MORTGAGE: How I saved $46,000 in interest costs

PHOTO: Footprint CEO Angela Vale talks about how she saved $46,000 in interest costs and the common misconceptions people have about wills. Photo credit: Supplied.

“As pay goes up over the years, make a specific point to take some of that and increase your mortgage repayments.

“Doing this saved me $46,000 in interest…I felt like I’d won Lotto!”

‌Angela Vale, CEO, Footprint.

Money.‌ ‌It’s‌ ‌the‌ ‌driving‌ ‌factor‌ ‌behind‌ ‌many‌ ‌life‌ ‌choices,‌ ‌but‌ ‌is‌ ‌it‌ ‌the‌ ‌be-all‌ ‌and‌ ‌end-all?‌ ‌

‘Me‌ ‌and‌ ‌My‌ ‌Money’‌ ‌is‌ ‌a‌ ‌regular‌ ‌feature‌ ‌that‌ ‌investigates‌ ‌Kiwi‌ ‌attitudes‌ ‌towards‌ ‌money‌ ‌and‌ ‌what‌ ‌drives‌ ‌the‌ ‌choices‌ ‌they‌ ‌make.‌ ‌ ‌

Angela Vale, CEO of Footprint, a company that provides online wills, says making a habit of upping her mortgage payments each time she received a pay rise saved her $46,000 in interest costs.

When people talk to her socially about her line of work, people often realise how little they know about wills and start a lengthy discussion about their own situation. This prompted Vale to start calling herself the “Queen of death”…a topic she says can also “kill a good party”.

An advocate for starting to invest early and putting money into land, Vale suggests people don’t borrow money for anything unless it’s got potential to make them more money in return.

1. A challenge or benefit the COVID-19 lockdown has brought to your business?

Though there have been challenges, the opportunities are stepping out from everyday activities and thinking strategically.

We research more, brainstorm more, listen more and get emotionally in touch with what we’re passionate about and here to do.

2.‌ ‌Are‌ ‌you‌ ‌a‌ ‌saver‌ ‌or‌ ‌a‌ ‌spender?‌ ‌

A bit of both.

I like to live life in the moment, but I don’t put my head in the sand about the future either.

3.‌ ‌What’s‌ ‌been‌ ‌your‌ ‌biggest‌ ‌financial‌ ‌lesson,‌ ‌success‌ ‌or‌ ‌failure?‌ ‌

As pay goes up over the years, make a specific point to take some of that and increase your mortgage repayments.

Doing this saved me $46,000 in interest… I felt like I’d won Lotto!

4.‌ ‌‌What‌ ‌do‌ ‌you‌ ‌know‌ ‌about‌ ‌money‌ ‌now‌ ‌that‌ ‌you‌ ‌wish‌ ‌you’d‌ ‌known‌ ‌sooner?‌ ‌

To start investing as early as possible, while there’s plenty of years ahead to recover from any downward periods.

People don’t get wealthy just by working their butt off and climbing the career ladder. ‌ ‌