Who loves to pay their mortgage each month?


Just kidding, who likes to pay that bill?  No one!  It is usually the largest bill each month and it can be a struggle to come up with that large sum of money.  Fortunately, it is actually easy to budget for.

There are a couple ways to budget this bill and it depends on how you’re paid.

  1. If you are paid weekly you would divide the payment into 4 payments.  So for example if your mortgage is $2,000.00 you would budget $500 per week. When you get paid you can transfer the money into a savings account or withdrawal the money and put it in an envelope. If you get paid biweekly it’s still the same concept you would just put $1,000 away every pay day.  Either way, at the end of the month you will have your full mortgage payment.
  2. Now, what about the many people who don’t get a regular paycheck? If you live off tips or commissions, you can still budget for your mortgage. When I was a server and working off of tips, I would not spend any tip money during the week. It takes a lot of discipline but it can be done. I would pretend Sunday was my payday because it was my Friday and every Sunday I would put 25 percent of my mortgage payment in an envelope. If it’s too hard for you to not spend any money during the week, you can also do it daily. For example if you work 5 days a week you would put $100 aside each night into an envelope for your mortgage. At the end of the month you have your full payment.

These methods are very simple once you build the discipline and muscle to do it… and it will be a HUGE stress reliever knowing you will have your full payment put aside at the end of the month.

This article was written by Tia Armenta, Local Listing Pro & Realtor.  If you have questions about budgeting for your mortgage payment or saving money – Tia is an expert!  You can reach Tia on our Local Listing Pro web page, call her at 480.233.8317 or by email at Tia@LocalListingPro.com.

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