The Power of a $20.00 bill.
If you can find a $20.00 per bill per week – You can save yourself Huge Money. Did you know that just shy of $3 each day can save you over $20,000 dollars?
Let’s think about what $20.00 per week looks like.
- Skip Going to the movies once per week
- Eat at Home instead of eating that meal out
- Skip a few Tim Horton’s / Starbucks Coffee per week – make it a from home
- Pack a Lunch to work once a week
- Clip a few coupons if you can
- Eat a Meatless Meal 2 x week
Curious how that $20 a Week in savings is going to earn you a whopping $20,475?
Take that $20.00 per week and apply it to your mortgage, and you’ll pay between $80 and $100 extra each month, or $1040 in a year.
Now, head over to this Canadian mortgage calculator and see how much you can save with simply adding a little extra to your Morgage Principal each month can save you huge amounts of money and it will also shave years off your payments. Everyone’s savings will vary as No Two people will have the same mortgage. Buy Yes you can see how a simple $20.00 per week can save you way more than the $1000 per year
With Morgage Rates starting to Climb – Currently, Right now at end of 2018, Interest Rates are at the highest it’s been in over 8 years. And the Banks of Canada are talking about more Interest Hikes for 2019. If your up for renewal in the next few years, You may be surprised how much your payments will be increasing.
How do you go about setting up a Prime Payment? Well, I suggest talking to your lender and see how you can set it up. And you can always set up another savings account to throw money if in need to make your principal payment yearly if need be.
My Dad always said ” a penny saved is a penny earned” and he also taught me “if you look after the cents the dollar will take of themselves:
So do some research and see what your lender has for options for making additional payments, and maybe you can even squeeze in some extra dollars for more principal savings.
Start by trying to change up a few small things, and always look at your budget goals and figure out how and where you can save money to put towards your house payments.
You can start by printing a few coupons and start a price book for your visits to the grocery store is an easy way to start saving on your grocery bill. I found grocery bills in our house was an easy way to see savings when you start hunting for savings.