That's what motivates me too to
save money every month towards our next investment property.
Not exact matches
Putting an extra $ 100 a
month towards your debt does more than
save you
money in interest.
But there are lots of small, daily changes that you can make to help you
save money so that you have more cash to put
towards your student loans each
month.
This is because over half of your gross income is going
towards debt payments each
month, making it hard for your to
save money or handle unexpected expenses.
Instead, you could consider
saving a small amount of
money every
month on other expenses and use it
towards pre-payment over and above your EMI.
The
money we
save every
month usually gets invested
towards retirement or is used to pay down the mortgage.
In the current lending environment, with interest rates at an all - time low, now is an ideal time for you to refinance your mortgage and possibly
save thousands of dollars per year, enabling you to pay more
money per
month towards the principal on your mortgage as opposed to the interest — which, in turn, can help build equity quicker.
If you normally allocate $ 100 to dining out each
month, see if you can cut it down by $ 15, and put the
money you've
saved towards your emergency savings.
The median gross rent is just shy of $ 800 a
month, allowing for families to live here easily and even
save some
money towards a down payment on a home.
If you were to put the same amount of
money towards your student loan every
month, rather than every three or four
months, you would
save money in interest over time and pay down your loan faster.
In this example, the
money that is
saved on monthly payments can go
towards reducing the amortization from a standard 25 years down to less than 15 years just by increasing your payment by an extra $ 950 a
month.
YNAB's categories automatically carry extra
money over into the next
month, letting users easily set aside small amounts to
save towards larger goals.
This will be very helpful for you to
save money each
month and be able to use that
towards more productive purchases.
No matter how few income streams you have or how little you earn, efficient budgeting is critical, targeted
towards saving money each
month — the more the better.
:) I'd prefer to
save as much as I can of my own
money to put
towards buying my own personal house sometime in the next 6
months, rather than struggling to put
money down at that time because I spent it all now!