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How to Save on your Mortgage and Own your Dream Home
Paying off your mortgage can seem like a difficult and daunting task, but it doesn’t have to be! There are many simple ways that you can pay off your mortgage faster and with less stress. Here is a list of ten tips to get started on the road to saving money, getting out of debt and living free in your dream home!
1) Create an emergency fund
It’s always good to have a little bit of cash saved in case anything unforeseen happens. What if something breaks at work? Or what if someone gets sick? Having this safety net in place can make those emergencies less stressful by giving you some breathing room financially.2) Make a budget and stick to it
The key to saving money is not to spend it. Creating a budget will help you see where your money is going and find areas that may need to be adjusted in order for you to save more money each month. This is a great way to set goals for yourself and get organized.3) Track your spending
When you start to create a budget, it can be helpful to track what you’re actually spending. This will help give more insight into where your money is going and how much of it is being spent on things that aren’t really necessary for day-to-day living. Create an Excel spreadsheet or use a free program online like Mint if you don’t want to manually write down everything every week.4) Consider using an offset account
Your mortgage may offer something called an offset account. This is a savings account that links to your home loan and allows you to pay down the principal owed on your house even while it’s sitting in the bank earning interest. This way you are actually saving more money for your home while still having access to it in case of an emergency. Check how much you could save with an offset here.5) Think about what you spend your money on
Do some deep thinking and ask yourself if the things that are currently important to you really matter in the long run. If it’s not, then stop spending money on them! And while we’re at it – do something nice for someone else without expecting anything back in return like fixing their leaky tap. It may sound silly but chances are they will remember this act of kindness when times get tough.6) Pay yourself first
Pay yourself first is literally as simple as it sounds. All you need to have is a savings account set up in order for this to happen. Make sure that the money from every paycheck is going into there as soon as you get it and then forget about it! This way, even if something unfortunate happens before your next payday that causes you not to be able to save anything else – at least you already contributed towards reaching your goal of paying off your mortgage.7) Make the goal personal
Why do you want to own your dream home anyway? Remember how important goals are to keep yourself motivated. Is it for the kids, so they can grow up in their own yard? Is it to be closer to family or your partner’s workplace? Whatever is important to you should be what drives you towards that goal. If something else comes along that matters more then adjust accordingly but never stop putting one foot in front of the other until you get where you want! Remember why saving money shouldn’t feel like a chore and keep yourself accountable and motivated. Ask your friends and family to check in with you if you need some extra accountability to get ahead. You could create design and inspiration boards for yourself to help you visualise your achievements once you own your dream home. It may not happen overnight but these steps should help ease some stress when repaying your mortgage isn’t easy. Remember to always keep your goals in focus and celebrate small wins along the way. Don’t be afraid to seek professional help if you’re unsure about.
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