Well yes, anyone can reduce their mortgage by thousands of dollars, and this is not a
secret. You can reduce your credit cards altogether as well, you can quit buying 52" TV's
and the list goes on and on. The key word to doing any of the above is discipline with your spending habits, especially in the North Okanagan of B.C. Canada. But with all the increases in the cost of living, sometimes it is the little things that bring a bit of pleasure or reward for all the hard work we do. With gas prices on the verge of soaring through the roof, water priced up 30%, grocery prices rising monthly, and even clothing costs especially cotton items, just to name a few, it begins to catch up on your "extra money".
Yes you can take a lunch instead of buy a lunch, bike to work instead of drive to work,
busing to work will save you on parking fees and auto maintenance, all these ways can reduce your expendable income in small increments.
Well here is a tip for those who have the discipline to not spend money on luxury unnecities, if you were able to add an extra $100 a month to your $250,000 mortgage at 6 per cent amortized over 25 years, you would save $32,640 off your mortgage and chop 3 years off your amortization. Well that is a serious amount of money. Of course many will say "who has a $250,000 mortgage"?
So it all boils down to "Do I want to enjoy some pleasures while I am paying of my 25 year mortgage, or do I simply want to be debt free"! The stress of keeping up with a home and repairs, and upgrades seems enough to deal with, take away the few new things that makes you feel it's all worth while, and well life becomes just work and no pleasure.
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