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Given the present economical conditions, we have to find creative and proved ways to maximize how we use our money. In order to do so, we need to change how we look at money, and how we can shift our habits to use every dollar we make to our advantage.

For instances, most of us are ok with keeping most of our money in a savings or checking account where we get a very small return. In this example, the banks are the ones is using our money to make themselves richer.

Another clear example is a home mortgage. In a regular 30 year mortgage, it’s not until the 20 years and 2 months mark that the principal portion of the payment equals the interest portion.

If we take into consideration that the average American stays in their home for 5 to 7 years, they hardly make a dent in the principal of their home mortgage. In other words, the structure of the mortgage greatly favors banks because almost all of your initial monthly payments go toward paying the interest portion.

For over 20 years, homeowners in Australia, the U.K. and Canada have used mortgage accelerator programs to pay off their mortgages in less than 15 years saving an average of $150,000 on their home mortgages. The good news is that this type of programs is now available to homeowners in the U.S.

A mortgage accelerator works without having to make any additional payments toward the mortgage. It works in the following way:

1. At the beginning of each month, a software tells you the right amount to pay toward your first mortgage to make sure you are paying as little interest as possible. The funds for this payment come from an advance line of credit (HELOC.) By doing so, the debt in your mortgage is reduced an you move further down the amortization schedule.

2. You then deposit your monthly income in the HELOC in order to reduce the balance on your HELOC. By doing so, you decrease the interest paid in the HELOC.

3. You charge your daily expenses on a credit card to allow your money sit in the HELOC for as long of a time as possible.

4. At the end of the month, you pay off the credit card before creating any interest charges from your credit card.

By doing a few changes in your financial habits, you can start making the bank’s money work for you and no the other way around. Using other people’s money (the bank’s money) is one of the surest and fastest ways to become financially independent.

Even though it may take a little to get use to the changes, you can think of the alternative; After all, how much time and effort would it take you to make the money you would save if you could pay off your mortgage in half the time?