– Do not buy too much house; and if you have, consider downsizing
– Automated Overpayments
– Refinance to a lower interest rate
– Swap expenses: Cut recurring expenses and reassign to your mortgage as overpayment
– Tax refund: Use your tax refund check as a lump sum extra payment
– Renegotiate recurring expenses (E.g. Insurance, phone bills, grocery budget) and reallocate savings to your mortgage
– Bonus from work
– Pay raise – Get a new job or pay raise at work, but keep your expenses as when you didn’t have the raise. Allocate the raise biweekly or monthly overpayments.
– Use a biweekly/weekly mortgage payment schedule: this results in an extra full mortgage payment per year.
– Sell used or unused items around the house
– Start a side hustle and assign the income directly to your mortgage
– Buy a rental property and commit the profit from the rent to your mortgage-
- Rent out a portion of your house (rooms, garage, or whole house) on websites like Airbnb, Homeaway, and use this rent as additional payment towards your mortgage