You know the deal: The more rapidly you pay back debt, the less money you’re going to pay your creditors and the more you’ll end up keeping for yourself. If you’d like to pay your loans off more quickly, you’re going to require extra funds, and a few tips and tricks — but it can be done. Thankfully, we have some terrific budget hacks for faster loan repayment, which can get you the results you’re looking for.
Rebalance your balance sheet. There are two methods to get additional elbow room in your budget for an accelerated mortgage payoff: Lower expenses and generate extra money. You definitely want to do both.
On the expense side, bundle insurances and renegotiate. If you’ve been with your insurer for some time, simply call them and say you’re unhappy with your fees. You should let them know you’re shopping for different options to get a better price. You could be amazed at how many new “discounts” they’re suddenly able to offer.
Rethink your cable bill. Do you actually need all those top-tier channels? You can stream a lot of entertainment totally free or at affordable prices over the internet. Also, stop outsourcing household chores like cleaning and garden work. Nobody enjoys doing these things. But unless you’ve got a far more financially rewarding method to devote your non-work time to, it’s time to start washing and weeding.
Produce some extra revenue to increase your resources for debt reduction. Sell all the things you don’t need anymore. Get on Ebay and list that collection of beer steins from college. You’ll find dozens of other online selling providers and auction sites: ThredUp.com, shopstick.com, yerdle.com, varagesale.com and of course, the initial online classified resource, craigslist.com. Make a few bucks on the side. Everybody has some skill that someone else will pay for. Check out TaskRabbit.com and UpWork.com to discover the simple skills lots of people are prepared to pay someone to do — like being an online personal assistant or holiday shopper — and put those extra dollars toward quicker loan repayment.
Get your whole household involved. Everyone’s wants and needs created the problem, and you’re going to be doing your family a favor by showing all of them how to take charge and defeat household debt. Hold a family meeting to brainstorm, and enlist everyone to cut back on expenses by staying aware of energy and water usage, pitching in to perform outsourced chores and even earning a little extra cash. As an incentive, set aside some of the extra revenue you save or make to pay for a special treat like a trip to the beach.
Use a biweekly mortgage repayment calculator. This can be your roadmap to quicker debt reduction. To reach a goal, you have to see where you’re going and precisely what you have to do in order to get there. Make use of a biweekly loan calculator [link] to find how much extra you have to apply to your debts monthly for an accelerated loan payoff. Biweekly mortgage payments can not only get you out of debt a lot quicker, but also save you money on interest over the life of the loan. Experiment with the calculator to check out how additional payments will allow you to attain your objective of faster loan payoff.
AutoPayPlus will let you pay down your mortgage faster. Withdrawals out of your account every other week fit conveniently with paychecks and your monthly budget, while an extra half-payment twice a year added toward principal reduces interest over the life of the mortgage. Take a look at this site to find out more about rapid loan repayment. Find out how much time and money you can save with AutoPayPlus’ Auto Loan Calculator!