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“Pay Down Your Mortgage.” Advice to Follow, and Here’s How to Do It

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"Pay Down Your Mortgage.” Advice to Follow, and Here’s How to Do It

 
One of the most common instructions given to homeowners, particularly new homeowners, is to pay down your mortgage. Advice like that, while unquestionably sound and reasonable, is almost always easier said than done, and if you’ve just financed your first home, it can feel like a herculean task. Your mortgage probably represents the biggest piece of personal debt you will ever incur, and your mortgage payment is likely your biggest single monthly expense. You know that being rid of it would not only feel good, but it would have a tremendous positive impact on your whole personal financial outlook. So how do you do it? It may feel like you’re at the bottom of a mountain being asked to scale to the summit, and the basic steps to get there are similar: get the right equipment, make a plan and keep moving forward until you reach your goals.
 

The Right Tools for the Job

 
It used to be that personal accounts records were kept in large, dusty ledger books. Files had to be meticulously organized and stored; piles of receipts, invoices, bills and other records needed to be saved and protected for damage. It was an arduous process. Thankfully, with the right piece of personal accounting software, your financial status is available at the push of a button, any time. Keeping up to date is easy, and all records are kept safe and sound in digital format. The more robust and feature-rich personal financial planning programs will even be able to run different simulations and scenarios once you input your monthly income and expenses, making it easy to get all the information you need about your financial standing.
 

Setting Your Sights

 
Once you’ve got family budget planning software working for you, you need to decide where it will take you. Setting goals is the first step toward success, and the right program can help you do that, too. By comparing where you are now with where you’d like to be, and deciding how long you want to take getting there, you’ll be set up with a personal financial plan in no time and well on your way to your goal of paying off your mortgage early.
 

Sticking With It

 
It may seem like this is the point where you’re on your own and where no fancy technology will be able to help you. Of course, it’s true that even the most sophisticated and detailed plan is useless unless it’s followed, and ultimately, that’s up to you; there are ways to get help with that. One of the best ways to stay disciplined and motivated to follow your personal budget plan is to check in early and often. By using financial planning software to keep up to date on your progress, you can get real-time updates on your savings journey, and there’s nothing like seeing how far you’ve come to make your goals look that much closer.
 
"Pay down your mortgage.” It’s advice we could all use and would all do well to follow; with the help of the right personal budget planning software, it may be easier than you first think.

The Cardinal Rules of Finance

The Money Coach Guide to Financial Independence – the life you deserve starts with these commandments.

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I shall identify and eliminate any limiting beliefs that could "influence" my money decisions"

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I shall run my personal finances like a business

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I shall spend my money according to my values, goals and principles.

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