Paying off your debt quickly has three key advantages. One, you get to free up more income that you can save and invest. Two, you will improve your credit score, which can boost your chances of getting great deals on future loans. And three, it is good for your mental health. According to research reported by the American Psychological Association, money is a major cause of stress for Americans. Therefore, if you are stuck in debt, it is advisable to work hard and pay it as soon as possible.
If your current job doesn’t provide enough money to pay your debt fast, it’s a good idea to first look into consolidating your debt, perhaps through an installment loan (check out Bonsai Finance for more information on this), so that you only have one thing to focus on, and then look into getting a side job. This article highlights some of the side jobs you could consider to help you get out of debt.
Writing and Editing
If you have a way with words, consider working part time as a writer. Writers are in demand as most businesses transition to online marketing. The good thing about writing jobs is that you can work from home or anywhere else provided you have a computer and an internet connection. As a writer, you can find jobs using freelancing marketplaces such as Upwork and Fiverr. Freelancer forums are also a good place to get jobs, but cold pitching still works as well.
Drive for Money with Uber
If you have a car, you can sign up with Uber and earn some money during your free time. All you need to get started is a valid license and driving experience, insurance and proof of residence. How much you make will depend on how many hours you put in.
House Cleaning Business
For part time house cleaning, you can register your own company or find gigs with existing ones. The benefit of having your own company is that you can hire cleaners and thus you get to earn without doing so much. However, you will require some capital to get started. Basically, to start your own company you will require cleaning equipment, house cleaning detergents, a registration and license, insurance, and a marketing plan.
Babysitting
Love babies? Consider babysitting for busy parents in your area. Today, it is easy to find babysitting jobs since parents are now looking for babysitters online. Therefore, you won’t have to work as a babysitter only for the people you know. Babysitting jobs pay hourly and you can negotiate for a higher pay if you can teach the kids, help with homework or if you have to watch a pet too. If you are not good with babies, consider pet sitting.
Fitness Coach
Most people workout early in the morning before work, late in the evening after work and during the weekends. This makes fitness coaching another great job you can do part time to pay off your debt. If you have the skills to be a fitness coach, check to see if any gyms in your area need extra help in the evening or on the weekends. Also, you could consider running your own classes and working with individuals or groups. As a personal trainer, you can offer your services online.
Tutor Students or Teach a Language Online
If you have a teaching degree, consider part time tutoring opportunities on the internet or even in your neighborhood. It is easy to get started as a tutor because there is no capital investment required. Additionally, you could teach a language online. You don’t need a degree to teach a language online; all you need is to be fluent in the language.
Sell Crafts on Etsy
Etsy is the biggest online marketplace for vintage and handmade items. Some of the items that you can make to sell on Etsy include jewelry, shoes & clothes, party decorations & accessories, toys, paintings, wall decor, clocks, vases, blankets and pillows, among many others. In addition to handmade products, you can also sell the materials and tools for making handmade items.
Sell on Amazon
If Etsy is not a fit for you, consider Amazon. Amazon is a marketplace for selling pretty much everything. And the good thing is that you don’t have to be the manufacturer of a product to sell it. You can buy in wholesale from manufacturers and resell on Amazon under your account. Another benefit of using Amazon is that you can sell your products hands-off. This is achieved through the Amazon FBA program, where Amazon will pack and ship the goods on your behalf. Additionally, under this fulfilment network, Amazon will handle customer service as well. This is a great way to make money and get out of debt when you are overwhelmed by your current job.
Transcription
If you have good listening skills, and a fast typing speed, you can make some money online as a transcriptionist. This involves listening to an audio file and converting speech into text. Transcription jobs are paid based on the length of the audio. You can earn more if you are able to work on files that have tough terms or on files that are not very clear.
Blogging
Successful blogs earn up to $10,000 per month, or even more. You can make money with a blog by selling your own products, and through affiliate marketing and advertising. When your blog becomes top rated, you can be paid to feature products. If you are considering blogging, start by identifying a niche and your audience, know how you will monetize the blog and do thorough keyword and topic research before you write any content.
By working a side job, you will not only clear your debt, but you can also pay off what you owe in a shorter time period. However, you have to be disciplined and put all your extra earnings towards resolving the situation.