Paying down debt can seem overwhelming, but making even a small amount of side income can make a huge difference. Even if you think you don’t have time to earn extra income, take a look at these options.
Lower Your Expenses
Lowering your expenses is essentially a way to make a side income out of the money you’re already making without taking on another job. Take a hard look at your budget and start by tackling sources of debt with interest, like credit card payments. Paying off your tax debts may also be easier than you think with the IRS Fresh Start Tax Program. It’s best to seek professional help with tax issues.
Join a Ride-Sharing Service
Owning a car can be expensive, but there is a way to make your car work for you. You can offer rides as a driver with a ride-sharing service, like Uber or Lyft. Offer rides around your schedule and bring in extra income that not only offsets the expense of gas and maintenance but also helps you pay down debt.
Rent out a Room
If you have a spare room, or even another place to crash so you can offer your own room sometimes, you can make extra money by renting out a bedroom to a traveler. Instead of letting space in your home sit empty, share it with someone who will pay you.
Share Your Skills
If you excelled in a certain subject in school, share that knowledge with others by becoming a tutor. Students of all ages can need academic help, so you might start asking nearby elementary school parents or inquiring at a local college. There are even ways to begin tutoring online if you don’t know or live near any students.
Image via Flickr by jackiembarr
Get some exercise with your furry neighbors while you make more money by signing up to be a dog walker. The best dog walkers are available regularly, so you can set times for your canine clients around your work schedule. The most reliable dog walkers will brave any weather to exercise the dogs.
Get a Holiday Job
The holiday shopping season is quite a production, with many retail stores clamoring for extra help during these busy times. Part-time evening and weekend work is often available if you need to work around your day job. The extra income from holiday season work is great for paying down debt, and another added perk is an employee discount. If your holiday job offers its seasonal employees this benefit, you’ll be in a great position for saving money on holiday presents with your discount.
Although it might seem daunting to take on a side gig, earning a small amount of extra money each month and putting that money toward your debt will save you more money in the future by tackling those interest rates. You can set yourself up for financial success with a little extra work at a side job that works for you.