How to have more money available to pay my mortgage?

14 Nov

For many, controlling and reducing fixed household expenses is one of the most complicated tasks that exist, because they do not know where to start or what types of expenses to cut. However, with the right advice, cutting household expenses is not an impossible task. So if you want to know how to have more money available for the most important expenses like your mortgage, here we show you how to cut everyone else, pay attention!

Without a doubt, the mortgage is one of the most important expenses of our economy. When a mortgage is contracted, it becomes the largest expense we have and, no doubt, our income is limited. For this reason, it is important to learn to reduce other expenses and have as much money as we can to pay off the mortgage and for other possible unforeseen expenses or emergencies that we have to cover.

So if you find yourself in this situation and want to learn how to reduce the other expenses of your home, you came to the right place! Here are the vital tips to have more money at your disposal.

 

1. Sort your expenses by sections

expenses loan

The first thing you should do to know where you can cut your expenses, is to classify them. Make a notebook and divide it into four sections: survival, cultural, optional and extras. In the survival section enter all those fixed expenses that you cannot stop paying per month: the mortgage, the expenses of food, electricity, water, internet, insurance, etc. In the culture section enter any expenses related to education such as training, book purchase, online courses, etc.

Now, in the optional enter all those expenses that you can or cannot do per month such as buying clothes, cosmetics, discos, trips to restaurants, etc. And in extras add any unforeseen or craving that may arise, such as that chocolate that you crave in the store for example.

Classifying your expenses in this way will allow you to be constant and reduce the expense in what you are considering month after month, because you will realize what percentage of your income you really spend in the optional or extra section for example.

 

2. Save on survival expenses

2. Save on survival expenses

Once you have classified the expenses, start to see what you can reduce in each of your sections, starting with the survival ones, which are undoubtedly the most difficult to reduce, but not impossible. For example, you can opt for a much cheaper internet, cable and telephone plan than you already have, that is, you should not be seduced by the latest offers and that variety of channels on the cable. Always try to value what you need and do that for a while, you will see how you save on your bill every month.

With water and electricity try to lower the fee, that is, make the purpose of using less water or turn off all the lights that are not being used in the house. Although the reduction in your bill is not much, you will see how it makes a difference.

 

3. Reduce cultural expenses

reduce home expenses

In the same way, opt for cheaper plans or options to reduce the expenses of this section. That is, instead of buying physical books, why don’t you opt for digital ones for a while? They are much cheaper.

 

4. Eliminate optional or extra expenses

4. Eliminate optional or extra expenses

These are undoubtedly the sections that you can eliminate or reduce as much as possible. For example, choose to eat at home instead of eating out; choose not to buy those chocolates or that coffee that you crave so much every day; Choose not to buy thousands of pairs of shoes of the same color.

Reducing ant expenses like these is vital so that you can have more money available for expenses that really matter and so that you don’t get too tired during those months or years in which you are paying your mortgage.

Finding the ideal home is not a simple task, but applying and getting the most suitable mortgage if it can be. If you need more advice on the subject, do not hesitate to contact us! We invite you to click on the image below to learn more about mortgage loans and achieve your immediate goals.