Trying to save some money? As an experienced real estate agent in Northern Virginia, I have worked with my clients on strengthening their financial situation when it comes to household spending. Here are some simple ideas for adding some heft to your overall financial profile.
Pay Down Your Mortgage: You can save more than $63,000 on a 30year, $200,000 mortgage by paying just $100 more a month. Another technique is to make 13 monthly payments per year. Spread that 13th payment over 12 months and you will be on your way to retiring the loan principle.
Save 10 Percent: Put aside 10 percent of your income for long-term investments and retirement savings before paying any bills. Place the 10% in a high interest savings account like ING Direct or Ally Bank. By placing the amount in these online accounts you may be less tempted to spend the money while it is earning interest.
Track Your Expenses: Record every dollar you spend for at least one week. You’ll get a clearer idea of where your money goes and what you can cut back on. Most experts say that why you are watching each dollar, it is easier to keep to a budget instead of wondering where your money went.
Energize Your House: Look for ways to make your house more energy efficient. You’ll save on heating and cooling cost and also help the environment. The government is offering rebate for installing energy saving items. Check your local area and be sure of any time requirements in which to complete the work.
Stay Home: Resist the temptation to eat out. Cook more meals at home. Instead of going to the movies, read a book or play a game with the family. Take a cooking class with your spouse and take turns cooking one meal each per week.
Don’t Rely on Credit Cards: Credit card debt can eat up your savings and your future. Start reducing your debt, and don’t buy anything on credit if you don’t have the money to pay the bill off promptly.
These are just few tips to fix your debt situation. When considering real estate or buying and selling homes, your credit situation will play a vital role in qualifying for a mortgage or home equity loan…at the best possible interest rate. When you see an advertisement for a very low mortgage rate, keep in mind those rates are for applicants with high credit scores.
Author Resource:
Jeanne Littlejohn is the author of this article on Homes for Sale .
Find more information about Fairfax Real Estate here.
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