With the current economical downturn we’re experiencing, we find ourselves in a position to make sure that we make the best use possible of the money we earn. In order to do so, many of us need to shift the way we think about our finances and how we can change our financial practices to make the best use of every dollar we earn.

For example, many of us are ok with getting very little return on our money by having it sit in a checking or saving account with very little return. By doing so, the bank is the one making use of our money and getting richer in the process.

Another typical example is the traditional home mortgage. In a typical 30 year home mortgage, it s not until the 20 years and 2 months mark that we make the same amount toward our principal that we do toward the interest.

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

For over twenty years, people in countries such as Australia, the U.K. and Canada have utilized mortgage accelerator program to pay off their homes in 10 to 15 years saving an average of $150,000 on their mortgages. This type of programs is now available in the United States.

A mortgage accelerator program works without making added payments toward the mortgage. It works in 4 easy steps:

1. At the beginning of the month, a piece of software will tell you the right amount to pay to your first home mortgage to make sure you are paying as little interest as possible. The money for this payment will come from an advance line of credit (HELOC.) This transaction decreases the debt in the first mortgage and moves you further down the amortization schedule.

2. You deposit your monthly revenue in the HELOC in order to decrease the balance on your HELOC. When you do so, you reduce the interest paid in the HELOC.

3. You charge your daily expenses on your credit card to let your money to stay in the HELOC for as long as possible.

4. At the end of the month, you pay off the balance in your credit card with moneyfrom the HELOC and so avoiding interest costs from your credit card company.

By carrying out a few changes in your financial habits and using a mortgage accelerator program, you can start making the bank's money work for you and no the other way around. Utilizing other people's money (the bank's money) is one of the surest and fastest ways to become financially sound.

Even though it may take a little to get used to the changes, you may want to think of the other option; After all, how much time and effort would it take you to earn the money you could save if you could pay off your home loan in 10 years?