quips and tips for achieving your goals

5 Ways to Save Money Every Month While Paying Off a Big Mortgage

We’re doing both: saving money every month and paying off a big mortgage! These aren’t the little “stop buying lattes” money saving tips – they’re the big-concept ideas.

Some financial experts recommend paying off the mortgage before spending money on vacations, cars, or boats (my dream). But we don’t want our $300,000 mortgage to prevent us from enjoying life. So, we’re balancing saving money with paying off the mortgage — and I wanna share how we’re doing it.

Before the tips, a quip:

“Save a little money each month and at the end of the year you’ll be surprised at how little you have.” ~ Ernest Haskins.



Surely, he jests! I know that even if you save a little money every month, you’ll have a lot of money at the end of the year – even if you’re laboring under a mortgage. If your mortgage is more than the original price of your house, you’re not alone! Underwater Home: What Should You Do if You Owe More on Your Home than It’s Worth? is a bestselling book on Amazon.

How to Save Money Every Month When Paying Off a Big Mortgage

Stop buying crap you don’t need

Neither my husband nor I are spenders, so I admit it’s easy to save money every month. I just don’t get why people buy crap they don’t use, clothes they wear once, and piles of DVDs or CDs. Do you realize how much money you’re wasting on stuff that you’ll be taking to Goodwill or throwing out? Leave the crap in the store. Take that $20 or $200 and pay off your mortgage – or save money for a down payment for a house.

Get emotionally healthy and happy without spending money

Okay — I do know how fun and fulfilling it is to buy new things. I know that “shopper’s high” because I experience it every couple of years when I load up on clothes at Goodwill. Last time, I spent $60 and got a whole new summer wardrobe!

The thing is, I also know that spending money isn’t the only way to feel good. In fact, spending money may one of the least satisfactory ways to be happy because it requires a constant outflow of money. Then you’re dealing with debt, financial stress, and relationship conflict.  If you’re an emotional spender (you shop to avoid stress or sadness), I want you to find other ways to be happy.

That’s how to save money every month – even if you’re paying off a big mortgage! Get emotionally healthy and strong.

If you want to save money every month but can’t stop shopping…

I love this tip for saving money every month, from the founder of Mint.com:

“So you don’t really need another pair of jeans, but you eyed one that costs just $60,” says Aaron Patzer. “Inexpensive, right?  That depends on how you think of it.”

He says that if you earn $15 an hour, you’d need to work for 4 hours to pay for those jeans. Are those jeans worth 4 hours of your time? My sister has over 100 pairs of blue jeans, and she wears exactly 2 pairs of them. What the hell is wrong with her? I don’t know…but I do know she won’t be paying off her mortgage in the next 25 years.

Get the chisel out, and carve out two ways to save money every month

There are clever money saving tips everywhere: the internet, books that describe how to pay off big mortgages, your rich old grandpa, on placemats at funky restaurants. Instead of overwhelming yourself by trying to implement all the tips you read, pick two a month. Focus on making those two ways to save money a habit. In a month or six weeks, find two more money saving tips to work on. This way, you’re not overwhelmed with a gazillion ways to save money from a gazillion different places.

Have you learned how to attract money into your life? Read Money and the Law of Attraction – 4 Ways to Attract Wealth.

Get a grip on your weaknesses

What’s really holding you back from paying off a big mortgage, or saving money every month? For my sister and her ocean of jeans, it’s low self-esteem and lack of self-confidence. Or maybe it was our poor childhood, or our trips to the food bank. The sooner she figures out why she’s blowing her paycheck on meaningless crap, the sooner she’ll save money – and the happier she’ll be.

How you spend, save, and waste money isn’t just a financial matter. Money is directly related to your self-esteem, childhood, and personality. It can wreak havoc, or it can be a source of happiness and joy.

How do you feel about money? What’s your money personality? Here are 4 Ways to Put Your Money Personality to Work for You – it’s an interesting read.

What do you think about these tips for saving money every month, while paying off our $300,000 mortgage? Comments welcome below…

2 Reader Comments

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  1. Thanks for your comment, Robby D! That’s my favorite tip for saving money every month when paying off a big mortgage :-)

    We have a big mortgage, and we still manage to save a few bucks every month. It’s because we don’t buy stuff we don’t need or want — like video games or books, which we can easily rent at the library.

  2. Robby D. says:

    I like your first tip the best: stop buying crap you don’t need. I don’t have a big mortgage but I saved money every month by not collecting the DVDs, gym memberships, car gadgets, and expensive sports equipment that I used to buy all the time.

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