- in General
Over the course of the last month, I reached out to a number of established debt experts not only in Australia but across the globe. I must say that I was overwhelmed by the positive response I got to my question.
Can you share your best tips on how to make extra money to get out of debt?
The answers I received were both insightful and truly applicable to anyone who is having money troubles. It goes to show that there is a true sense of community present in the finance / debt blog world where people are happy to share their advice for the benefit of others.
If you are having money troubles, take comfort that there are others like you out there who are not only willing to lend a hand but to offer advice and guidance to set you on the path to financial freedom.
Andrew Schrage | Money Crashers Personal Finance
There are plenty of ways to make extra money to get out of debt. Taking a part-time job is a more traditional method, but there are other strategies as well. You could sell your no longer needed items like old smartphones or digital cameras (college textbooks are good too) on Amazon or Ebay and you can make a few extra dollars by filling out Internet surveys at a website like MySurvey. You could also start baby-sitting, tutoring local students, or even start a landscaping side gig, depending upon your interests. Another way to earn extra money to get out of debt is to rent out an extra bedroom at a website like Airbnb. You could also participate in market research focus groups at a website like Focus Pointe Global. You create an account and fill out a questionnaire. Depending upon those answers, you'll be sent updates on upcoming groups that fit your interests. At times you can earn a few hundred extra dollars just for several hours of your time and commentary.
Adam Hagerman | www.adamhagerman.com
I'd recommend looking long and hard at your expenses at first. You're not "making extra money" per se, but you're making better use of the money you already have. A bonus to reducing your expenses is that every dollar you save is a dollar that can be used toward debt. If you earn extra money via a part-time job, etc., you have to pay taxes. A extra dollar in earnings might net you something like $0.60.
Mr Canadian Budget Binder | http://canadianbudgetbinder.com/
One thing people fail to remember is when they have debt in order to start paying it off you need to know exactly how much money you are making and spending, hence the budget. Once you know these numbers you can start knocking off categories where you can save money. For example if you have debt cut the cable, cut the home phone or cell phone, stop spending so much on groceries or eating out. All of that money you save you can then be put towards your debt. Alternatively, get another job or find a second income by creating a service for the public to purchase ie: house cleaning, babysitting, snow shovelling, gardening etc.
Maria Nedeva | http://www.themoneyprinciple.co.uk
Maria provided us with links to some relevant content on her blog, I feel the article below is worth a look if you are just starting out on your money making journey.
Other advice includes:
Have a side job - anything that takes a couple of hours but adds a couple of hundred dollars a month can help pay off debts
Start a blog - use your experience to create value for you
Rent out any empty rooms
- Writing novels
Stephanie Jones | http://www.sixfiguresunder.com
I don't know of any magical, quick ways to make lots of money, but I do know that hard work pays off! Here are some things I've done (or am doing) to earn extra money to put toward our debt while I stay home with our three (almost 4) kids:
- Sell stuff we don't need either online or locally.
- Re-sell stuff I find at thrift stores or yard sales for great prices.
- Sell handmade or vintage items on Etsy. I have a 5-part series on starting a successful Etsy shop.
- Write a blog about something you're passionate about. If it's not something you love, then you probably won't stick around long enough to see a profit from it.
- Write an e-book about something you're an expert on or passionate about. I have a couple e-books in the works right now that I'm really excited about.
Bosco Tan | https://getpocketbook.com
My tips would be:
1. Get the best products, before investing in changing spending / savings behaviour. A 0.05% interest negotiation with your banker can be so much easier than drinking 1 less beer a week.
2. Always look to invest in things that increase in value - ie property, shares etc, rather than spend on things that reduce in value over time - ie flash car.
3. Work on your career - think about what career paths are sort after and bring long-term stability. Trying to make a higher salary is again easier than saving. There's also plenty of ways to supplement income by contracting.
Melanie Lockert | DearDebt.com
To make extra money to get out of debt:
Don't think you are above any job.
Look on Craigslist, Taskrabbit, Elance, and Odesk for extra work.
Consider being a pet sitter or baby sitter.
Become a consultant and set your own rates.
Start a blog and offer your services.
Negotiate a raise.
Make more by cutting back on unnecessary expenses.
Remember your WHY -- hustle hard now, relax later.
Courtney Carver | bemorewithless.com
Sell your stuff and get clutter-free while you get debt-free
Cut cable or other non-essential services while you are getting out of debt
Instead of a part-time job with hours that take away from your family, offer virtual services that you can do on your own time.
Make it a fun challenge for the family and create inexpensive/free options to dinners and entertainment out. Picnic dinners, Movie and popcorn night at home, or scavenger hunt hikes are a few examples.
Jamie | http://eventualmillionaire.com
The way I got out of debt is we sold a TON of extra stuff around the house - Matt made websites for friends - I found out that at my work I could get paid more when I was at a client's location ($50 more a day). Looking back, I wish I would have started a side business!"
Breanna Lane | http://www.theweightofdebt.com
The ways I make extra money to get out of debt are:
So there it is, the complete list for some of the most established debt experts in the industry. If any more responses come in, I will be sure to add them and update the article.
In the meantime, if you know anyone who may find the above information of use, feel free to share the article.