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Did you know that just $3 each day can save you over $45,000 dollars?
Let's think about what $3 each day looks like. You could save . . .
- $3 by drinking water instead of soda at a restaurant
- $3 by clipping a few coupons before you head to the grocery store
- $3 by cooking at home instead of eating a meal out. (That alone can save way more than $3!)
- $3 by skipping a Starbucks coffee
- $3 by choosing to shop at Aldi or trying out generic products
Curious how that $3 a day in savings is going to earn you a whopping $45,000?
First, start out with the math.
$3 x 365 days a year = $1095
Take that $3 each day and apply it to your mortgage, and you'll pay a little over $90 extra each month, or $1095 in a year.
Now, head over to this fancy mortgage calculator and see how simply by choosing to pay a few extra dollars on your mortgage each day, you'll save a whopping $45,000.
Recently I've been thinking quite a bit about ways to change our mortgage (since we just moved last summer and are 39 and 44, I hate the thought of paying on a mortgage until my husband is 73!) We knew when we moved that we'd work toward paying that mortgage off sooner, and are already making an extra payment each year, but would like to work a little more aggressively than that.
So, over the weekend I started talking about it with my husband, and did a little research this morning. It turns out that if we choose to make an extra house payment each quarter we'll shave eleven years off our mortgage, so that's what we're planning to work towards right now.
Clipping a few coupons and saving at the grocery store is an easy way for us to focus on our long term financial goals instead of splurging too much on little things here and there. When you just look at the math and the long term potential that saving a little money each day can make, it's so worth wisely spending your money each day!
Have you come up with other ways to save on your mortgage? I'd love to hear your tips ~ leave a comment to share! And, if you're new to budgeting and just don't know where to start, I highly recommend reading Dave Ramsey's Book Financial Peace or Total Money Makeover to get started on the right track.