Project Mortgage Payoff: How I Saved This Week (2024)

Project Mortgage Payoff: How I Saved This Week (1)

Each week I share how I saved money, hoping that some of these frugal ideas could be helpful to you.

Check out the Resources Page for tons of other money saving resources!

If you’ve read other How I Saved posts, feel free to skip down to the deals.

If you’re new, here’s a little background about why I share my savings…

You’d be surprised how much money you can save when you really put your mind to it. It’s the accumulation of lots of small choices and habits that dictate the path your finances take.

The money that you save might seem meaningless in small amounts, but it truly adds up. It leaves more money in your bank account that you can use to pay off debt, save for the future, or do more of what you enjoy.

I absolutely love saving money and wanted to start sharing how I save each week. Not to show off, but to hopefully demonstrate different ways to save and maybe inspire you to want to do the same.

I strive to save on groceries, eating out, clothes, gifts, gasoline, etc. You name it, and I want to save money on it.

My main motivation for saving money is to pay off our mortgage in the next 2-3 years. Every dollar saved is in honor of that goal.

We’ve paid off thousands of dollars in debt over the past couple years. Wouldn’t it feel so awesome to be completely debt free? And get to keep most of your paycheck instead of immediately sending it away to pay bills? I think so.

I thought I’d share how much I save each week by using my favorite savings formula: combining sales and coupons. Or whatever other ways I come up with to be frugal. Hopefully some of these methods can be applied to your life.

You can get caught up and read the rest of theHow I Saved posts here.

Related: Flat out broke? Try these 5 tips.

Here are my savings for Week 3 – January 15-21

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Grocery Savings:

This is the easiest way to save money. Each week, plan your shopping trip(s) based on what’s on sale. Then combine those sales with matching coupons to get the most bang for your buck. I always aim for at least 50% savings.

Related: Use one of these 5 easy meal planning strategies to make the most of your grocery budget.

I use coupon matchup sites to plan my deals. My favorites are Kroger Krazy, Meijer Madness,and Bargains to Bounty. They make it so easy by spelling out exactly what the sale items are, and which coupons to use. Such a couponing time saver!

The absolute best place to print coupons is coupons.com. It’s where I get all my printable coupons.

Here are the deals!

Project Mortgage Payoff: How I Saved This Week (2)

Meijer Shopping Trip:

These are just examples of a couple deals. I recommend checking out your local ads and finding online coupon matchup sites for your favorite stores to plan your shopping trip.

Meijer was running one of their 10 for $10, get the 11th item free sale. One of my favorite sales! There are hundreds of items included, and this week I purchased 11, including salad dressing, frozen pizza, refried beans, and even a loofah.

My favorite deals:

There was a printable and digital coupon for $1 off 2 Old El Paso items. I used it to get 2 cans of refried beans for 50 cents each. I hadn’t printed the coupon so I just used my digital coupon.

Last week when I was at Meijer, a coupon printed for a free Seeds of Change rice mix, so I picked that up too. Nothing beats free!

I have chicken and bell peppers in the freezer (that I vacuum sealed with my Foodsaver), so these items will make great side dishes to fajitas.

Related: Read how I save tons of money with a Foodsaver here.

Amount Saved: $9.54

Amount Spent: $8.79

Percentage Saved: 52%

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Kroger Shopping Trip:

Another Free Arla crean cheese digital coupon popped up in my Kroger account, so I grabbed one of those.

Make sure you check out the clearance sections at your grocery store, if they have one. In the freezer clearance, I got Sister Schubert’s rolls and Twix ice cream bars.

I had coupons for 75 cents off each of the rolls packages, making them 94 cents each, and I plan to use them to make little baked sandwiches.

I used Ibotta to get $1.50 off each of the Twix bars, making them 39 cents each after rebate! They’re dangerously delicious! I also used an Ibotta rebate for 25 cents off any item.

New to Ibotta? Sign up here to receive a $10 welcome bonus.

In the checkout lane, they had packs of Orbit gum on closeout for 69 cents each. I bought 4, and had 2 coupons for 50 cents off 2, making them 44 cents each.

Their eggs have been super inexpensive lately, and I got a dozen for 49 cents. That’s cheap eating, folks.

I also used Free Friday digital coupons for organic popcorn and Chobani yogurt (not pictured). Every Friday, Kroger has a digital coupon for a specific free item. You have to clip it that day, but you have 2 weeks to use it.

I also had a $2 off any shopping trip coupon that printed at the register last week.

Amount Saved: $10.92

Amount Spent (after Ibotta rebate): $2.91

Percentage Saved: 80%

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Aldi Shopping Trip:

Aldi is one of the most effortless ways to save money on groceries. You’re going to save 20-50% on most items there, compared to other stores. You don’t have to wait for sales at Aldi. Some items are a little cheaper during certain seasons, but everything is always affordable.

I buy many staple items there, or whatever else I need/want that I can’t get cheaper elsewhere. For the purpose of these How I Saved posts, I’m going to estimate a 30% savings (and I think that’s being conservative). I am saving money by shopping at Aldi, so it totally counts.

I got the ingredients to make a big pot of chili (except for beef and bell peppers, which I already had in the freezer), plus apples, turkey meatballs, and a few other things.

Related: Want to save money without coupons? Try these 5 tips.

Amount Spent: $12.82

Amount Saved (assuming 30% savings): $3.85

I use a collapsible shopping basket like this one for my Aldi shopping.

Gasoline Savings:

I actually didn’t need to fill my tank last week. Hooray!

Miscellaneous Savings:

Kohls: I’m part of their Yes2You rewards program, and they sent me a $5 coupon to use on anything. I paired it with the 30% off promo code (that I receive monthly because I have their credit card)to buy this cool marble stapler and earrings, both on clearance. I paid $8.31 for both. Ordered online with free shipping.

Project Mortgage Payoff: How I Saved This Week (5)

Disclaimer: When and if I charge things on my Kohls credit card, I ALWAYS pay it off when the bill comes. They have a crazy high interest rate, and I ain’t about that! I would not recommend getting their (or any) credit card if there’s any chance you won’t be able to or remember to pay it off immediately.

Goodwill: Twice a month, the Goodwill stores in my area have 50% off all donated goods. I definitely don’t go every month, but when I can, I try to stop in and see what they have to offer. I’ve gotten quite a few articles of clothing there over the years. I didn’t love any of the clothes this time, but found a few treasures in the book department.

I’ve been wanting a bread machine cookbook, and found a good one at Goodwill. I hopped on my Amazon app to read the reviews. It had great reviews and was selling for over $13 on Amazon. I don’t usually buy novels, but they had one of the books in the Shopaholic series. I own the rest of the books in the series, so I added it to my collection, and also picked up a funny book to give someone I know who likes funny books.

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All together I paid $3.71, including tax.

CVS: For some reason, CVS sent me a coupon for a free item up to $3. Since I can’t pass up free, I stopped in and picked up a free cuticle oil. Incidentally, it is quite hard to find something for $3 or less at CVS.

Grand Total Savings for Week 3: $24.14

I guess every week can’t be as great as Week 1 or Week 2, but I appreciate any and all savings I can get. It really does add up over time!

Total Savings Year to Date: $235.85

I realize not everyone is interested in going to multiple stores or bothering with coupons, but any money saved is helpful!

In case you’re wondering how we can eat so cheaply, we do have a lot of food in the house already. I have a fully stocked pantry and freezer thanks to years of couponing. I don’t just buy food for one week at a time. Also, we always eat leftovers for lunch, and we don’t have fancy tastes or particularly high standards.

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Don’t forget to check out the Resources Page for tons of other money saving resources!

You can get caught up and read the rest of theHow I Saved posts here.

What are your tricks for saving money?

Project Mortgage Payoff: How I Saved This Week (7)

Project Mortgage Payoff: How I Saved This Week (2024)

FAQs

What is a payoff quote for a mortgage? ›

A payoff quote shows the remaining balance on your mortgage loan, which includes your outstanding principal balance, accrued interest, late charges/fees and any other amounts. You'll need to request your free payoff quote as you think about paying off your mortgage.

How do I write a mortgage payoff letter? ›

Provide a brief overview of your intention to pay off the debt and mention any specific terms or conditions related to the loan or debt. In the main body of the letter, list any outstanding amounts or charges related to the loan, including any interest, penalties, or fees that may have accrued.

Is it better to keep money in savings or pay off mortgage? ›

Repaying their mortgage rather than investing the money not only saves the borrower the interest they would have paid on the mortgage, but it also frees up money that otherwise would have gone to monthly repayments.

What is the formula for mortgage payoff? ›

You can calculate the daily interest on your loan by multiplying your remaining principal balance by your mortgage rate, then dividing by 365. If you're paying off your loan on the 15th of the month, your payoff amount would be 15 multiplied by your daily interest amount plus your remaining principal balance.

Can you negotiate a payoff quote? ›

Does your lender negotiate payoffs? Your options depend on your lender and loan contract. For example, your lender may offer hardship payment options but no payoff negotiating. Start by checking to see if your contract or the lender's website specifies any policies about payoff amounts and negotiation.

How to negotiate a mortgage payoff? ›

However, there's a range of negotiation strategies you might try.
  1. Ask your lender to reduce your interest rate. ...
  2. Ask about forbearance. ...
  3. Work with your lender to create a repayment plan. ...
  4. Look into debt consolidation. ...
  5. Ask for a reduced, lump-sum payment.

What is 10 day payoff? ›

A 10-day payoff statement is a document from your lender that gives us the payoff amount to purchase your vehicle, including 10 days worth of interest. We need this document in order to finalize your trade-in or sale.

How to get a 15 day payoff letter? ›

To get a payoff letter, ask your lender for an official payoff statement. Call or write to customer service or make the request online. While logged into your account, look for options to request or calculate a payoff amount, and provide details such as your desired payoff date.

How do I request a payoff quote? ›

You generally need to request a payoff from the servicer to get a payoff amount. The servicer will then prepare the statement, which will include the total amount you owe and the date that the amount is good through. In addition, it will provide instructions on how to wire the payment or where to send a check.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals. Let's take a closer look at each category.

At what age should mortgage be paid off? ›

To O'Leary, debt is the enemy of any financial plan — even the so-called “good debt” of a mortgage. According to him, your best chance for long-term financial success lies in getting out from under your mortgage by age 45.

How to save while paying off a mortgage? ›

Open an offset account

A mortgage offset account is a savings or transaction account linked to your home loan. It can help you pay less interest because, every day, the money in your offset account is offset from the outstanding balance of your home loan before the interest is calculated.

What is the 2% rule for mortgage payoff? ›

The 2% rule states that you should aim for a 2% lower interest rate in order to ensure that the savings generated by your new loan will offset the cost refinancing, provided you've lived in your home for two years and plan to stay for at least two more.

What happens if I pay an extra $1000 a month on my mortgage? ›

Throwing in an extra $500 or $1,000 every month won't necessarily help you pay off your mortgage more quickly. Unless you specify that the additional money you're paying is meant to be applied to your principal balance, the lender may use it to pay down interest for the next scheduled payment.

How do I pay off my mortgage faster? ›

Here are some ways you can pay off your mortgage faster:
  1. Refinance your mortgage. ...
  2. Make extra mortgage payments. ...
  3. Make one extra mortgage payment each year. ...
  4. Round up your mortgage payments. ...
  5. Try the dollar-a-month plan. ...
  6. Use unexpected income. ...
  7. Benefits of paying mortgage off early.

How does a payoff quote work? ›

A payoff quote is the total amount owed to pay off the loan including any and all interest and/or finance charges. Payoff quotes are calculated to cover a 30-day period of calculated interest and/or finance charges. After that 30-day period a new quote is necessary for the correct amount required to pay off the loan.

Is the payoff quote higher than the balance? ›

Your payoff amount is different from your current balance. Your current balance might not reflect how much you actually have to pay to completely satisfy the loan. Your payoff amount also includes the payment of any interest you owe through the day you intend to pay off your loan.

How long does it take to get a mortgage payoff quote? ›

Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions.

How do you find the payoff quote? ›

For other types of loans, such as credit cards and auto loans, you may be able to obtain a payoff quote from the bank's website. You can also try contacting the bank's loan department for this information.

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