How to Put your Money to Work

Money in your checking account is like a lazy teenager – although it’s around for everyday chores, you know it has so much more potential. Instead of hanging around doing nothing, waiting for your latest command, you would rather see your money hard at work and contributing to the family.

There are many ways to invest your money wisely. Options very from a simple savings account or interest building checking account to more significant investments with high rates of return. All these are popular and good ways to put your money to work. However, the money in your checking account is still somewhat ignored. Even the interest building checking accounts, although working, could certainly be doing more.

There are homeowners all over the country who have made a wise investment in buying property. Most own or will soon own some equity in their property that can be leveraged for cash via a HELOC (Home Equity Line of Credit). These equity lines are extremely valuable in their accessibility, much like a checking account. Checks and credit cards can be tied into one of these loans.

If you are a homeowner with a primary mortgage, you can use a HELOC loan to your advantage to get your money working harder than ever before. Your HELOC can be applied essentially as your primary checking account by having all your income directly deposited into this account. As usual, daily expenses can be made through the HELOC including payments on your 1st mortgage. But how is your money working harder?

Using a sophisticated software system, you can use the HELOC’s large money supply to your advantage. At optimal stages in the payment process, you can provide large sums of additional payments on principle using money you may not otherwise have available. Although this money is still a loan, you’re income deposit of a few thousand dollars each month will provide ample repayment. Money will still be available for bills and entertainment, meanwhile money not being used immediately will maintain a lower daily HELOC balance. With the right user friendly budgeting software, you can keep the interest charges as low as possible at any given time and spend your money cautiously knowing every penny is being applied toward your mortgage.

This system has helped many pay off their mortgages much faster, saving thousands of dollars in interest charges. However, this balancing act requires help to be truly effective or possibly paying even more in mortgage interest. Please click on my byline to find out more.