One popular strategy for accelerating the payoff of a loan is to make ‘bi-weekly’ payments. Under the bi-weekly plan, you will make payments to your lender every two weeks instead of monthly of half of your monthly payment. One important thing to note here is that this method will result in you making 26 payments each year, which is two more than you would make if you made a payment on the 1st day of the month and middle of the month, so you will have to budget accordingly. By making bi-weekly payments, you will comparatively make an extra monthly payment each year which will reduce your amount owed. By making payments every other week, you will also save a bit on interest charges for the outstanding loan balance that would normally still be there until the end of the month.
The Institute of Financial Wellness is the first and most comprehensive multi-media network for financial education, resources, and services. In fulfilling our mission to help people “Get There” and live their best life, we deliver the following five unique value propositions:
– The industry’s most engaging, informative, and objective financial education content
– Clarity and confidence to help individuals make informed financial decisions
– Access to the IFW Network of Financial Professionals for everything financial
– Full implementation of effective, custom-tailored solutions for everyone’s unique needs
– Ongoing guidance and support to ensure maximum financial success through every stage of life