Saving strategies to pay off your mortgage

Plus, 50 quirky side gigs [The Penny Hoarder Daily]( [Paying off a mortgage]( [Education That Pays Off …]( [Your Home]( Paying off a mortgage is a significant life goal that requires planning, discipline, and continuous learning — skills that are honed during college and beyond. It’s a slow and steady process to pay it all off, but there are strategies you can use to increase your pace. Here are a couple to get you started: - Make biweekly payments: Instead of making one monthly payment, consider making half-payments every two weeks. This strategy results in 26 half-payments per year, which means 13 full payments instead of 12. That extra payment can significantly reduce the principal, helping shave years off your mortgage term. - Apply windfalls directly to principal: Any unexpected income, like a tax refund, bonus, or gift, can be used to make an additional payment on your mortgage principal. Even small, irregular payments can compound over time, accelerating your payoff. - Grow your savings, shrink your mortgage: Opt for a high-yield savings account to maximize your earnings and use the extra interest to reduce your mortgage faster. [This bank offers a 4.60% APY]( for qualifying customers. [Read on for more strategies]( you can use to pay off your mortgage faster.   [Adults 60 and Up: Free or Cheap College Courses]( What else are you gonna do to keep your mind sharp or gain additional skills? Many colleges and universities offer reduced or [free college courses for senior citizens](. In fact, we found at least one option in every state. [Stay Sharp](   [This Month’s 13 Best Bank Sign-Up Cash Bonuses]( [This Month’s 13 Best Bank Sign-Up Cash Bonuses]( Bank bonuses and promotions aren't the only reason to choose a bank. But [free money to fund your new savings or checking account]( doesn’t seem like a bad idea.   [50 Easy Ways to Make Extra Money This Month]( Need some extra cash to cover the bills? We’ve got you covered. From [quirky side gigs to clever money-saving hacks]( our list of easy solutions has something for everyone. Curious? You should be. [Make money with ''no experience required'' side gigs]( [Dwindling Savings? Do These 5 Things]( Living life is expensive, which makes maintaining a healthy savings account a challenging task. But fear not! We’re here to guide you through [strategic moves that can help]( turn the tide and set you on the path to a more secure financial future.   [18 Free or Cheap Activities for Seniors (Not Like Adult Daycare)]( Looking for things to do that can increase your social life and help you connect with your community? [Say no more](.   [We'll Text You More Money Tips]( Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. [Learn more]( about how we make money and select our advertising partners. We’re letting you know because it’s what Honest Abe would do. After all, he is on our favorite coin. © 2024 The Penny Hoarder. All rights reserved. 490 1st Ave S. Suite 800 | Saint Petersburg, FL 33701 | U.S. [View in browser]( [Mailing preferences]( | [Unsubscribe]( | [Privacy Policy](