4 Savings Strategies to Pay Off Your Mortgage — Once and For All

It’s true. A mortgage is a marathon, not a sprint. But any marathon can turn into a sprint when you know the finish line isn’t far or realize your pace has been too leisurely.

Financially, there are things you can do to increase your pace, even without necessarily increasing how much you pay monthly.

1. Make Your Money Go Further

Make your money go the distance with a high-yield savings account, rather than settling for the stingy interest most big banks pay.

We like the Betterment Cash Reserve account. It’s a high-yield savings account that pays a whopping 5.50% APY (annual percentage yield) for new customers.

And no, they don’t try to take money back from you with fees. And it’s federally protected, FDIC insured up to $2 million ($4 million for joint accounts).

2. Invest your passive income

High-yield savings will only get you so far alone. You can invest your yields and add a welcome bonus to your investment dollars.

With SoFi Checking and Savings, you stand to gain a hefty 4.20% APY on savings when you set up a direct deposit or have $5,000 or more in Qualifying Deposits and 0.50% APY on checking balances2 — saving’s APY is 10 times more than the national average.1

Right now, a direct deposit of at least $1K not only sets you up for higher returns but also brings you closer to earning you up to a $300 welcome bonus (terms apply).3

We also like Sofi Checking and Savings because you can transfer passive income right into your investment account with the Sofi Invest app.

3. Making Money Online Sharing What You Know

We know — picking up a side gig is obvious. But is it work if you love what you do?

Consider being an online tutor. We all have certain subjects we excel at, things that just come easily to us. 

And with a need for virtually every subject somewhere, the internet can be a great way to find where you’re needed.

You can get paid to tutor students online. Take notes from this former teacher, who makes up to $75 an hour.

If you’re not sure where to start, we’ve rounded up a list of companies hiring online tutors.

4. Give Your Money the Cold Shoulder

One way to recalibrate your spending habits is to participate in a spending freeze.

    Step 1: Pick a month — or even year. Penny Hoarder Jamie Cattanach chose November in hopes of taming her holiday spending.

    Step 2: Don’t spend money on nonessentials during the freeze. Definitely still pay rent, your utilities — all those responsible grown-up bills — but don’t spend anything on entertainment, clothing or dining out.

Sure, it’ll be difficult; you’ll face temptations. But Cattanach finished the challenge and saved at least $600 in one month.

* SoFi® Checking and Savings (member FDIC):

1. Up to $300 Bonus Tiered Disclosure

New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.20% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

2. APY disclosures

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

3. Fee Policy

Our account fee policy is subject to change at any time.

4. Additional FDIC Insurance (must be bolded)

SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See the list of participating banks at SoFi.com/banking/fdic/receivingbanks.

5. ATM Access

We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

6. Early Access to Direct Deposit Funds

Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled

payment date, but may vary.

7. Overdraft Coverage

Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting e(i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.