Posted on April 12, 2017 - 01:04 PM
by Harriet Martin
It's a goal as cherished as early retirement. Everyone who buys a home for keeps dreams of the day they make their last house payment. Sadly, the majority of homeowners in the U.S. never even get close. However, there are some smart ways, some tried and true, some you may not have thought about, that will allow you to pay off your mortgage early.
Old-fashioned methods can work. The difficulty is disciplining yourself to actually follow through. Step one to paying off your mortgage early is to make a plan. Keep in mind that Rome wasn't built in a day and you are not going to pay off your mortgage in a few months, maybe not even in a couple of years. But here are some smart ways to go about paying off early.
Make Savings Automatic. Saying you are setting aside $200 per month for your payoff amount (above and beyond your regular monthly payments) sounds good, but it only works if you actually do it. Open up a savings account just for your remaining balance, and make that monthly percentage automatic.
Put Extra Away. Saving every month is a great start. But when you get that income tax refund, instead of going on a shopping spree, put it in your payoff savings account. Any extra money — a bonus, a lottery ticket win, a small inheritance — should all largely go to your payoff savings account.
Ditch the Waste. All work and no play makes you a very dull boy or girl, so ditching the waste doesn't mean cutting off your cable, although that could add up to a couple thousand dollars a year. It means buy some Folgers instead of stopping at Starbucks every morning for a cup of Joe.
Think about it; $4 a day, five days a week, for 52 weeks each year. That's over a thousand dollars a year just for a cup of coffee you could make at home for a few cents a week. Here are some other wasteful expenses you can ditch and how much you could save each year.
Your Unused Gym Membership – or even your used one — is $40 or $50 dollars a month. That adds up over time. You can exercise at home for free, and modest home equipment will pay for itself.
The Latest Gadgets – Changing your cell phone plan alone can save you around $100 per month.
Cook a Meal – Fast food, the movies, sit-down restaurants — they all eat up $100 a week out of your budget. That's right, you're talking potentially over $5,000 per year you could be saving just by eating in and streaming a movie instead of paying $15 per ticket at the box office.
Carpool and Walk – If your corner store is literally down the street, walk or ride a bike, don't drive. When you go to work, find a carpool. You'll be surprised how much money you can save on transportation with just those two ideas.
"We recently sold our home in So. Florida and working with Harriet Martin and her team was a great experience. Harriet and her team are professionals in every way and make selling a house a pleasant experience. They have your best interest at heart and work hard to find you the best offer. I highly recommend Harriet and her team."
"What can I say about Harriett and Team .. Amazing, professional, caring are a few items I could use to describe her and team .. I first met Harriet as a friend of mine had referred her to me to manage my rental property... if I had only found her sooner. She rented my property easily and took care of everything! She then sold that property for me in Two weeks .. wow and at asking price.. she then helped me with the sale of my moms home when she passed away.. Harriet always made each transaction easy and seem less. I cannot say enough wonderful things about this lady.. she also has the most caring and professional staff .. I would chose her everytime.. thank you Harriett , Maritza and Lisandra"Julie Patterson
Harriet was instrumental in helping me rent out my condo at an attractive market rate. She also helped me quickly resolve various issues I had related to repairs and finding new tenants. Harriet was always reliable and honest during this process and it is always a pleasure when speaking and interacting with her.Luis Castro
We first reached out to Harriet and her team 2 years prior to ever even buying a home. I had a small house that my family was quickly outgrowing and I wanted to see what our options were. Harriet came out, took a look at our house and gave us an idea of what options were available to us. It was not the right time to either rent of sell the property and Harriet was extremely understanding of that decision and promised to keep in contact with us which she absolutely did. Fast forward 2 years later we were finally in a place to rent our house out and purchase a new home. Harriet immediately met with us to explain how this process would work. She was extremely knowledgable about the current market and rental fees for homes in our neighborhood. She then introduced us to her teammate Maritza who took us to countless homes and was very patient with us. I spoke with Maritza several times a day and started to see her more like a close family friend than our realtor. When we finally found "our house" Maritza guided us on this process and quickly placed our first home up for rent. Amazingly Harriet and Maritza rented our house in 2 days!!!! Both Maritza and Harriet did such an amazing job from start to finish of this process we decided to have them manage our property! I have recommended them to several co-workers and will continue to do so. I cannot say enough positive things about their overall knowledge and patience.The Jaramillo Family