mortgage savings.

[karone]

got this tip in a email:
CARD TRIGGERS MORTGAGE SAVINGS

I made myself a memory trigger and it is saving me truckloads on my mortgage.
We have just bought a house and want to pay it off fast. So to inpire us I
did some simple mortgage calculations using Excel and worked out how long it
would take us to pay out our loan and how much money we would save if we
paid an additional $20, $40, $60, $80 and $100 per week. Then I put it all
on a card.

I printed off heaps of these cards and put them in our wallets (to stop
impulsive shopping), in the car (to stop takeout), near the phone (to
reduce bills), on the fridge and next to our shopping list (to reduce luxury
items). It has been great!

These cards have inspired us to pay off an extra $60 per week which will save
us over 11 years and $124,000!

These are the details from my card:

$20 extra saves 5 years 3 months / $60,000
$40 extra saves 8 years 9 months / $97,500
$60 extra saves 11 years 3 months / $124,000
$80 extra saves 13 years 2 months / $144,000
$100 extra saves 14 years 9 months / $160,000

http://www.simplesavings.com.au/

sry if this isnt in the right place.

[luv-my-lexi]

Great idea Karone....I think I am also going to print off some cards like that to keep me inspired. Thank You.

[sdrjeolsen]

I got it too, thought it was a great idea...made me want to crunch some #s here.

[karone]

ur welcome. we are renting right now but we might do this later on when we look for buying a place.