Many people make monthly payments on their mortgage or car payment. To save on interest and to pay off your loan faster, increase the frequency. Instead of paying your mortgage once per month, switch to paying it to match your paycheque. If you get paid bi-weekly, make your mortgage payment bi-weekly. Instead of paying $1,000 per month, pay $500 bi-weekly, which means you will make two extra $500 payments per year, and you won’t miss it, and you will pay your mortgage off faster.
It’s simple, it’s easy, you won’t miss it, and you will be out of debt years faster.
