Savings Pledge Stories: The Prudent Patron on Saving on Mortgage Interest


Sometimes I think there must be a black hole in our budget where the extra money disappears, never to be seen again. Have you ever received a raise or finished paying off a big debt and thought you would now have extra money, only to find that within a few months you’ve gotten used to the additional funds in your budget? Now instead of it being an extra financial cushion, it is almost like it was never there. You know what they say, if you have it, you’ll spend it. When my little ones were finally out of preschool and we no longer had that monthly tuition bill, I thought the extra tuition money would make a big difference in our budget, but within a few months we quickly adjusted to the additional money and it seemed to fall into that budget black hole.

This week some money has once again found its way into our budget. We finally paid off our car! Although I am excited not to have that monthly bill, I don’t want to get used to the extra money again. This time I want to be smart and do something with that money right away. So, we have pledged to put the money we used to pay towards the car payment and apply it towards paying off our mortgage.

My husband and I have always dreamed of paying off our mortgage early. We’d love the security that comes with owning your home outright, but with 21 years left on the mortgage it felt like an impossible feat. However, this week we actually sat down and did the math.

If we pledge to send in our car payment to our mortgage company each month as an additional payment towards the principal, we can have our house paid off in only six years! That is 15 years ahead of schedule. Furthermore we will save $24,500 in interest! Sure we will be driving a rather old car in six years, but we will own our home free and clear before our oldest child goes to college. I will happily drive the oldest, ugliest car in town for that privilege.

The best part of this savings pledge is I already know we can afford to send in that payment because we’ve been doing it for years. Finally we are going to use money that would have likely fallen into the black hole to better our lives–and you can do it, too.

The next time any extra money works its way into your budget either through a raise or like us, a recurring payment ending, save that money immediately. You don’t have to have a grand plan to pay off your house like we do; you can invest that money in a savings account. You’ve been living without the money so you will likely never miss it, and you won’t believe how fast it can grow!

Don’t have any extra money coming your way? Make your own. and the 2011 DealPros want to help you achieve your savings goals. Make your own extra money to save by trying out couponing at the grocery store or working those drug store deals. Pledge to save money every week and let’s watch our investments grow together.

Brittany Ramos is a third generation couponer, a wife, a mom and 2011 DealPro. She loves to score a great deal and help people save money! Catch her money saving posts on her website,, where she helps others shop smarter and save more with coupons, frugal tips, hot deals and freebies and follow her on

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  1. ChuckG

    3 years ago

    Not having to pay rent or mortgage is an incredible feat. Just remember, that ugly car (as you described it) of yours isn’t the ugliest on the road. There’s always someone else who will beat you to that trophy.

  2. ThePrudentPatron

    3 years ago

    So true, thanks!

    Just a little update, we have set up automatic deductions to make our regular mortgage payment plus the extra payments each month. The payments have already started, so we are on our way to making our home ownership dreams a reality.

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