In this post, we offered you some tips that can help you manage your mortgage in a more proactive way. One of those tips was to look for ways you could save on your monthly expenses, and then use the savings to make extra mortgage payments.
But how can you cut back on your monthly costs? Here are a few simple ideas that may free up money in your budget which you can then put toward your home loan.
Ideas That May Free Up Money in Your Budget
- Check for unused subscriptions. Do you have a large number of streaming subscriptions? It is easy to lose track of them. If you have subscriptions you are not using right now, they are just draining your money. Cancel them and put the savings towards your mortgage.
- Look for cheaper insurance. When was the last time you checked to see whether you are getting the lowest insurance rates available to you? Think about calling around for quotes, or working with an insurance agent who can do so on your behalf.
- See if you can lower utility bills. Sometimes, it is possible to reduce your utilities costs as well. Maybe there is a cheaper cell phone plan available in your area that did not exist when you originally got your phone. Or maybe if you call your cable company, you will discover that it is possible to lower your monthly bill on request. In some situations, there are discounts for those who ask.
- Pay off high-interest debt. If you have any small high interest debts that you could afford to pay off now, doing so can spare you from ongoing interest payments. You can then take the money you would have been putting toward interest and put it towards your mortgage instead.
- Cook more economically. Do you plan your weekly meals out in advance? If you do not, there’s a good chance you are shopping and cooking inefficiently. With more planning, you might find ways that you can reduce your grocery expenditures.
- Buy your clothing used. If you are shopping for brand new clothes every year for your whole family, you are wasting a lot of cash. Most clothing can go many years before wearing out. And when you do need to buy replacements, you can save a ton of money at thrift.
- Consolidate your weekly errands. If you are driving into town every day on errands, you might be wasting gas. See if you can schedule your weekly errands in a more consolidated fashion. That way, you can waste less money on gas and put it toward paying off your home loan instead.
Contact Your Local Mortgage Specialist Today!
We hope that some of these suggestions work out for you. Even if you are just putting a little extra toward your mortgage, if you do so on a regular basis, it can add up. Remember to tell your lender to apply the extra payments to the loan principal and not the interest. Looking for more tips and tricks? Call Lending Bankers Mortgage at (786) 220-1100.