27 ways on How to pay debt off
When you have a debt to pay, it feels a burden. There is no doubt.
When I was a banker, I often asked if the customer would be interested to learn how to pay off the debt.
Undoubtedly, everyone said yes.
It is also true that It’s the hardest to get people to start a process.
But, once you start, the process gets into a flow and keeps going smoothly.
To see where you are, you need to take a hard look at your finances now.
Have no edge left. Check all filing cabinets, all online accounts, all detail— to decide just how much debt you have to deal with.
When your income is not enough, you feel the pain to pay off the debt. Naturally, your saving is less than the expected amount.
What if I could tell you few solid methods to increase your income. Won’t that help you?
I bet, it would.
In this post, I will share the solid three steps to pay off your debt. And, Also, I will show you 27 ways to increase your income as well.
Let’s dive in.
Step 1: Stop Piling up More Debt
To be out of your current debt, the first thing you must stop is adding more debt to your account.
Do not buy things that are not necessary; stop using credit cards for things you can’t afford to buy.
If you try, you can live as frugally as possible.
Avoid adding to the debt pile and build a debt reduction plan that works. When you’re in debt paying-off mode, instead of credit, consider using to cash or debit card.
And ensure that, unless you really have to, you refrain from taking out new loans.
Step 2: Make A Budget and Debt Pay-Off Plan and Stick to Them
When life seems scattered, planning comes to rescue. The same applies to debt repayment as well.
Make a budget, track cash flows, create a debt pay-off plan, and follow them.
You might also find that you are spending a lot more than you thought in categories you have some control over.
Once you start monitoring your expense and writing down your bills and liabilities each month, your debt will be in your control. You wouldn’t spend more money to collect unwanted things.
Step 3: Seek More Earning Sources
It might be the time to pump up your earnings in every way possible if you’re tight on funds every month and can’t seem to have enough money to pay extra for your bills.
This may mean taking up extra hour shift, but it may also mean coaching or taking up a side gig or part-time job on the side.
Make sure all the extra cash you carry home is used to pay off your debts if you find a way to earn more money. You’re not going to be any better off if you wind up wasting it.
- Seek for a raise
Had you never had the thought of asking for a rise? I suggest you give it a go. There’s a saying by Michael Jordan that “You miss 100% of the shots you don’t take.” You’ve got nothing to lose. So, give it a try.
- Work Overtime
As these are the ways of earning more money from your current job, working overtime is one of the most predictable ones.
I’m not the one who suggest you be a workaholic and earn by working more and more. But at this moment, when you are finding ways to increase your income, I suggest you do some extra work besides your regular work at the office.
- Sell the car
If you have a car now for more than three years, sell the car. Start walking to work if it’s near your house. Or take the bus! Otherwise, you can sell your expensive one and buy a cheaper one to lower your expenses.
Here, I’m talking about saving your money and cutting out the expenses you have to bear for the car. As now getting of debt is your only concern, I suggest you sell it so that you can get a lump-sum amount of money.
This article will help you get an idea about where you can sell your car.
- Sell unused items on Craigslist (or Gumtree)
You obviously have a lot of stuff in your house that is in such good shape that you could earn by selling those. Try eBay, Craigslist, or Facebook Marketplace for selling your unused items. With this money, you’ll be able to make extra payments for your debts.
- List the Unused Room
Look around your house. Do you have an extra room that can help you right now to earn extra money? Maybe you do!
Rent that room and earn money. This is one of the easiest sources of earning. By having a tenant, you can share the expenses and earn from the rent.
(Source: Airbnb)
If you don’t want a tenant, you can also enlist the room in Airbnb. Thus, you’ll be able to both earn money and not have to stay with someone for a long time.
Before that, you can use Airbnb’s calculator to know how much you can make out of it.
- Drive for Uber
If you both have a car and looking for earning sources, the first idea that will come to anyone’s mind is driving for Uber.
To start working for Uber, all you’ll have to do is fill up the application form on their website. It’s necessary to meet their requirements regarding your age, driver’s license and vehicle’s condition.
Here, you are the one who makes your schedule. And after cutting out the expenses, you make $10-$20 per hour.
(Source: Uber)
By driving safely and keeping your car clean, you can have a high score and a good number of tips.
Because this score is what that makes passengers pick a driver. For more tips, go through this article of Business Insider.
- Invest Online with a Robo-Advisor
If you are looking for such investment options that have no hidden costs and lesser fees, Robo-Advisors are here for you!
Betterment is a top-rated platform for online investing where there’s no fixed amount of minimum deposit. Your investment depends on you, and you are the one who sets the amount. By investing in such platforms, you get what you really earn.
If you are not that much confident about your investment portfolio, you can use Personal Capital to see the performance of your investment and what needs to be improved.
- Work as a Virtual Assistant
A virtual assistant a person who helps a business owner from a remote place and the assistants get hired on a freelance basis so that they are experts in what they do.
There’s many works that can be done by a VA. Starting from graphics designing to responding to emails, VAs can offer a lot of services.
To get an idea about that you can take a look at the list of 150+ services to offer as a Virtual Assistant.
- Sell Printables
Printables are custom calendars, planners, or budgeting sheets that you see on both Etsy and Pinterest. There’s a high demand for these printables, and many people are making extra money by doing it.
Maybe you’ve heard about Esty Printables but not thought of making it on your own. If you like the idea of designing, you should try this out!
There are a lot of courses on how to make Etsy printables that’ll help you learn and grow.
- Sell Your Gift Cards on Raise
All of us have a lot of gift cards piling in our drawers that we never use. Now, you can get benefitted by those without using them while you’re shopping.
You can sell those on Raise! You create a free account and sell your gift cards at a rate Raise offers you or at a higher rate than that.
Here, you can both buy and sell gift cards in exchange for cash. Listing your gift cards on Raise is free, but once your cards get sold, Raise will keep a percentage like 15% from the amount sold.
It means you’ll get 85% of the selling price.
(Source: CNet)
- Offer Help in Writing Resume
Yes, a lot of people find resume writing a hard thing to do. You can help them write their resume and earn from that.
You can do it locally or get yourself enlisted on online platforms like Fiverr.
As resume is something that needs to look confident and people seem to be very insecure about that, there’s a demand for assistance in resume writing.
Take the chance and make it a source of your extra income.
The article by Holly Hanna about Making Money with Resume Writing can help you.
- Help Google Improve by Google Opinion Rewards
By letting google use all of your information, you can earn from Google. How? By Google Opinion Rewards.
You’ll be rewarded by PayPal credit or Google Play for completing each survey. The topics of these surveys can be anything, starting from opinions to the merchant satisfaction survey.
Google will use your information to get a better understanding of the market and increase the functionality of advertising. Thus, they’ll be able to advertise products to more relevant consumers.
- Place Ads on Your Car
Do you know that placing StickerAds in your car you can earn money?
Yes, it’s possible. According to FreeCarMedia’s website, you can earn more than $50 every month by putting a rear window advertisement.
There’s a company named Carvertise which that pays drivers for placing removable ads on their vehicles.
- Become a Tutor
Though you are a student or not, you know the importance of tutors because it’s one-to-one communication. This assistance is sometimes needed, and you can be helpful to those students by tutoring.
You can do it locally or using different online tutoring platforms. In the next point, I’ve specifically talked about teaching only 4 to 12-year-olds, but here, I’m talking about tutoring even college students.
Learn to market yourself as a tutor by going through the ideas given in this site and get clients.
Sign up for Chegg where you can make more than $20 per hour. There are also sites like Wyzant and Tutor.com that can be on your list while signing up!
- Become a Teacher at VIPKid
VIPKid is an online education platform founded by Cindy Mi for teaching Chinese children. Here, you can join as a teacher and earn up to $22 per hour.
You’ll be teaching children of 4-12 years old. And you don’t even need to speak Chinese!
This platform has been created to provide one to one supervision for every child. For joining as a teacher, you’ll need to have a bachelor’s degree and reliable internet connection as you’ll be teaching online.
To me, this is such a great opportunity to build cross-cultural communication and earn money through teaching.
- Be a Transcriptionist
The work of a transcriptionist is to listen to audio and write down what is being said in the audio. It’s not that of an interesting thing to do, but by this, you’ll get paid well.
If you enjoy writing and a fast typer, this would be great for you.
The audio clips provided to you might include meetings, classes, conferences, and more. For starters, you should take some online courses to know about how to do and what to do.
To know more about it, give this article a read!
- Be a Freelance Proofreader
If you like writing and reading, this can be an exciting thing for you which is proofreading. If don’t know how, you can even learn how to do and what to do through different courses.
(Source: MoneyConnexion)
Caitlin Pyle started proofreading as a full-time job on Dec 2009. In 2015, she started Proofread Anywhere, and by it, she has earned more than ever. And according to her website, she became a multimillionaire within four years.
So, what are you waiting for? If you’re interested, you can also go through this article.
- Rent Your Car
If you don’t use your car on a daily basis, don’t keep your car standing still on the garage. Enlist your car to any car-sharing company and earn a handsome amount of money.
With HyreCar, you can even earn $12,000 per year.
You just have to enlist your car, and like magic, you earn!
The people who don’t want to use their own car for Uber or who don’t have their own car, you can get connected to them by HyreCar.
Another car sharing marketplace named Turo offers you insurance coverage.
- Flip thrift shop items and sell for profit
There are very few chances that you have never been to a flea market. And maybe you have that much knowledge about which product can be sold at what price.
Yes, I’m saying that you can try to sell the product on profit that you’ve purchased from there. It really is a great way to earn money.
Maybe you’re not an expert but at least try it out once!
- Self-publish an eBook
Having a blog and selling a self-written eBook has become one of the most common ways of earning now. Because the production costs of eBooks are lower than the printed ones. And readers can get an eBook at a much lower price.
First things first, select the topic of your book according to the content of your blog. And when you are ready with your book, set the price properly and promote it well.
You can publish your eBook by spending $400-$2000, but you can also publish it for free by Amazon Kindle Direct Publishing.
- Become a voice-over artist
To be a voice-over artist, you should take some classes and gain knowledge about the work. If you are confident about your voice, this can be a very easy way to make money.
You must practice it and then try applying with your demo audios being ready. Because it’s necessary to send demos while you’re applying.
These voice-overs are usually used in commercials, cartoons, and games. And it’s possible to make $20 to $100 per hour if you can become a successful artist.
Have patience and keep auditioning!
- Work as a data entry specialist
For becoming a data entry specialist, mostly you’ll need to be a fast typer. If you have the typing skill and have the desire to make a good amount of money from any side hustle, data entry might be the right option.
According to PayScale, an average data entry specialist makes almost $15 per hour. And this job will let you communicate with people all over the world because employers hire many people for this position. By the term “data entry”, it means to input data into a doc file, spreadsheet, or document scanning.
Before you set to work, take some courses to increase your expertise.
- Make extra money by paid surveys
Survey Junkie is such a site by which you can share your opinion get for that. Your opinion will be used to help brands understand customer behavior better. It’ll help them deliver better products and services to their customers.
You’ll have to create a profile, and when you complete a survey, you get points. These points can be used for PayPal or gift cards.
Swagbucks, InboxDollars, Vindale Research etc. are some the site you can visit.
- Offer Web Design Services
Web design services include website making and development, website hosting, Search Engine Optimization, branding solutions etc.
If you have a knack for any of it, you can offer these services and earn. Being authentic and creative is very important in this case.
There many people in the world who take Web Designing as their career. So, if you want, it can be a very impactful side hustle.
It’s easy to find several gigs regarding these services on Upwork.
Before getting started, learn how to code and get the proper tools. For more, check out this article on Making $5,000+ Every Month by Building Websites.
- Deliver for PostMates
If you drive for 4.5 miles, you can earn $4 to $6 every drive.
How?
By delivering for PostMates.
And according to PostMates website, it’s possible to earn up to $25 per hour by delivering for them.
For these deliveries, you don’t even need a car.
Even a bicycle will do. And you’ll obviously have to live near a PostMates Market and have a driving license.
There’s also an option of earning tips during the deliveries which will add up to your extra income.
PostMates operates in 100+ metropolitan area, and the deliveries are done within an hour or less.
So, if you are looking for options to earn extra besides your job, being a PostMate can really help.
- Sell your snaps
Many of us have a hobby of clicking pictures in the best way possible. If you have that want to earn money by showcasing your creativity, you can sell your best snaps.
First, you must select what theme or style you are willing to showcase. Next, you’ll have to have a portfolio of your photography expressing your potential through it.
You can take a look at Dave Sanford’s website for a better understanding. And, integrating e-commerce into your site can help you monetize your work more.
There’s an article about how you can make more than $100 per picture by selling.
ViewBug is a platform which helps photographers with various tools and showcase their talent. According to Ori Guttin, founder of ViewBug, you can make extra thousand dollars every year by letting brands use your well-composed pictures.
- Become a market research participant
Marketing researches are done to gain knowledge of consumer behavior regarding products and services.
For this, people are needed to participate in such surveys.
Surveys, product tests, mystery shopping, focus groups etc. are some of the most common ways of market research.
It’s a great way to share your thoughts and opinion by being a participant in market research and earn money.
To participate, you have to take a screening survey and a phone call. If the interviewer thinks you are a great fit according to your answers, you get selected.
Here, you’ll have to share your opinions verbally or answering polls.
Conclusion:
By now, you have a solid idea how to pay off your debt.
When your income doesn’t support your debt, just try to explore other avenues to increase your income.
This extra cash will help you pay off your debt.
If you have gone through the steps already and is contemplating to bring them into action, trust me, you are on the right path, and your efforts are bound to help you get a debt and hassle-free life.
So, get on your feet and do your best for leading a free and peaceful life, without being financially relied on anyone.
And if you feel you have hit a wall and can’t seem to figure out anything, do not lose hope and keep working on it.
