A dollar a day saved me 6 months in mortgage payments

Written by: Andrew Turnbull

It doesn’t take too many money management articles to realize they all want to talk about the coffee a day principle. “If you cut out your high-end coffee each day”, there will be some benefit from going on an annual trip, to retiring earlier, to paying off debt faster. The principle is great – but what about a single dollar a day - can that have any impact?

What if I told you that a loonie a day extra on your mortgage would equal paying off your mortgage 6 months early? Sound too good to be true? It is simple math spread out over a long period of time which leads to this conclusion - every dollar counts in the game of mortgages.

My goal is to show you ways to get your mortgage working for you, with tips and challenges like this and many more. Next time you read an article that challenges you to cut out your morning coffee so your financial life can be that much better, get that coffee but don’t buy the donut - put that $1 on your mortgage and enjoy the 6 months of freedom you are buying instead.

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