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Paying Off Mortgage vs. Investing: If You Plan Right, You Could Be Lucky Enough to Have to Make that Choice

If you had to come up with a marquee match-up of personal financial question heavyweights, "paying off mortgage vs. investing more” would be a pretty good one to start with. It’s an old dilemma, and a tough one. Your mortgage is one of the biggest debt you’re likely to ever have, and almost certainly represents the single biggest monthly expense draining your bank account. Paying off a mortgage early is the dream of every homeowner. However, considering how big most mortgages are, it’s unlikely to take just a few years to get rid of it, so maybe it would be better to let it ride for the amortization period and focus more on investing to grow your personal savings right now. There are proponents and supporters in both camps, and both options have their benefits and drawbacks. One thing is for sure though: if you’re in a position to be having this dilemma, you must have done something right with your personal budget.

Taking Control and Setting Goals

In fact, getting to the stage where you have to decide between investing more and getting rid of your mortgage early is a great personal financial goal to set for yourself. But how do you get there? Most people with a mortgage find themselves stressing about money more than almost anything else, and between that and all the other monthly expenses, it can feel hopeless to try anything other than just making ends meet. The best way to take control of your personal finances is to understand them, and the best way to do that is with personal financial planning software. Simply inputting your monthly income, expenses and a few other pertinent details, a robust personal accounting program will be able to show you exactly where you could be saving more money, and how to plan for a future that is both debt-free and savings-focused.

Run the Numbers, Make a Plan, Follow Through

Feature-rich family budget planning software will allow you to ask hypothetical questions like "how much can I save by skipping my second morning cup of coffee” or "how long will it take me to be able to pay off my credit cards if I pack a lunch each day?” By putting all the numbers in front of you, your personal finance program will let you discover more than you ever thought possible about your own financial situation and future. Once you see how easy it can be to save significant amounts of money, you’ll be on track and motivated to get where you need to be.
If deciding a winner in the "paying off mortgage vs. investing more” title match is one of your personal finance goals, one of the best ways to reach it is with the help of reliable personal account planning software. Seeing your current situation, planning for your future and staying motivated and on-track are the keys to success in the personal budget planning game, and with the right tools, you can make that happen.