Take time to review your monthly expenses and look for ways to tune up your finances. No matter your financial situation, it’s always a good idea to take a look at your mortgage and other monthly payments to see where you could do some tweaking.
Here are three tips to do just that:
Pay down your mortgage. Rather than taking on a larger mortgage payment every moth, make your normal mortgage payment plus the principal of the next month’s payment. This gives you savings in interest paid and the ability to pay down the principal when your budget allows.
Talk to a lender. When you initially bought your home, your mortgage broker was a key partner in that transaction. But, even now if you’ve lived in your home for a period of time, it could still be beneficial to talk with a mortgage representative. Assess your financial situation and offer options which may benefit your pocket book. From adjusting your mortgage loan terms, lower your rate and monthly payment or take advantage of equity in your home for another financial goal.
Look into balance transfers. If you have debt on a high interest rate credit card, consider doing a balance transfer to a new credit card with 0% APR. Many new cards offer 0% APR for several months. This savings on interest allows you to pay down your entire balance transfer, saving money on interest. Just be sure to be aware of any balance transfer fees!
Good luck tuning up your monthly spending!