When I meet with clients for Financial Planning, I always include the discussion of their mortgage. A mortgage is often the largest debt that one undertakes, and when planning for your retirement future, it is wise to consider reducing your mortgage principal. Here are a few strategies you may want to consider.
Make bi-weekly mortgage payments-it ends up being 26 half-payments instead of the standard 12 full payments.
Increase your mortgage payment-you can also increase the amount you pay towards the principal of the payment each month.
Make additional payments-Try making an extra payment when you can. If you have extra money at the end of the year, put it toward your principal.
You want to make sure you have enough cash to save for retirement and other financial goals.