In this post I talked about how I save every penny that is gifted to me and plan to put it toward my mortgage.
What I didn’t mention is that any time I get cash for anything at all – be it a refund from a returned purchase, a gift, someone paying me back for something – that money will be going toward paying off my mortgage as well.
I have been squirreling away the cash. At the end of last week I deposited the cash I have been saving into my bank account and had the money sent to my mortgage company. I am proud to say that I am $530 closer to paying off my mortgage. It is a huge chunk of change, no, but it will make a difference.
According to the Dave Ramsey Mortgage Calculator, making this one payment of $530 will only have me paying off my mortgage one month early, but will save me $1,936.06 in interest. Now that is a chunk of change.
I started squirreling away money again beginning with $20 that my aunt gave me to help pay for the food I brought to the family gathering for Easter. Hopefully I will be back over $500 again in no time.