Living in Vancouver, we all enjoy an occasional night out on the town. I definitely like to hit up some of the local hotspots to indulge in the finest cuisine this West Coast has to offer. I, on the other hand, also like to save money. Can there be a correlation between the two?
According to a study conducted by ING Direct Poll and posted by CMT, I'm not alone. In fact, 47% of Canadians are in the same boat. Eating out less CAN save you money. Now living in beautiful British Columbia, most nights' out will run you a tab of at least $100.00, and that's probably erring on the conservative side.
Here's a thought, one less night out a month will hypothetically save you $100.00. If you were to apply this $100.00 to your mortgage each month, the savings are astronomical over the life of your mortgage. Here's how:
*If you had a standard mortgage of $200,000.00 which was amortized over 25 years, this would be paid off in 21.75 years. All this by applying the additional $100.00 per month. In conclusion, this mortgage would be paid off 13% faster.
Of course you're making a compromise or maybe even sacrifice by staying home and dirtying all the dishes in your kitchen, but just think of all the nights' out you'll be able to enjoy once you are mortgage free. I am by no means advocating a "no fun" clause, but I'm sure we all can scrounge up $100.00 from somewhere and this could be just the solution.
Most lenders allow pre-payments of $100.00 or more, please contact me for more details. Your referral is the highest compliment I can receive so thank you for your consideration.
As always, I encourage you to contact me if you have any questions with your current mortgage or are looking for one. Please find me on facebook at Jason Nesseth l Mortgage Specialist l British Columbia and on twitter @jasonmortgages.
"Working with your for the life of your mortgage!"
Jason Nesseth with TMG The Mortgage Group Canada Inc. If you have any questions or comments about this blog, please feel free to call Jason at 604.375.7375, email jason.n@mortgagegroup.com or visit his website at jasonnesseth.com
*courtesy of Rob McLister, CMT