How To Get Debt-free Faster
A mortgage is the biggest debt most people will ever have. The faster you can pay it off, the more you’ll save in interest and the more money you’ll free up for other things in life.
Here are three ways to pay your debt down faster:
Round up your mortgage: Every spare dollar you have that not’s being used or invested elsewhere should theoretically be put towards paying down your mortgage. Consider rounding up your payments to help fast track the process. Instead of paying $1910 per month, make it $2000.
Set your repayments to fortnightly: There are 12 months in a year, but there are actually 26 fortnights — not 24. By paying fortnightly, you’re effectively making an extra 2 repayments each year and paying your mortgage off faster.
Offset account: By putting spare funds in your offset account, you are reducing your interest while still having access to the funds in case you need them. To supercharge your savings, pay your bills with a credit card and park your money in your offset account until the end of each month.