An extra $300 a month can give you breathing room. Deciding where to put it can be harder. Should you reduce your credit-card balance, build your savings, or contribute more to your 401(k)?
For U.S. workers in their 20s and 30s, capturing an employer match can be a sensible priority once essential expenses, minimum debt payments, and a small cash cushion are covered. But the answer changes if your income is unstable, you are behind on bills, or you may leave your job before the match becomes yours.
If you have a fixed rate mortgage, your lender most likely provides options that will allow you to pay off your mortgage faster without being penalized. By doing so, you will be able to significantly reduce the amount of interest you have to pay, and you will be mortgage free much sooner. What follows is a quick discussion on some of the most common options.
A lower mortgage rate will save money in the long run. Unfortunately, most people are stuck with high mortgage rates because of their down payment, credit score, location, and the type of interest. Fortunately, most lenders are flexible and can lower