If you pay more than one extra payment, the number of years will decrease even more. Since this additional payment will be applied only to the principal and not the interest, you end up saving thousands and thousands of pounds on the Total Amount Repayable.”

Only do this if you can afford it. If you’re already short of cash, paying off your mortgage faster doesn’t make sense.

Do your budget planning and make sure you can handle the reduced disposable income before you go ahead.

If you have other debts that charge a higher interest, you are going to be better off by paying those off first.

At the moment I am snowballing an overdraft and 2 credit cards and I am not doing the 13th month until those 3 are cleared up. I use my 13th mortgage payment to actually pay these off faster. I use the monthly increment and add it to the snowball payment.

If you have all the money you need, then this is a great money saving tip.

Even more so with the constantly rising gas prices, ever increasing food prices and general mayhem in the economy.

But are there ways to save money?

Ideally without becoming a complete hermit.

Check out these ideas to save money easily:

1. Reduce your credit card usage

You’ve probably read that you should quit using credit cards altogether. But let’s get real here, cutting down on using credit cards will likely be OK. Gradually, you should be looking to cut your credit card debt, if possible to zero. Find out the highest rate you’re paying and start with that card. And if you’re offered the chance to swap some of your balance to a zero interest card to help you do this, go for it.

2. Economize on your purchases

Most grocery stores have an own label that are often all but indistinguishable from the brand leaders except for the label. Give them a try next time you shop. Don’t rule out the really low cost “value” lines either – some of them are pretty close to the regular lines. Other lines (like watery tuna) are not, so be careful the first time you buy these in case they’re a waste of cash.

3. Shop less often

If you use things regularly then bulk buy when it’s on offer. Boring stuff like toilet rolls, canned foods, etc. And if you have to make a shopping trip, make sure you’ve eaten first. It sounds daft, but you won’t make as many impulse buys this way.

4. Stop impulse buying

Ouch. These are getting harder to do! If you’re prone to impulse buying, leave your credit cards at home and tell your shopping friends they aren’t allowed to subsidize you “until you get the cash out”. If that seems like a complete impossibility, take a break from shopping completely – go cold turkey if need be, but quit shopping for a while, no matter.

5. Get help

Talk with friends – they have likely seen a pattern develop where you go into auto-pilot and just buy things. Maybe you comfort shop. Whatever, find out and work on it.

You can also use an inexpensive hypnosis track to help change yourself to save money. Download it now and listen to it as soon as possible. Get your save money hypnosis track here.