30 Pieces Of Financial Advice From Women For Other Women

From 401(k) plans to mortgage payments, get ready to make some waves in your own financial life.

6/12/2021 8:56:00 AM

From 401(k) plans to mortgage payments, get ready to make some waves in your own financial life.

From 401(k) plans to mortgage payments, get ready to make some waves in your own financial life.

18."Run an amortization schedule for whatever debt you are paying — school loan, car loan, home loan, etc. Make your regular payment, and an extra payment of the principal for that month.""If you can't afford it on all your debt, do it for the debt with the highest interest rate. This will pay off your loan in around half the time, and save you a significant amount of interest."

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—If you're considering applying this ~wonderful~ piece of advice to your finances, there are a few small things you should know first:amortization means paying equal installments over time.This can lower the life of a loan, which means you can save on those interest charges. You can use a formula to calculate your amortized monthly payments, or you can plug your numbers into

. Also, be sure to let your lender know that you want your extra payments to go toward principal, not next month's interest.19."If you can afford to, start putting extra repayments toward your mortgage from day one. It's especially important to do this in the first few years of your loan because the quicker you reduce the principal, the less interest you'll pay over the life of the loan." headtopics.com

Vera Kandybovich / Getty Images"Instead of buying cute stuff for my house or doing any unnecessary cosmetic renovations, I put all my leftover money (after bills and expenses) into my loan. I'm on track to pay off my house in 10 years instead of 30. This means I'll have way more financial freedom and choice about how much I need to work by the time I'm in my early 50s. I'm a single parent with two young kids so if I can do it, you definitely can."

—kristykristykristy20."If you have student loans, pay them twice a month instead of once. This way, you are tackling compounding interest faster. Usually by the end of the year, you’ve saved at least one whole payment."—rachels37321."To progress toward getting out of debt, pay as much as you can each month on your highest interest debt, even if it means you are only paying the minimum on your lower interest debts."

Tap to play or pause GIFTap to play or pause GIFNBC / Via"This advice was given to me by the CFO at my first 'big-girl job' and it helped me pay off $20K in six months after spending four years barely making a dent in my student loan debt."

—laurynk4257c98bb22."Once you’re done with your debts (except your house) start saving your money and learn how to invest wisely. Don’t put your money in something you don’t understand."—sarapm23."Have open credit accounts to help boost your credit score, but ALWAYS pay on time and DO NOT make purchases that you can't pay out of your bank account." headtopics.com

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Tim Robberts / Getty Images"If you have more than one card, cycle through them for purchases like gas or groceries, and pay that off right away. This helps keep your balance low (high credit impact) and your payments on time (also high credit impact). Fun or large purchases should be made only once the funds have been saved and are available. It is far too easy to put it on a card and say, oh, I'll pay that back later, and before you know it you owe over $10k. The shoes/TV/gaming system/whatever-it-be are totally not worth the stress."

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