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An Interest-Saving Meal Plan

Save-a-Dinner-Mortgage-Plan47% of Canadians say eating out less would help them save more.¹

Sounds logical. Frequent diners can drop $100+ a pop at a decent restaurant.

But what if that same $100 was redeployed, once a month, as a mortgage prepayment?

The result is appetizing in its own right.

A standard $200,000 mortgage is paid down 13% quicker—in just 21.75 years instead of 25 years.

Of course, once you pay off the mortgage you can take your payment savings and eat out 10 times a month if you really want to…or not.

¹ Source: ING Direct Poll. ING’s survey also included a few other sobering statistics:

  • 36% of adults state that they don’t save any money on an annual basis.
  • 54% claim to live paycheque to paycheque.

If this is you, rent till the cows come home and save up a 4- to 6-month emergency cash stash (not to be used for a down payment!). Your dream home will wait for you.

Rob McLister, CMT