Why it matters: By splitting your monthly payment into weekly parts, you can end up making an extra payment each year. This can lower the total interest you pay over time. How to do it: Ask your mortgage company if they allow weekly or bi-weekly payments. Budget for extra payments each year. This small change can cut years off your mortgage. Example: On a $300,000 mortgage at 4% interest, weekly payments might help you pay off your loan 4–5 years earlier, saving you thousands of dollars in interest. 7. PAY YOUR MORTGAGE FASTER WITH WEEKLY PAYMENTS Why it matters: Tax laws can be complicated. An accountant can make sure you are not overpaying and can suggest ways to lower your taxes. How to do it: 1. Collect your documents. Keep track of earnings, mortgage statements, and investment info. 2. Ask about deductions and credits. An accountant might spot savings you missed. 3. Review yearly. A yearly check can keep your tax plan up to date. Example: The National Society of Accountants says taxpayers who use a professional often find an average of $400 more in savings or refunds. 8. GET AN ACCOUNTANT TO REVIEW YOUR TAXES
Cancel or pause what you do not use. Set reminders. If you want to try a free trial, set a reminder to cancel before you’re charged again. Example: A study by West Monroe found that the average person spends $237 per month on subscriptions. Canceling just one or two could save you $10–$25 monthly.
6. PAY YOURSELF FIRST
Why it matters: Saving money can be easier when it happens before you have a chance to spend it. H ow to do it: Set up an automatic transfer. Every payday, move 10% of your income to a savings or investment account. Start small if you need to. Even 5% can help you build the habit. Use these savings to reach goals. Think about a down payment for your next home or paying off existing debt.
Example: Many experts suggest saving 10%–15% of your income for a healthy emergency fund and future investments.
WWW.THELENDINGCORPORATION.COM
PAGE 04
Made with FlippingBook Digital Publishing Software