Blog Post:

How To Save Money And Pay Off Debt

How To Save Money And Pay Off Debt
© Outbound Engine
Home Finance
|
March 27, 2019

If you’ve got a mortgage, you probably want to pay it off sooner rather than later. But how do you do that when you’re busy just getting by? More importantly, how do you do it while also saving for the future?

It takes the right planning, tools and mindset. But paying off your loan and saving for retirement at the same time is an attainable goal. Start with these steps:

1. Use windfalls strategically. Are you expecting a bonus or a big tax refund? Don’t spend it all on new clothes or a fancy vacation. Instead, use that windfall to get one step closer to your goals. Put at least some of the money in a high-interest savings account, or use it to make an extra mortgage payment.

2. Make realistic savings goals. Everyone would love to have millions in the bank, but that isn’t always possible. Instead of shooting for the stars, set realistic, incremental savings goals. That way you can reach them while still supporting your household.

King Specialty Programs & Products

3. Create a budget. Planning where your money goes ahead of time can be super useful. You should create an overall budget, mapping out how much to spend on items like entertainment and groceries. Again, make sure the budget is reasonable for your family’s needs.

4. Find helpful tools. You don’t have to go it alone. Money-saving tools and budgeting apps can help you cut costs and save more. Best of all, they’re conveniently available on your phone.

When it comes to saving and paying off debts, staying the course is crucial. And you might even be able to make it easier by refinancing your mortgage. Reach out today for more information.

Content provided by Outbound Engine.

Posted by
KingFG News Panel
Related Post:
What it Means to Refinance a Mortgage
Specialty Programs & Products by KING
This mortgage program provides Savings Opportunities at closing for our Hero's and Community Leaders when they purchase a home or refinance a loan.
5 times Faster Than a traditional Mortgage
The TBD123 Program by King Financial is just how it sounds: To Be Determined. Secure your financing beforehand.
Available M - F, 9 to 5 & Sun. by Appointment
(972) 539-2500
"If We Can't Do It, You Know It Can't Be Done!"
Quick Quote