the above two methods would work well for most of you in saving money towards a mortgage, if you can combine it with this third one, it would be even better. Since there are alternative products available that are almost equivalent in quality to those manufactured by the top brands, you could look into buying these as there is usually a premium charged by the best companies for their products, which means if you switch over to an alternative brand or product, you could save considerable amounts. While these savings might seem small to you initially, they keeping accruing over a period of time and you end up saving a decent sum month over month!