I really make an effort to save money but realized I don’t do such a good job actually applying those savings to a current financial goal.
I’m determined to take action on this! Our current goal is to pay off our mortgage as quickly as possible. I found out we are allowed to make extra payments to the principal during the month (we don’t have to wait and add it to our monthly payment). I’m going to use this tip to make sure money we save gets sent directly to the mortgage.
We got a $37 certificate to be used at Costco (a perk for using an American Express card for gas all year). I’m going to use it for groceries and then make sure I send that much to our mortgage lender.
Does anyone have other tips for making sure those savings actually get applied somewhere? I think this is harder to do when you save money on food. It seems like those savings help stretch your food budget and the way prices are going up, we need help stretching our grocery money!
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1 comment so far ↓
Hi there,
paying off your mortgage is about the best thing you can do with any spare savings (unless you own a property portfolio and want to keep a loan on one or more of the properties for tax efficiency) – but in most cases this is an excellent thing to do with your money. I speak from experience.
Yes we have lots and lots of money saving tips on our website http://lifestoogood.net – I came here via MDBP because you requested a comment on yoru site. Nice post – there’s plenty most of us can do to Enjoy Liffe More for Less (what our site is all about) so come and have a look and tell us what you think – too much to go into here – plus, it’s all free!
Anyways, take care and best of luck with your blog!
Alan
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