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Simple Solution To Start Paying Off Debt
Are you wanting to pay off debt faster? This simple step will make a huge difference in your debt payoff journey!
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Transcript of Simple Solution To Start Paying Off Debt
Hey there, Aimee Cerka here. Have you ever wondered how you can in a simple manner, start paying off more of your debt, specifically when it comes to your mortgage. For most people, that’s one of their biggest expenses. And it can seem overwhelming, but have you ever wanted that simple tip or trick that you could use to start taking that debt to the curb faster so that you can have more of your money, staying in your pocket. That’s what we’re going to talk about today.
So let’s go ahead and dive in.
So you’re wanting to save money on your mortgage put more money back in your pocket, and you don’t have a ton of extra money. So the simple thing that you can do to start eliminating more of your mortgage paying off debt a little bit faster, is to pay your mortgage bi weekly instead of once a month. So you can go ahead and split up mortgage payments, into 2 what would you pay it bi weekly. Since, because of how many weeks there are a year, you actually end up making 13 months worth of payments versus the 12 that you would only make if you paid once a month. So that one extra payment doesn’t really seem like it would make a whole lot of difference. But over time, the way the interest compounds, it’s going to add up to put more money into your pocket faster. Now, there’s a bonus little tip. If you can’t do this yet on your mortgage, which you can also do this on your rent, by the way, even if you weren’t paying it to your landlord. Just put it in a separate account for your rent account you would have a full extra rent. And that account by the end of the year, that you could use then use that extra money for something else an extra debt roll down or something, another need you might have emergency expense, something like that. But you can, this could apply to your rent, as well. But if you are thinking. No way, I can never come up with that much extra money to pay my mortgage or my rent by weekly that’s just too much I don’t have that extra in my budget right now. Then you could also use this and apply it to car loans. So, with your car loan you can also pay it bi weekly. You’re also going to save interest there as well because it’s compounded every day. Instead of just once a month. So, the more frequently you pay it. The less interest you will end up paying. So you’ve got a couple different options here. Or you can do all of them, but paying your mortgage bi weekly, or your rent bi weekly is going to start helping you to save money right away.
And if you’d like seven more tips to find an extra $250 to your budget. Then go ahead and check out the description, you’re going to be directly above or directly below this video. Depending on the device you are on. We’ll see you later. Bye.
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