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.
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.
Versatility is often crucial in home furnishings. You never know when you might need to move a piece or rearrange your whole layout at the last minute to accommodate guests.
So take a step back and assess: How versatile are your home furnishings? If they’re lacking in flexibility (or if you’re planning to furnish a new house in the near future), make sure to work these multipurpose pieces into the mix:
Side Tables: A pair of side tables gives you a place to set drinks in the living room. But they can also offer quick, easy and accessible storage, keeping your space from getting messy and cluttered. You can use side tables to hold your belongings next to your bed too.
Simple Dressers: Use them for clothes, linens and blankets in a bedroom or hallway and for towels in the bathroom. You can hide a dresser in the closet if you’re not keen on their aesthetic but still need the storage space.
Slipper Chairs: These simple, upholstered pieces are lightweight, easy to move across the house and great for entertaining. Pick a neutral color so it won’t throw off your design scheme when moved around. They can be kept in the bedroom, living room or dining area.
An Ottoman: It can be used as a footstool or seating in a gathering space. Get one that can also serve double duty with storage capabilities. Opt for one that can be used as a coffee table to really make the most of this piece.
When you’re buying new furniture for your home, think beyond its initial and immediate use. Could you move it to other areas of the house? Those are the furnishings worth investing in.
Do you need help financing a home makeover? Have questions? Get in touch today.