ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Practical Tips To Mortgage Reduction, How To Pay A Mortgage Early

Updated on February 23, 2014

Be Mortgage Free

Looking for best practical tips to mortgage reduction? In this article in how to pay your mortgage off early, we have recommendations that hope to help you with this.

Reducing your mortgage is the pathway to freedom and through these tips, we hope that you will eventually become mortgage free!

So, why pay off your mortgage early when you have excess money to sqaunder on something else? If you have got this far, you will already know why mortgage reduction is important because you would have read my other two hubs in the series.

Check these out at the bottom of this article..

Are You Really Serious? Hold On - Priorities!

So you are serious. You want to pay your mortgage early and you want to start straight away. Wait. You really need to be sure about this because, as stated, it requires a change of mindset. You will need to re-think your priorities in life.

Before You Attempt To Reduce Your Mortgage - Have You Any Other Debts?

Before you start, you need to work and think about other debts. Have you any other outstanding debts that need to be addressed? These include credit cards, bank overdrafts and other financial commitments such as car loans. If you have these, you need to focus on clearing those debts off first. This is because there is probably a higher compound interest rate than your mortgage. In order to make efficient use of money, it is best get rid of these debts first. I think you are better clearing the debt than saving the money.

Where Are You In Your Life? Prioritise What Is Important!

If you are in a strong position and you only have your mortgage debt, I then suggest that you first access your aspirations and desires. This will help you prioritise what you feel is important and how you will feel if you have to sacrifice something that you just can't do without.

Where are you at your life? For me the benefits far outweighed the sacrifice because I value security. I have two children and I have lived in the insecure world of renting where others have the power over the roof of my head, so this wasn't an issue for me. To pay off my mortgage was a goal to freedom!

Can I Tempt You ... This or Mortgage Reduction?

Blow Your Future Security on a Cruise
Blow Your Future Security on a Cruise

A Budget for Essentials

It is helpful if you write a list - perhaps even use a spreadsheet - and work out your out-goings. These will include ESSENTIALS to life, for example, mortgage, food, clothing, utilities, local government taxes and expenses that are essential for work. Forget that Starbucks caramel latte treat - that will have to go! This has to be the bare minimum to survive in order to keep making a living.

Once you have done that, see what you can trim down. Can you knock off some money from that shopping budget? What about clothes? Do you really need more? Maybe you can use old clothes and turn them into something else? I wrote an article about charities and there is a rather useful video embedded in it that might give you ideas. Why don't you check out an English Traditional Charity Shop!

What about using other forms of transport - busing, lift sharing or walking to work. Do you really need a car, for example? Of course this is individual as regards to what work you are involved in and location, but I just wanted to give you some food for thought in trying to find other ways of cost cutting.

Now you will have a revised budget to contend with, you will need to stick to it. Remember this is the miminum you need to live on.

Create A Budget for Non-Essentials

Let us look at other things that you might cut back on. You need to make a list of costs of other non-essential items. Here are a few 'triggers' to get you started:

  • Luxuries
  • Holidays
  • Car(s)
  • Hobbies
  • Sports
  • Going Out

Now start thinking about what can go. For example, if you are a regular with friends at the local fish restaurant - why not party at home? Create your own food and entertain there. This would create lovely evenings and would not put you out of the social loop.

As another example, what about that golf membership? Do you really need it? Yes, you love your golf but what about paying as you go - use it as a treat rather than a right. If you use the golf as a way to network, this is an expense, so why not charge it to the business account? Just a thought.

The aim here is to try and get you to open your imagination to other opportunities, ones that are less costly. Holidays might include camping, for instance, rather than a trip to Paris. You don't have to give up these, just budget them and be more frugal. Mortgage reduction doesn't have to be painful, just imaginative. Find ways of living a life whilst creating security for your future!

If you read my other articles on 'How To Pay Mortgage Early', then you will know that for every £1 spent at the beginning of your mortgage, equals to £3 by the end, on average, look at how much you are saving in the long run. Keep this in mind when you feel the impulse to buy that convenience snack because you feel peckish and didn't plan for that eventuality.

Don't Be Fooled By The Supermarket Trolley

Off Your Trolley!
Off Your Trolley!

Mortgage Reduction is all About You!

Yes, it is all about planning - it is all about you! This is where you have to get real with yourself. You need to know your weaknesses and your failings. Once you are aware of your pitfalls, you can plan for eventualities. In the long run, this will help with your mortgage reduction efforts.

Plan your meals, for example. You might not feel hungry when you make up your lunch in the morning, but by lunch time, you will be pleased you put in the effort. Munch all you like at the desk! Take a flask of coffee or drink with you. Maybe some snacks if you are prone to feeling hungry at certain times in the day. Yes, mortgage reduction is all about planning lifestyle - it is all about you!

Learn about little tips that only you know will be able to help you. Tips like don't go supermarket shopping before you eat - have dinner first! Cravings and hunger can effect the wallet! I have made sure that I don't do that and now it is 'normal' for me to do.

Avoid the special offers - just get what you need on your shopping list - you do have a shopping list, don't you? Well, this is a good idea and even better to plan your weekly meals. I have learned to avoid the temptation of the special offers, unless it is one of the items that I actually use regularly! You often find it is the junk food that is on offer, anyway, and that is no good for you - just different combinations of bread, sugar and fat!

I will give you an example of how I shop for bargains. Now, I love Tesco's Finest Smoked Salmon. This is quite expensive, ordinarily, at £2.49 for a 125g piece. Now, I wait for it to go on special offer, or until last thing in the day, if it hasn't sold. I am willing to pay £1.25, no more - I would rather go without! When it is on special offer at the price I wish to buy it at, I will bulk buy it and stick it in the freezer. If it doesn't go on special offer, I will buy something else - smoked kipper, for example, is a cheap but tasty fish! I will not be beholden to the supermarkets. If everyone was like me, they would have to reduce prices! Sorry, I digress, but I hope you get my point here.

How To Pay Mortgage Early Is A Methodology That Is Individual

It is easy for someone like me to give my practical tips to mortgage reduction because my tips are about me! However, I am aware that we live in our own realities and people have very individual views brought about from very different experiences. How to pay mortgage early is a methodology that we can make sweeping black and white statements about. But it is more about individuality, knowing yourself, your limitations and your weaknesses in order to become successful in this. Now for some more tips, please take a look at the below video to whet your appitite. I hope you have enjoyed this series of articles and I wish you well in your journey to mortgage freedom!

© This work is covered under Creative Commons License

Martin Lewis... Brilliant Practical Tips To Budget


Use this article at your own risk. This article does not give financial or mortgage advice, neither does it give legal opinions.  Any action or outcome that may result from this article is the sole responsibility of the reader.  This and all my articles assumes no responsibility or legal claim against them.


    0 of 8192 characters used
    Post Comment
    • shazwellyn profile imageAUTHOR


      9 years ago from Great Britain

      Mike, it wasn't easy. However, if you consciously focus your mind on what is important, then you can give yourself order. I love money saving tips - we all need to learn to be prudent and over ride our base instinctual desires. Thanks for reading Mike, I hope it has been helpful to you:)

    • Mike Lickteig profile image

      Mike Lickteig 

      9 years ago from Lawrence KS USA

      Sound advice and it is easy to see how you managed to pay off your mortgage. You have a very practical grasp of what is needed to be done. Thanks for your insights.



    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)