If your New Year’s resolution this 2017 was to work toward paying off some of your debt, here’s some food for thought: a mortgage is a huge investment, probably the largest one many of us will ever make. Trulia’s Money Matters blog outlines the value of contributing one extra payment toward your mortgage each year.
Here’s how:
Take a look at your budget – Look for areas where you can find savings and funnel that money toward an extra payment.
Make measures – Set realistic goals towards savings, and build on it.
Use automation – Trulia advises automating extra savings for those other needs that inevitably pop up, so you’re not tempted to borrow from your extra payment savings.
Source: https://www.trulia.com/blog/make-one-extra-mortgage-payment-year/