My husband is a penny pincher and that is great. He has helped our family pay off our house in 3 years. The trick is paying separate to the principal and the amount will drop fast.
We have vegetable gardens and can or freeze over half of what is grown. We save anything that can be recycled and take it monthly to the recycle area. We went to Disney World and brought our own PB and J with snacks and drinks to save us lots. We only go on one trip a year which is usually 1-2 nights. We do not go out to each much either. I buy big cans of fruit and split it into little reusable containers for the kids.
By jennifer from NC
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I love the fact that your husband is a penny pincher, you have your house paid off, tell me how you did it, that is paid off your house in 3 years.
Please post so we can all read how you get the mortgage holder to allow you to do that? Do you pay the regular mortgage payment and extra which you ask to be applied to the principle?
Please post so we can all read how you get the mortgage holder to allow you to do that? Do you pay the regular mortgage payment and extra which you ask to be applied to the principle?
Some mortgages are written up in that there is a penalty if you pay off early. Just check to be sure. Don't know much about the cost of the penalty; just know that there can be in some instances. In any case paying the penalty may still be cheaper in the long run that the interest.
Principal is your pal or the main part of something such as the mortgage. Principle is a rule-le in rule, le in principle. Note spelling for a better educated America.
I see this is a rather old post, but if anyone is still reading... I pay my mortgage on-line, and there's a separate place for paying extra, or principal only.
You have to be sure the bank understands that you're paying on the principal, or they might just apply it to your regular payment. Paying more on the principal means that you still have to make the next month's payment.
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