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25 Days of Self-Care To Treat Yourself During The Holidays

Self-care is often overlooked. Especially this year, as stress and uncertainty has taken over a majority of our lives. Nonetheless, the concept of self-care is extremely important, as it helps encourage maintaining a healthy relationship with yourself and others.  With the holidays coming up, stress seems to consume us even more due to the pressures that accompany the holiday season — travel plans, hosting relatives and finding the perfect gifts for all your friends and family. So this year, gift yourself by filling your December calendar with some holiday self-care ! Below is a list of self-care ideas to get you started so you can nourish yourself for the holidays. Write Yourself a Love Letter An important aspect of self-care is being kind to yourself and practicing self-love, so start by writing yourself a thoughtful love letter. Write down things you love and admire about yourself, no matter how big or small they might be. If you are in need of a place to begin, check out this prin

How to pay off your mortgage early

Mortgages - you can't live with them, and you certainly can't live without them. The psychological stress associated with such debt is tough to bear for most people. Additionally, most people wish to reduce the interest rates connected to their mortgages. It's more than likely you feel the same way! But what to do if you've already asked your mortgage broker for a better deal and they've not been able to provide it? Pay off your mortgage early. There are different ways you can accomplish this. Be wary; these tasks will require dedication, patience, and hard work. However, by the end of it, you will free yourself from the grasp of mortgage fees sooner than you may think.

Things to keep in mind before paying off your mortgage early

Before reading on, you should familiarize yourself with the following points.

  1. Prepayment Penalty

Depending on your loan services, you may need to pay a prepayment penalty. You will be charged a specific fee if you pay off your loan ahead of the predetermined schedule. Consult a financial planner to see whether this fee is insignificant compared to the benefits of paying off your mortgage early.

  1. Restrictions on additional payments

Even if you may have quite a hefty sum of savings you could use for additional mortgage payments, you may not be able to do so. This is because some loans have terms that encourage you to stick to the payment schedule they've set. If this seems confusing and you require help, contact a mortgage broker or financial adviser for assistance. Whether you're moving or financing your mortgage, Spyder Moving recommends consulting professionals if you are unsure of what to do. Educated and trained professionals will give you the best advice and bring you one step closer to the chance of owning your home sooner!

A slew of papers on a table with two people going over them while in an office setting. 

Professionals will go over your mortgage plan and give you the best options for your current situation.

Consider your current financial situation

To know what you can do to pay off your mortgage early, you must understand your current financial situation. You can do it yourself, with the help of your loved ones, or you can ask professionals for help. Consider your various streams of income, the amount of money each one provides, and all the expenses you must cover each month. However, be sure to take into consideration future changes that may occur. For example, if you plan to become a parent, your financial situation will change dramatically. Consider changes that you can foresee and those that may occur in the future.

Rethink ways you can save money

If you have decided to pay off your mortgage, you must be prepared to find new ways to save money. If you plan to move, start by cutting moving expenses. Saving money when moving is possible if you know just what to expect and do. Another great idea for saving money is substituting eating out for eating at home (or packing your lunch).

Additionally, check your grocery list and take out items that are not necessary. Be sure to consider the nonessential expenses you can reduce. And, if all else fails, get creative with the ways you can save money. Ask your loved ones for tips or utilize available online sources to find ways that work best for you. You will cut down on the years needed to pay off your mortgage.

Do not worry if the amount of money you can save doesn't seem enough. Even small sacrifices can go a long way if you wish to pay off your mortgage earlier than planned. With just a $20 increase in your monthly mortgage payment, you'll be able to call your house truly yours a year sooner than expected!

A man in a black suit jacket and orange shirt holding a white piggybank. 

If you want to pay off your mortgage early, any amount of money saved would be pretty beneficial.

Put away extra payments whenever possible

Now that you have successfully assessed your financial situation and saved some money, be sure to put it away to use for extra mortgage payments. It is perfectly alright if you cannot gather enough funds for an additional payment each month. A few extra payments (or even one) throughout a year can be highly beneficial.

Keep in mind that you shouldn't waste unexpected influxes of money! These funds can be used as extra mortgage payments and can drastically decrease the time needed to pay off your mortgage. Even a simple bonus from work can do the trick if you use it correctly! Therefore, if you get any additional funds, keep your priorities in check and put away the money for a brighter and mortgage-free future.

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Make the switch to biweekly payments

If you cannot afford additional payments, you can switch to a biweekly plan. Biweekly payments are made every two weeks instead of the regular once a month. That means you would, for example, pay $500 every two weeks instead of $1000 every month. But will this simple change make a difference? Yes, it will.

You will have to pay 12 installments each year if you choose a conventional mortgage plan. On the other hand, a biweekly mortgage plan will result in 26 payments per year since there are 52 weeks in a year. These payments will be equivalent to 13 monthly installments you would normally pay, resulting in one extra payment a year! Be sure to check with your lender if such a plan is available and whether it requires additional fees.

A view of a key inside a keyhole on a wooden door. 

By making biweekly payments, you'll be able to pay off your mortgage early and take full ownership of your home.

Refinance your mortgage

If everything else fails, see if you can refinance your mortgage with your lender and mortgage broker. Refinancing is a perfect solution for anyone whose lifestyle and financial state have improved over the years. So, if you've been able to save significant funds when buying a house, this is a strategy you should consider! Refinancing reduces the time you have to pay off your mortgage, resulting in higher monthly payments. Despite this, you will be able to pay off your mortgage early with a much lower interest rate. 

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