You already know it: The faster you pay back debt, the less money you’ll pay your lenders and the more you can keep yourself. If you’d like to pay your mortgage off as fast as possible, you’ll need a little extra revenue and some smart strategies — but it can be done. The good thing is, we have a few financial hacks for more rapid loan payoff, which can deliver great results.
Alter Your Financial Balance. Two approaches can get you a little extra elbow room in your budget for debt repayment: Decrease expenditures and generate extra money. Do both for the best results.
On the expense side, bundle insurance policies and renegotiate. If you’ve been using your insurer for quite a while, speak with them and tell them you’re unhappy with your bill. Let them know you’re checking out other options for a better price. You may be amazed at how many new “discounts” they find.
Rethink cable. Do you seriously want all those top-tier channels? It’s possible to stream all sorts of entertainment absolutely free or at low cost over the internet. Also, stop outsourcing home chores. Nobody enjoys cleaning and working in the yard. But unless there’s a more profitable way to spend your time, get started washing and weeding.
Produce some additional income to generate cash for debt reduction. Sell things you really don’t want. Get on Ebay, and start advertising. You can now find dozens of other online selling services: ThredUp.com, shopstick.com, yerdle.com, varagesale.com and the original online classified resource, craigslist.com. Make money on the side however you can. Everyone has some ability that other folks are willing to pay for. Look into TaskRabbit.com and UpWork.com to see the simple things people are prepared to pay you to do — like becoming a personal online assistant or shopping for a holiday social gathering — and allocate those dollars toward faster loan repayment.
Get everyone involved. Everyone’s needs and wants helped create the problem, and you’ll be doing your family members a favor by showing them ways to take charge and defeat household debt once and for all. Have a family meeting to solicit strategies, and enlist everyone to help slash expenses by cutting electricity and water use, pitching in on household jobs and even earning some additional income. Set a target, and put aside some of the extra dollars you save or make to pay for an incentive that keeps you motivated, such as a family night out at the movies.
Use a biweekly loan calculator. This can be a roadmap to accelerated debt reduction. To reach a goal, you have to see exactly where you’re going and what you have to do to get there. Make use of a biweekly loan calculator [link] to easily figure out how much extra you have to apply toward your debts each and every month for faster personal loan payoff. Biweekly mortgage payments can not only get you out of debt a whole lot quicker, but also save you money on interest over the life of the loan. Experiment using the calculator to check out how different payments will help you reach your goal of rapid debt reduction.
AutoPayPlus can help you pay down your debt faster. Withdrawals out of your account every other week fit conveniently with paychecks and your monthly budget, while an extra half-payment twice a year added toward principal cuts down interest payments over the loan term. Check out this website to learn more about rapid loan repayment.