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.
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.