Whether you’re looking for ways to pay your mortgage off faster, saving to outright buy a place, or just in need of some budgetary tips, we’ve all been a little guilty of some unnecessary spending here and there.
But with these simple and incredibly effective tips, you can go from struggling to smooth sailing in just a few years.
Being Cost-Effective In Your Dream Location
You should aim to live where you’ve always dreamed of buying a home. Life is to be enjoyed after all! But just because you yearn for the hills of Los Angeles or the bustle of New York City, it doesn’t mean that your mortgage should reflect those big-city price tags.
Do you want to live a short drive from LA and California’s sparkling beaches? Look into the far more cost-effective Bakersfield houses for sale. Are you keen to make your way in New York City, but feel priced out of living comfortably there? Search for homes to buy in Queens.
With a little creativity, you can find a mortgage that’s fair while living out your real estate fairytale.
Brown Bag It At Work
It’s always great to stop off at that coffee shop you love or get something delicious delivered to your desk, but taking your own lunch to work is one of the smartest ways to save more money and make a bigger dent in your mortgage payments.
You may scoff at how brown-bagging it at work can save money. After all, you probably only spend maybe ten dollars a day, right? But that ten dollars a day is costing you roughly $200 per month, and $2,400 per year. Doing this for just five years will shave almost $12,000 off your mortgage.
Re-Evaluate Your Outgoings
You would be shocked at how many unnecessary payments are taken out of your account these days.
From cable bills, streaming services, and other monthly subscription services, there is an easy $40 per month that can be saved by canceling a few of these. Chances are that you won’t even miss them!
That $40 saving will give you an extra $480 annually, just for getting rid of something you probably don’t even use. In five years, you’ll have saved $5,760 towards paying off your home.
Get Creative With Your Budget
Let’s say you budget roughly $100 a month for entertainment, date nights, and general social outings. It’s time to get creative and cut back on the spending without missing out on any of the fun.
Dinner with friends? Invite them over and cook! A trip to the cinema? Project your favorite movies on the living room wall with a few bags of popcorn.
Like many things in life, it’s more about the people you’re enjoying these nights with, not necessarily where you do it. Within a year, you’ll have saved around $1,200. Over the course of five years, that’s a total of $14,400.
And there you have it. With just a few small changes in your life, you’re saving over $4,000 per year, and if you stick to a five-year plan, that’s an incredible $20,000 towards paying off your home.
SUBSCRIBE FOR MORE! HERE'S WHY:
1. You get 7 free books
2. You get the best money & productivity articles
3. You get the latest updates - all in one email per week