When you are not making enough money, repaying your debts can be difficult. However, this doesn’t mean that it’s impossible.
Clearing your debts should not be shelved away until you get lucky at the lottery because the more you postpone the debt repayment; the more it becomes difficult to deal with. When you finally make the decision to deal with your debts, one of the best things you can do is increase your income that you’ll have enough money to pay off the debts.
While trimming your expenses can also help you in handling the debts, you can’t eliminate all your recurrent expenses. On the other hand, there are endless ways of making more money.
Monetizing your best skills
If you are skilled in certain areas, it’s possible to use the skills in generating more income. Generally, its normal to overlook your skills but the truth is that there is someone out there who is ready to pay you for your services if you can provide them.
Writing is one of the most sought-after services and it’s not difficult to get clients if you look in the right places. The internet is full of writing opportunities and if you are just starting out, you can find easy writing tasks on some of the top content mills. However, if you are looking for serious writing jobs, it would be better if you created a writer website and use it to attract high-paying clients.
Programming and graphic design is a valued skill set today and it’s easy to monetize. Because these skills are quite technical, tons of people are always looking for people who can handle the technicalities at a fee. Fiver is a great place to advertise your services and you’ll get paid a flat rate for every project that you complete.
If there are things in your house that are just lying around, you can sell them off to get some extra cash. If you’ve not used an item for about three months, chances are that you don’t need it anymore and it can be disposed of. In addition, you can buy used items cheaply and resell them for a higher price.
Selling items on the internet can be easy and eBay and Amazon are among the best online marketplaces. To ensure higher success rates on these platforms, ensure your items have high-quality photos as well as good descriptions. In addition, it’s possible to send your items to Amazon so that they can conveniently ship them to clients.
It’s also possible to sell items in person when it’s not feasible to sell online. If it doesn’t make sense to incur shipping charges, you can use Facebook marketing and craigslist to get a local client and finalize the deal.
Get a flexible part-time job
One of the easiest ways of getting some extra income to pay off your debt is getting an additional job. While it can be hectic to juggle between two jobs, it can be rewarding if you get one that is flexible and well paying.
The main advantage of a second job as opposed to selling things on the internet is that you don’t have to worry about taxes. In addition, you’ll know upfront the exact amount you are expecting every month. This will help in planning how much you will put towards debt repayment.
You can try getting an evening job at a local restaurant and if you are confident in your driving skills, it’s possible to get a delivery job.
Become a tutor
Having some specialized knowledge is the basic requirement for generating some income as a tutor. If you have a college degree, you can use those qualifications to hunt for tutoring opportunities.
If you ask around, it won’t be hard to get a nearby school or parents who are in need of your services. In addition, you can use online platforms to get the appropriate opportunities depending on your qualifications. However, it’s important to realize that some positions require you to have the necessary certifications and the amount you will make depends on the demand of your subject.
Speed-up the debt repayment process
While there are multiple ways of getting some extra income, it’s important to ensure that you are directing a significant amount to your debts. Before making additional payments on a loan, ensure that doing so doesn’t attract penalties.
Basically, when you pay your long term loan early, you end up paying lower interests than you would if the debt took longer to clear thus saving some money.
Nevertheless, sticking to a debt repayment plan takes a lot of discipline and commitment. It’s also easy to give in into the temptation of spending the extra money you’ve earned on other items. To stay motivated, think of the freedom that comes with a debt-free life and all the things you will be able to accomplish.