It’s my hope that this series can help you eliminate what is usually the single largest expense in the household budget and free that money up to much greater things!
PART ONE – Lower The Interest Rate
PART TWO – Pay 10% Extra Each Month
PART THREE – Pay One Extra Payment Each Year
PART FOUR – Eliminate one non-essential monthly expense and put it towards the mortgage
How much do you spend on non-essential monthly expenses? One example is cable/satellite. Let’s say that it’s $70/month ($840/year). If you’re really interested in getting rid of your mortgage quicker, cancel the cable and use that money towards the mortgage payment. Yes, this does require some sacrifice BUT just think about the end goal –> no mortgage payment! That should get you fired up!
Other items that could be reduced/eliminated include:
- Dining Out
- Spending money
- Grocery bill (use coupons!)
- Insurance premiums
Less payments toward these items mean more money for payments toward mortgage elimination!!