September will forever mean back to school but this year September means the start of school for our 5 year old. Entry into Kindergarten is very, very exciting.

Despite the challenges of transitioning from full time child care to the school year calendar and a new before/after school care, the difference between the 2 monthly payments is substantial. This will mean more money in our bank account. A healthy dollop!

Our mortgage is by far our largest debt and the payoff date is so far in the future it is depressing to think about. That being said, by increasing our monthly payment by $600 per month, we will pay off the mortgage approximately 4 years sooner. The extra $600 goes directly against the principle and by repaying the mortgage sooner, we will pay $65,000 less over the life of the mortgage.

Most loans and mortgage payments can be increased and set at a higher amount, this is a great way (and simple too) to make your debt disappear.