Around here at Make Money Your Way, we are always on the lookout for ways to make more money. As we discussed previously, reducing your expenses is quite difficult, once you have limited your spending to the bare minimum, while making more money is always possible. No matter what you use the money for, be it savings, splurging on something completely outrageous, or getting out of debt faster, extra money is welcome all the time. Especially in the last case, if you are in debt. When your budget is so tight that you can barely make the minimum payments on your debt, sometimes not even, and are considering bankruptcy, or a Scottish trust deed.
There are plenty of online calculators that will help you figure out how much impact an extra payment will have on your debt. And it may “only” be £25 or £50 a month, over the next few months, with a double digit interest rate, the results are impressive. Moreover, you may have what is called debt fatigue. You are tired of putting all your extra cash towards your debt, and you need some breathing room.
That is completely understandable, like a diet, the journey to pay off debt is long and tedious, requiring a lot of assiduity and strong will. But making extra money and seeing your debt shrink like ice under the sun will give you that extra kick to keep you going, believe me.
Now I hear you, you are thinking “oh, but I don’t have time to get an extra job”. You do. You may not have 8 hours per day to pick up a full shift at the grocery store, but there is always an extra hour in the day, to baby-sit, teach music or tutor a young kid.
We talked around here about how you can make money in your neighbourhood, because people know and trust you. It is time to ask around for a painting job, help the neighbours move, have a yard sale, or walk the dogs next door.
Now the next argument is usually that you have no skills, and people would be crazy to trust you with their dogs/kids/moving boxes. Fine, what are you good at? You must have one skill that is marketable. Even cleaning houses is a way to make money, and it doesn’t require many skills. Think about what you love doing, like cooking or running. Would someone around you be happy to pay for you to help them learn? There you go, a money making opportunity.
That said, if self-entrepreneurship is not up your alley, you can also keep your eyes open at work. Asking for a promotion if you think you deserve one is nothing to be ashamed of. Or extra hours. Or more responsibilities, targeting a raise down the road.
Sure, it is easier said than done, but it starts right here, one step at a time, that is one step less on your debt repayment journey.