Articles: Get Out of Debt, Manage Your Money, and Live Debt Free

10 Ways to Pay Off Your Mortgage Faster

10 Smart Ways to Pay Off Your Mortgage Faster Looking to pay off your house? It turns out there are plenty of ways to pay off your mortgage faster!

Doing so can often cut YEARS off your mortgage and save you thousands of dollars in interest.

So who wouldn’t want to save a bundle by paying it off a whole lot faster?

(Tip: Check with your lender to make sure there are no prepayment penalties before you start. Those penalties aren’t as common now, but it’s still smart to check.)

If the idea of owning your home free & clear is for you, check out these 10 smart ways to pay off your mortgage faster.
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What Is a Debt Management Plan and How Does It Work?

How does a debt management plan work? (And is it for you?) If you have a bunch of different unsecured debts, there are several ways to pay them off. For example, you might consider a debt management plan (DMP).

The plan can usually be used for credit card debt, small medical bills, and debts that are in collections.

I’ve used one myself many years ago. My ex and I set up a debt management plan for our credit card debt.

It did work for us, but if I’d known then what I know now, using a debt snowball would have been faster in our case. Of course, you don’t know what you don’t know!
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The Cost of Stress: A Confessional

The cost of stress, plus how to deal with it Let’s face it, this has been a stressful year for most of us. We’ve been going through a LOT.

If you’ve got debt, the stress is even greater — even if you managed to keep money coming in during a global pandemic.

It can end up creating a turning point, but the thing is, the cost of stress is high. Emotionally, physically, and monetarily.

How the 50/30/20 Rule of Thumb Works for Budgeting

How to budget with the 50/30/20 rule Wouldn’t it be nice if you could budget without a lot of fuss? The 50/30/20 rule of thumb can help you do exactly that.

Using the rule helps you to quickly see both where you stand and where you may need to adjust. It’s an easy way to get a big-picture view.

What is the 50/30/20 Rule of Thumb?

The 50/30/20 rule is a simple way of budgeting. To use it, you put 50% of your after-tax income toward needs (aka must-haves), 30% to wants, and 20% to savings (and debt). Like all rules of thumb, it acts as a broad guideline that works for many people.

It was created / made popular by Elizabeth Warren (yes, that Elizabeth Warren) and Amelia Warren Tyagi. They call it the Balanced Money Formula in their book, All Your Worth.

Warren & Tyagi point out that comparing your spending to the rule “helps you flag when something is wrong, and it shows you where you need to take a closer look at your money choices.”
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