5 Tips For Starting To Save Money Right Now

Save MoneyFor lots of people saving money may appear to be a hopeless task. They try and try to save money but struggle to consistently put money into their bank account. Failing to save money can often occur because you have so many other things to do on a daily basis. The key to saving money is to make it as easy as possible to do. Here are a few tips that will help you start saving some cash right now.

Save a little at a time
You don’t have to start with some grandiose savings goals in order to save money. Saving small amounts of money is actually a whole lot easier than saving a lot of money at one time. You can schedule small amounts like $20 to $30 a week to start building up your savings account. You won’t miss the money and these tiny deposits can add up over time.

Make saving money easier
You always want to make saving money as easy as possible for yourself. Take the burden of having to remember when and how much to save by doing it automatically. Schedule automatic transfers from your checking account and automatic deductions from your paycheck right into your savings account. After a month or two, you will get used to this amount of money being deducted from your account every month.

Make withdrawing money difficult
While you want to make saving money easy, you want to make withdrawing money a real pain. Resist the urge to withdraw by not getting an ATM card for your account. This will force you to go into the bank during banking hours whenever you need to take out some money. Also, place your savings at a bank that is inconvenient to get to. This will keep you from making frequent trips to your banks to withdraw your money.

Get a side job
If your reason for not saving money is that you simply do not have enough cash, you should get a side job. Side jobs are great at providing a side income. Find something that you are passionate about and would enjoy doing for money. You can designate this income for the sole purpose of funding your savings account. A few hours a week working on the side can grow into large savings account deposits.

Use your spare change
Sometimes the best solutions to problems are the ones that you learned in your youth. Remember having a piggy bank in your room that you would store all of your spare change in. You would fill the piggy bank up with coins until it couldn’t hold anymore. You can do the same thing as an adult. Store all of your spare change in a piggy bank and take it to the bank when it gets full. Deposit all of your change into your savings account and repeat this on a monthly basis.

Saving money does not have to be as hard as you thought. Apply these simple tips and you will be on your way to building up a savings account.

How To Pay Off Your Mortgage Faster

Paying OffThe following article is a guest post.

Once you’ve moved into your dream home and the initial excitement has worn off, the time has come to consider your monthly mortgage. One way to cope with the problem is saving money on everyday expenses by using Discountrue coupons for Kohl’s or other popular stores. However, it’s not the only thing you need to know, so if you want to get done with it as soon as possible, you’ll need to learn more about other methods of doing so and combine the efforts.

Fortunately, there are numerous ways to pay your mortgage off faster, so be sure to read on and learn more about how to eliminate this expense from your monthly responsibilities as quickly as you can!

1. Pay 1/12th Extra Each Month

This is one of the simplest methods for paying off a mortgage more quickly. All you need to do is take your principal and interest from each month, divide that number by 12 and add it to your monthly payment. As a result, you will be making 13 payments each year, instead of 12, and the financial sacrifice is minimal.

Before applying this method, contact the company that is servicing your mortgage and make sure that these payments are being applied to the loan balance in the proper manner.

2. Refinancing

If you’d like to switch to a mortgage with a shorter term, refinancing is a viable option. For many homeowners, the prospect of spending 30 years paying off a mortgage is too much to bear and switching to a 15 year mortgage term is far more palatable over the long haul.

A 15 year mortgage typically comes with a much lower interest rate than a 30 year term, but be forewarned – you will need to qualify first. A credit check and a home appraisal are necessary aspects of the process.

3. Make One Extra Payment Each Year

There are two different ways to go about this task. Homeowners can either save their money throughout the year and make two payments instead of one at the end. On the other hand, those who are paid on a biweekly basis have the ability to set aside a piece of those “extra” checks that arrive during certain months. Making 13 payments every year will slice a significant amount of time off your schedule, allowing you to own your home outright much sooner.

4. Put “Found Money” Towards Your Mortgage

We have an alarming tendency to take found money and blow it on items that do not enrich our lives in any meaningful way. But when you get a bonus at your job, a hefty tax return or any other unexpected windfall, your best bet is to put it towards your mortgage.

This method gives you the chance to pay extra only when you’re flush with additional funds and cut down on your interest by lowering the principal. However, it is important to make sure that you are not neglecting any other pertinent needs before embracing this strategy.