Supercharge Your Debt Paydown with Extra Income

Supercharge your debt paydown with extra incomeAfter a while, it can seem like a real slog trying to keep up with your debt pay down plan – especially if you have a good-sized portion of your payment going to interest. It’s normal to want things to move at a faster pace, and it can get discouraging to see the small progress.

If you are looking for ways to boost your income so that you can add a little extra to your debt pay down amount, here are 4 ideas that can help you supercharge your debt paydown:

1. Work for Tips

When I was a waitress, I always had cash. If you are looking for a little extra cash that you can put toward your debt reduction efforts, earning tips can be one way to go. What’s great about these types of jobs is that you can often sign on for a few hours a week, instead of full-time.

Some jobs that are well suited for earning tips include:

  • Waiter/Waitress: Serve food at a local restaurant. Busier restaurants might be happy to let you on during busier times, when they might need help. At the very least, you can be an expediter, bring food to the table in lieu of the waitress. The tips are smaller, but they’re still there.
  • Bartending: A good bartender can make a decent amount of money in tips. Find out if a local bar or restaurant needs a little extra help with the alcoholic beverages.
  • Provide Live Music: Some of the restaurants in my town allow local musicians to play on certain nights of the week. Those who have enjoyed the music leave tips in instrument cases or jars for the talented. If you have a musical talent, this can be one way to increase the cash you have, and you might only need to commit to one or two nights a week.

2. Teach Something

Provide lessons. You can teach music, or teach some other skill that others want to learn. You can teach one-on-one, or you can teach classes. Set up a seminar or workshop, and charge a reasonable fee for participants. Many community education programs allow people in the community to teach classes. I once took a six-week community education guitar class from someone looking to boost his income a bit. He received a portion of the signup fees paid by students, and only had to devote one night a week.

3.  Sell Some of Your Stuff

This is a time-honored way to earn a little extra money for debt repayment efforts. Go through your home and your storage unit and identify items to sell. You can raise a little extra money with a garage sale, or by selling items online through Craigslist or eBay. Chances are that your home is full of items that you don’t use anymore. Turn those items into a way to boost your debt repayment

If you are especially savvy, you can even buy inexpensive items at yard sales, and then turn around and sell them for a profit. That money can then be applied to your debt.

4. Donate and Earn a Bit Extra

It’s easy to forget that many people are in need of donations – not monetary ones but physical (in some cases life-saving) ones. For example, there are always people in need of bone marrow transplants. Also, plasma donors are constantly needed, and perhaps less urgent but also important are people in need of hair or other things (think fertility). While helping others in this way, you can also earn a little extra money to get closer to financial freedom. As one example, you might make between $20 and $40 for each donation of plasma. Of course, you should always consult with a doctor before taking any such action and this would certainly not be right for everyone.

These are just a few ideas. What are some of your favorite ideas for earning more money to accelerate your debt pay down?

Image credit: dodge challenger1

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