How to turn $40 a month into $2,000.
Not wanting to simply pay the interest on our home loan, I requested an additional $40 a month be paid to the principle balance. I know it’s not much but things have been tight and it’s all we could afford.
I didn’t realize how big of a difference those few dollars made…
That $40 a month turned into $2,000 this year.
The $40 reduced our balance a little here and there causing our monthly interest payment to be partially applied to our principle. It snowballed.
I’m encouraged by the progress – even though it’s small.
As soon as we pay off my car next month (I’ll give a debt update next Monday), we’ll apply a little more toward the mortgage.
I know it’s hard right now, but consider adding a little extra to your mortgage payment… those tiny steps make a big difference!
Popularity: 8% [?]
Posted: January 26th, 2009 under Debt Reduction, Saving Money.
Comments: 5
Comments
Comment from Nicole
Time: January 26, 2009, 10:32 pm
I’m sending an extra $40 next month!
Comment from Dan Massicotte
Time: January 27, 2009, 9:39 am
It’s awesome that you take this attitude, even if it’s just $40 more. Too bad there are so many other people who are still living off of their credit cards spending away.
Comment from Fred
Time: January 27, 2009, 1:22 pm
Just added 217 € to my monthly flow… reduced 15000€ of interest (over 10 years) and 7years less to pay.
Managing your mortgage is one the best thing you can do
Comment from Lizzie
Time: January 29, 2009, 6:07 pm
I with Nicole, $40 extra here we go!
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