Optimal Finance Daily - Financial Independence and Money Advice
2792: [Part 2] 20 Smart Tips to Pay Off Your Mortgage Faster by Andy Hill of Marriage Kids and Money
Jul 12, 2024
Andy Hill provides insightful strategies to accelerate your journey to becoming mortgage-free. Tips include switching grocery stores, using cash envelopes, and sending windfalls to your mortgage. Also discussed: living on half of your income, staying motivated, and planning a celebration for a mortgage-free life.
10:53
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Quick takeaways
- Implement a cash envelope system to set clear spending boundaries and redirect leftover funds towards mortgage payments.
- Allocate windfalls like tax refunds or bonuses towards mortgage payments to expedite the pay-off process significantly.
Deep dives
Using Cash Envelopes for Budget Boundaries
One effective way to establish clear boundaries for spending is to employ a cash envelope system. By allocating specific amounts of cash to different budget categories, such as entertainment or dining out, you create defined limits. Once you exhaust the cash in a particular envelope, like fun money, it signifies the end of spending in that category. Any unused funds at the end of the month from these envelopes can be redirected towards mortgage payments, enhancing your progress.
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