Eliminate These 5 Barriers To Saving For Your Down Payment This Month!

Saving Up: 5 Barriers to Saving Money That You Can Eliminate in Just One MonthWith all the expenses that go into monthly living and the temptations that come along with life, saving money for the down payment on your new home can be quite a struggle for many people. If you’re having a hard time saving and are wondering what you can do to ensure a higher bank balance next month, here are a few things that may pose a risk to getting the home of your dreams.

Forgetting To Take Lunch

One of the things most likely to defeat your bank balance is the daily office trip to the deli or diner. Instead of opting for an easy but expensive $10.00 lunch, take a few minutes at the end of each day to put together a sandwich or salad so you don’t have to spend extra funds on your lunch break.

Relying On Cable Television

With all the available options for streaming services, many people are switching out their packages for something a lot more economical. Cable can easily add up to $100.00 a month to your expenses, but a streaming service may only be a fraction of the cost and will provide savings you’ll soon notice.

Splurging On Morning Coffee

Grabbing the familiar cup of joe on the way to the office is certainly a way to ease yourself into the day, but one coffee can add up to a huge expense by the end of the month. If this is a vice you crave, try taking your own coffee to work and opt for a treat once a week if you really can’t resist.

Impulse Buys At The Grocery Store

Food certainly counts as a necessity, but there are many things that end up in the grocery cart at the end of a shopping trip that aren’t really staple items. If your cart is filling up with chips and chocolate, you might want to stick to your list or review your cart before the final purchase.

Avoiding Your Budget

Unless you’re taking to a spreadsheet to balance out your expenses and earnings, you may not see any significant savings at the end of each month. Budgeting will give you a better idea of what you can and can’t afford consistently, so make sure you’re writing everything down.

The idea of cutting back on spending is rarely a popular one, but there are things you can do every day that will make for a better bank balance at the end of the month. If you’re looking for more tips on buying your own home, contact your trusted mortgage professional today!

Clever Tips for Paying Off Your Home Mortgage Faster

Pay Off Mortgage Faster

Paying off the mortgage on your home faster not only means that you’ll be able to enjoy the peace of mind that comes with completely owning your property earlier, but you may also save thousands of dollars in interest payments.

Below are seven clever tips to help you get your mortgage payments on the fast track.

1. Save for a large down payment

Pay as large a down payment as you can reasonably afford. The more you can put down, then the less you’ll have to borrow from the bank.

2. Read the fine print

When you are choosing a mortgage, look at the fine print to find out if any restrictions apply to paying early. Some lenders will charge you for making extra or early payments. 

3. Prepay early in the life of the mortgage

This is when the loan is the most interest-heavy. In the first five to seven years you are likely paying mostly interest. Request an amortization schedule of your mortgage to get a clear picture of how this works.

4. Be smart with unforeseen fortune

If you get an unexpected chunk of cash, such as a gift, prize, work bonus, inheritance, tax refund or other windfall, consider applying it straight to paying down the principal on your mortgage.

5. Double-check your records

When you make extra payments, ensure that they are processed correctly. Sometimes when the lender receives a payment that is outside of the monthly cycle, they may not know what to do with it. Make a special note and keep track of the payments yourself, so you can make sure they’ve been applied to your principal.

6. Increase your payment

Even increasing your payment by a small amount every month may take years off the length of your mortgage. Consider how much you can afford to pay every month rather than just the minimum payment amount.

7. Think about a bi-weekly payment

You might want to switch to an accelerated bi-weekly mortgage payment rather than a monthly payment. This typically applies an extra payment each year.

These are just a few techniques you can use to pay off your mortgage faster.

Remember, the quicker you pay off your mortgage, the less interest you will be paying.

The Most Popular New Years Resolutions in North America

What are the most common things that North Americans make goals to accomplish in the coming year when New Year’s comes around? HereHappy New Year are some of the most common New Year’s resolutions, and tips for making them happen.

Spending More Time with Family and Friends

The polls have suggested that more than half of Americans vowed to spend more time with their loved ones in the New Year. As the years pass by we realized that one of most important things about life is who we spend our time with, and the urge is there to reconnect and enjoy quality moments with people we care about.

Why not set up a weekly date with a friend or a family member to enjoy a favorite activity together?

Lose Weight and Become Healthier

One of the most common New Year’s resolutions year after year is a goal to shed pounds, build muscle and eat better. January is a bumper month for gym memberships, personal trainers, and weight loss programs. It’s great to have a goal to lead a healthier lifestyle, as obesity is becoming a serious health threat to our nation.

However, creating and maintaining a healthy physique requires a long term change in habits and not just a short lived fad diet so make sure that the changes you are making are sustainable.

Quit Smoking

Many people make the vow on January 1st to put down the cigarettes forever, saving themselves from a higher risk of lung cancer and a host of other respiratory ailments. They are rewarded with better health and a sense of accomplishment if they are successful in kicking the habit, but it’s not easy.

Cigarettes are so addictive, and the statistics say that %99 of people who try to quit will fail the first time. However, don’t give up if you have tried to quit and failed. Get your friends to help you commit to kicking the habit, and promise yourself a reward every time you get through another week smoke free.

Get Out of Debt                               

Many Americans have a nasty debt hanging over their heads, whether it is a credit card, student loan, car loan, or something else. One of the most popular resolutions for the year for many people will be to eliminate that debt and get finances their back in the black again.

If you want to be successful in eliminating your debts, make a budget and a financial plan where you reduce your expenses and put a chunk of money every month towards paying off your loans. Stick to the plan and you will be debt free by the end of the year!

These are a few of the most common New Year’s resolutions in North America. What is your resolution for the year ahead?