How to pay down your mortgage without cutting back on essentials

It’s no secret that life has become more expensive in recent years. Inflation has likely made an impact on both your mortgage rate and your wallet. But there are plenty of creative ways to pay down your mortgage and save on your monthly expenses without cutting back on the essentials.

USE ANY EXTRA INCOME TO MAKE A LUMP SUM PAYMENT.

If you happen to receive a significant tax rebate or a bonus at work, consider putting the extra money towards your mortgage. Just be sure to check your mortgage contract or contact your lender to find out about your prepayment options.

DECLUTTER (AND GET PAID FOR IT).

You might be amazed at how many things you’ve accumulated over the years that could be worth a decent amount of money, from your child’s sports gear to home décor you’re no longer using. Whether you host a garage sale or post items online via Facebook Marketplace or virtual garage sale apps, put that extra earned cash towards your monthly expenses.

CREATE A RENTAL UNIT.

If you have a finished basement, you may want to consider turning it into a rental suite. While you may have to put some money towards creating a tenant suite, the investment could go on to pay some or all of your mortgage one day, depending on the area you live in.