How can you make an additional mortgage payment each year with minimal impact on your budget? That’s going to be the topic of one of our three listener questions this episode. So let’s go.
Here are the questions we answer:
- What do I think about biweekly mortgage payments?
- How much should be withheld to get us through retirement to death?
- If we are saving for various things (vacation, remodel, etc.), should we have separate savings account or one bank account? Should the emergency fund also be separate?
And here the Money Challenge:
Check with your mortgage holder to see if biweekly mortgage payments are an option. If they are, consider setting it up. Biweekly mortgage payments are a way to reduce the amount of interest you pay over the life of your loan.