How to Save Money on Your Mortgage

The house with the moss green paint.Do you currently have a mortgage payment that you make each month? Have you ever figured out how much you will actually pay for your house after all the principle and interest payments over the full term of the loan? If you bought your house for $200,000, even with a 4% interest rate you will pay almost $400,000 over the 30-year term of the mortgage! What if I told you that you could reduce that by $100,000? Sounds too good to be true right? It’s not. In fact, it is fairly simple.

Saving Money on Those Pesky Interest Payments

Even with a low interest rate, you still end up paying hundreds of thousands of dollars in interest payments over the course of your home mortgage. But, whoever decided that a 30 year mortgage is the best way to go? What if you shrink down the time-frame of the mortgage payback? True, you might pay a few hundred extra dollars each month, but the savings on interest is phenomenal!

Think about it. When you decide to start investing in your company 401k, what is the most important thing they always tell you? To start early. Let the interest work to your benefit. When borrowing money, you need to think the opposite. To save on the interest payments, you will want to pay off your home as soon as possible. Instead of a 30 year mortgage, consider a 15 year mortgage. Or, if you are able, take a look at the 5 year mortgage rates in Canada. Not only will you be debt-free sooner (which will improve your cash flow each month), but you will also save a ton of money on interest!

Live Well Below Your Means

One of the more radical options that very few people think about is living well below their means. Instead of always buying a bigger and better house, why not downsize or live a little farther out of town? By owning a smaller house that costs less, you will obviously save money on your mortgage payments, but there are many other savings that go along with this as well:

  • Save on cleaning costs
  • Save on heating/cooling costs
  • Save on maintenance costs
  • Save on insurance costs
  • Save on priceless time!

By owning a smaller house, you provide yourself with much fewer expenses and let me tell you, it’s amazing. My friend bought a home a few years ago for just $75,000 and he will likely pay it off by the end of this year. The property is easily managed and is very cheap to heat and cool (with the smaller size). In a couple of years he will need to get the roof replaced, but since the roof is a fairly low square footage amount, a complete redo will only cost $5,000 instead of the usual $15,000+ for an average home. And, with a cheaper house, there is a lower cost to insure it. Finally, my most favorite advantage is time. With such an easily managed property, he can easily come and go without even thinking about anything. His time is priceless and enjoys the fact that he does not need to waste time cleaning and fixing a mansion.

So if you haven’t bought a house yet, step one is to buy one that is well within your means, then pay it off quickly and enjoy your life! You’ll likely learn to love your house and most importantly, you’ll love your life.

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Are There Really Any Reasons to Drink Bottled Water

One of the fastest growing businesses over the past 10 years has been bottled water. At first, it just seemed to be an unnecessary fad, and then it turned into a pretty nice convenience for those that enjoy hiking, camping, and exercising. After all, rather than having to find a drinking fountain or a clean stream, you could just pull out your bottle of water and know exactly what you’re drinking.

But then, it actually went far beyond just that. Bottled water companies have done a great job marketing their product and also in destabilizing our certainty in our very own tap water. I recently heard an ad that explained how clean and pure their bottled water was, and then they posed the question, “Do you really want to know what you’re drinking from your faucet?” They made tap water sound so bad with that question, but they of course didn’t back up that question with any factual evidence that proved there was anything wrong with tap water. So, today, you’ll not only see bottled water in the hands of everyone while they’re out on the road, but you’ll also see refrigerators stocked full of them! Is this really necessary? And this can’t be eco-friendly, can it?

Bottled Water is Just Water

While there are claims from every bottled water company that their water is the best and the most pure, their water is still just water, and is hardly any different than what we drink from our tap. But, by claiming that their water is superior, they are able to charge a huge price compared to your tap water. For instance, let’s say that you can find a bottle of water for $1. It sounds like a good deal compared to that $4 Frappuccino or your $2 soft drink, but that still leaves your with a cost of 5 cents per ounce, which equates to $6.40 per gallon. Do you know how much your tap water costs? About $0.01 per gallon. That bottled water is a rip-off.

Terrible For the Environment

Do you have any idea how much plastic waste is created each year just from bottle water alone? 1.5 million tons of waste per year! Not only are we overspending on the water, but we are loading up our landfills at record rates! You might be thinking, “But I thought that many of these plastic bottles are recyclable?” While this is true, the bottles actually have to be recycled in order to be reused. Many of the bottles are just thrown away (about 80% of them), and still others are just thrown alongside the road and into our streams and oceans. Overall, these bottles are not improving our environment. Nope, they are in fact hurting it tremendously.

So What Can You Do?

Quite obviously, the first step is to stop buying those plastic bottles. Instead, go to your local store and pick up a stainless steel water container. Fill it up with that tap water and you’ll not only be saving yourself a bunch of money, but you’ll also be saving the environment at the same time!

 

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What Do Career Colleges Have to Offer?

Anyone that wants to start a career or wants to move forward in their career knows that post-secondary education is an important part of that process. The days of landing a well-paid position straight out of university are gone, with more employers than ever looking for practical skills and experience. College helps you get the training you need to be successful. But what do career colleges really have to offer?

Of course, every college is going to be different but you may want to consider the following:

1. Training by Industry Professionals

Career colleges usually employ professionals that are not only trained in the field that they teach but also have real life experience. Sometimes it is this real life experience that enables instructors to impart the most important knowledge to their students. Instructors have actually worked in the field so they know what employers expect from staff, what skills will help you get the job, and what skills you need to move forward in your career.

2. The Best Learning Materials

Career colleges are committed to providing students with the most recent learning material possible. Sometimes that means the latest addition of text books but that can also include other media such as films, audio learning, and online learning. Other learning materials may include guest speakers that work in the industry and employ graduates and class trips that take students on location for personal observation.

3. Experience

Many career colleges are so committed to helping graduates get jobs that they are even providing them with the chance to get work experience. They do this through a practicum credit. Students that attend career colleges which offer practicums are able to work at a business that employs students who are trained in their field of study. Not only do they get to do the work that they have been trained to do but they also get a chance to work with professionals, build relationships, and sometimes they are even able to attend industry events and network.

As you can see, a career college might be the right choice for you if you are focused on learning the skills you need to launch a successful career. Canadian career colleges aim to get you working in your chosen field as quickly as possible, so you spend less time out of the workforce and more time making your new wage!

 

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