Is It Possible To Make More Money To Pay Down Your Debt?

Sometimes, budgeting and reducing spending simply don’t help when paying off your debts. Sometimes you need an income boost. But the extra income needs to be flexible around your current work and duties. Well, you’re in luck! You could pay off your debts quicker with these four strategies. Listed below are ways to make more money to pay down your debt.

[Read: PAY OFF YOUR DEBT FASTER]

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1.      Make Money from Your Current Skills

A way to make more money to pay down your debt, which is often overlooked, is to sell your skills. What are your skills? Can you make money from them? Most of the time, your skills are sellable. You can easily make money by fitting in some extra working hours.

  • List your skills. Do you know a second language? Do you write well? Can you cook? You should be able to find something fun to do that doesn’t take up too much of your time
  • Think about how these skills can help other people. Teach your second language at a community centre. Spend time ghost writing. Make cupcakes and sell them to other people
  • Determine your hours. What can you spare? You may need money, but it’s still important that you don’t over work yourself
  • Market yourself. Use community pages on Facebook (check the rules with the admin members first), Craigslist or even make your own flyers to post through people’s doors.

Not only will you be making a little extra money, but you will be using your time to help someone else, making their lives easier.

2.     Get another Job

Whilst getting an extra job may be a more impossible way to make more money so pay down your debt, it is the most obvious solution. Many companies want solid employees and will give you a schedule to fit your first job. You’ll be able to find something in most places, but opt for something in food or retail. For example, you could work in a bar, be a restaurant server or deliver pizzas around your local area. Here are some tips to get that second job:

  • Make a list of the jobs you’d enjoy. There’s no point putting in the extra time and effort if you’ll hate it
  • Make a list of the businesses in your area that offer those types of positions. It’ll be easier if you know where you’re going
  • Start putting in applications. Give them a copy of your CV, apply online, or speak to the manager. Get the information out that you’re actively seeking work in any way you can. The more passionate you are, the more likely they’ll hire you for a position

Hopefully, it won’t be long before you’re offered that second job. It’s important to be clear with your potential employer of the type of hours you’re looking for from the start. This builds a good relationship with your potential boss, because you’re being honest from the start. Tell them how many hours you’re looking for and for how many months approximately.

3.     Sell, Sell, Sell

Selling your things is often a good way to make hundreds, or even thousands of pounds. It is quick, and with the Internet offering sites like eBay, Craigslist and Shpock, it’s never been easier to make more money to pay down your debt. If you have things taking up space, maybe they can be of some good use to someone else, and make you a pretty penny. Here are some tips for selling online:

  • Take great pictures. No one will want your item if the lighting makes it look too small, too big or dirty
  • Give appealing descriptions. Appealing, but true. Don’t market your jeans as ‘perfect condition’ if they’re a little scuffed at the hems
  • Price items competitively. No one will buy something if it’s more expensive than similar items on the same site. At the same time, don’t lose out on money by under-pricing your items

With the right items and advertisements, selling your unwanted things is by far the easiest way to make more money to pay down your debt.

4.     Make Money At Home

The Internet makes it so easy to make some extra money from home. Millions of people make hundreds and thousands of pounds by working from home. Positions like this include:

  • Selling something you’ve made on Etsy
  • Work as a virtual assistant, or part of a customer call centre
  • Freelance and design web-pages, ghost write on sites like Upwork or teach a second language on sites like Verbling
  • Rent out a room, if you live somewhere that sees a lot of tourism, try AirBnB
  • Car share if you travel a lot with an empty car, offer to drive people using BlaBlaCar

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If you like to meet new people, you’ll love the last two options. Understandably, you may be concerned about the people you can meet on the Internet. No need to worry! AirBnB and BlaBlaCar have rating and recommendation systems.

[Read: How To Get Out Of Debt On A Low Income]

There are many ways you can make more money to pay down your debt if you look hard enough. Take advantage of these ideas and you could be debt free sooner than you originally thought!