Simple trick to pay down debt slightly faster

We’ve got one last debt to pay off… our mortgage. We’ve made pretty good progress, but I wish it were paid off yesterday. A while ago I came up with a plan to pay it off slightly faster than we were, but without messing up our budget or putting us in a crunch.

I ran by my wife the idea of increasing our mortgage $2/month every month. It doesn’t sound like much, but $2 is enough that over the remaining payments, it can start to add up. It’s also small enough, that we don’t really have to find something to cut out each month to make it work. We just slowly keep putting a tad bit more on there. One month it’s $2 extra, then $4, $6, $8 – you get the point.

Every month I put it into the amortization calculator (because I’m that guy) to figure out the type of impact that extra $2/month has. So far, it has dropped an extra payment off at the end of the mortgage almost ever time if we were to stop adding anything more and just keep going at the new amount forever.

It pretty much follows the rule that if you do a small change over a long period, it has the potential to make a big impact. In this case, the impact is on our mortgage.

You could use this technique with any debt payoff, building savings, or investing. Are there any techniques you’ve found to pay off your mortgage faster? Let me know in the comments below. I’d definitely be interested in hearing about them.

Photo by GotCredit

How to potentially save a fortune on a big-ticket appliance

Old OvenOur oven was old when we bought our house, but it worked. Then we got 8 more years of life out of it. During that time, only a couple burners worked consistently, we replaced some missing knobs and the heating element in the oven had to be replaced. That cost us about $100, which wasn’t too bad at the time.

Recently, we’ve spent more time trying to get the burners to work than we do actually cooking food on them. Not cool.

We started looking around for a new oven, and they’re not cheap. We thought we found a pretty good deal on a slide in, but when we had measurements done it turned out the only type of oven we could fit into our space would be another drop in. They cost more because there aren’t a ton of them made anymore.

I found one that would work at Lowe’s for $1349, with a regular price of $1499. They would have to order it for us. That’s a tough pill to swallow, but I had already resolved myself to the fact that we would be spending somewhere between $1000 and $1500 for a new oven. We didn’t want a top of the line one since we’re putting it into an older kitchen.

It was at this point that I remembered the Sears Outlet store in the area. I decided to do some searching on to see what was available at the local stores. Nothing.

However, I did find the same model that Lowe’s had at several other Sears Outlet stores around the country and for a lot less, like $700 off the list price of $1499. We’d have to pay about $212 to have it shipped, but it would still come out to be much less than what we would have paid somewhere else.

So how do you buy an appliance sight unseen? Below are some tips.

  • The prices at Sears Outlet stores are low because they’re usually open box, refurbished, or scratch and dent. includes pictures of the items on their website in most cases so you can see the exact appliance that you would get.
  • If you have a question about the item, call the store and ask some questions. We did, and the guy was very helpful. He looked it over and told us exactly what he saw wrong with it, which was pretty much nothing.
  • Even though ours was a display model, it still came with the same warranty that we’d get if we bought it brand new at the store.
  • The price you see online isn’t the price you have to pay…you can pay less. has a “Make an Offer” option. I put in a price and it showed the probability it would be accepted. After submitting, I got a counter offer immediately and saved another $25 or so off the list price.
  • If we needed to return the oven, we could take it to our local Sears Outlet store. We wouldn’t get the $212 shipping charge back, but we’d at least get the cost of the oven back worse case.
  • After accepting the offer, I picked a delivery date and they delivered it about a week or 2 later.

So that’s how we bought our new oven for 25% off the Lowe’s sale price. Our total cost was about $1012 before taxes, which included the shipping charge. We installed it Monday and have enjoyed it the last couple of days. If you’ve got a Sears Outlet store near you, you could do even better without the shipping charge, assuming they have what you’re looking for.

So what do you think? Would you buy a big-ticket item sight unseen? Let me know in the comments below.