3 Easy Ways To Put Aside A Bit Of Extra Cash So You Can Pay Off Your Mortgage Faster

3 Easy Ways To Put Aside A Bit Of Extra Cash So You Can Pay Off Your Mortgage Faster

Image title

If your personal budget is similar to many other people's budgets, your home mortgage payment is by far the largest expense that you pay for each month. In fact, this payment may easily account for 20 or 25 percent or more of your take-home income. Understandably, you may be focused on trying to pay this expense off early. By focusing on this payment, you can build equity and may be able to achieve financial security more quickly. You simply have to find a way to put aside a bit of extra cash regularly so that you can make extra payments, and there are few easy ways that you can consider.

Use Your Tax Refund


First, if you are one of the many taxpayers who receive a refund each year, consider setting aside some or all of this refund to reduce your outstanding mortgage balance. Some taxpayers may have such a sizable refund that it can account for two or more mortgage payments each year. However, even a few hundred dollars extra put toward your principal balance will save you a considerable amount of money in interest charges over time and will have a wonderful effect on your balance.

Earmark Your Annual Bonus


If you are lucky enough to receive an annual bonus each year, you may consider using this to pay down your principal balance. While you may usually spend this money on extra holiday gifts or just add it to your spending cash, you can benefit more substantially when you contribute it to your effort to pay down your mortgage.

Use an Automated Draft To Create a Fund

Another great idea that will work well for all individuals is to create an automated draft from your checking account each month. You may set aside the funds in a special account, and you can make an extra mortgage payment from this account periodically. Another idea is to set up auto payments for your mortgage that are higher than the amount due. For example, you may establish auto payments that are $50 or $100 more than your scheduled payments.

Bottom Line


Paying off your mortgage earlier can be a life changing event for you. Simply imagine how different your life would be if you were not responsible for this payment each month. The fact is that this could be your reality sooner than you think if you follow these tips. For the best results, apply two or even all three tips to your efforts.


Contact Sean Moniri with any questions at 214-597-3800, [email protected], or visit www.SeanMoniri.com


Sean Moniri Headshot
Author:
Phone: 214-597-3800
Dated: May 8th 2015
Views: 2,013
About Sean: With quite possibly one of the biggest transactions in your life, you can rest assured that you’re...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Our Bloggers

Alan Oliver - 7
Allen M. Solhjoo - 4
Amber Johnson Oputa - 13
Amy Jo Saenz - 3
Ana Cantu - 1
Andrea Trimble - 55
Angela Taylor - 1
Angela Cotten - 102
Ann Kessel - 4
Ann-Marie Pope - 2
Annette Bruen - 47
Ashley Lambert - 1
Audra Young - 1
Belinda Duff - 5
Beth Herr - 1
Beverly Bryant - 24
Blake Marion - 3
Bob Cardillo - 4
Brittany Duey - 1
Bryce Smith - 5
Candace Mozingo - 1
Candie Hernandez - 10
Cara Balderas - 73
Chad Gabriel - 58
Christina Gonzalez - 5
Christine Shannon - 30
Christine McGinnis - 1
Christopher Evans - 1
Chuck May - 1
Clint White - 2
Comprar Casa DFW * - 4
Dakota Joyner - 10
David Darty - 1
Debbie Zurita - 17
Debbie Viverito - 132
Derek Taylor - 5
Diane Velez - 18
Drew Spears - 8
Edwin Liddie - 1
Erica Taylor - 54
Eunice Pettaway - 1
Eva Duffy - 8
Felicia Johnson - 79
Gary Hutchings - 20
Go 2 Girls Realty - 173
Greg Cunningham - 2
Gregory Cornett - 2
Heather Feragotti - 8
Holli Paddio - 3
Hunter Howard - 1
Jamie Brannagan - 2
Jason Todd - 24
Jemi Khan - 26
Jenna Stanley - 9
Jennifer Flynn - 9
Jennifer Boyd - 2
Jessica Boozer - 18
Jill Elliott - 99
Jimmy Hanks - 1
John Priestash - 60
Judy Tapscott - 2
Julian Taylor - 17
Julian Dozier - 4
Julie Nicholson - 10
Julie Cash - 3
Justin Blackburn - 1
Karla Terrell - 2
Kaysone Orlando - 1
Keisha York - 30
Kelley Stubbs - 3
Kelly Rumney - 9
Kevin Taylor - 16
Keyatta Johnson - 2
Kristen Henderson - 18
Kristine Edens - 3
Laneal Ernest - 9
Larry Frassinelli - 6
Leah Ecob - 15
Leigh Klotz - 5
Linda Scardis - 4
Lisa Carroll - 3
Lisa Cardillo - 53
Lucina Cervantes - 11
Marcos Garza - 1
Maria Lopez-Jones - 1
Mark Mulch - 19
Mark Fischer - 2
Marla Johnson - 1
Martina Worley - 2
Mary Taylor - 15
Melodie Sulgrove - 1
Michael Chatman - 2
Michele Thompson - 6
Mimi Rader - 1
Missie Craig - 12
Moira Brunken - 18
Monica Solkhon - 1
Naddia Morales - 10
Nick Walton - 79
Nikki Okpuzor - 5
Olivia Borowski - 1
Rachel Walsh - 2
Ramon Bermudez - 4
Rene Sinclair - 27
Rhonda Borgne - 1
Richard Mikus - 1
Rodrigo Sotomayor - 16
Rosalia Tejeda - 1
Roxann Hailey - 4
Sandy Setliff - 226
Sarah Dieter - 9
Sean Moniri - 21
Seana Taylor - 217
Shalee Garza - 10
Shelby Smith - 3
Shelia Randolph - 33
Spring Weeks - 9
Stacy Lynn Massar - 27
Steve Murray - 1
Susan Florsch - 12
Tami Bennett - 45
Tammy Gill - 1
Teneka Ray - 1
The Doyle Team * - 5
Tim Stoll - 52
Timothy Taylor - 1
Timothy Gilliam - 2
Trenton Johnson - 15
William Hurd - 3
William Graves - 5
Wilma Goodwin - 2

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

JP And Associates REALTORS
6136 Frisco Sq Blvd, #200
Frisco, TX
972-375-9448
0