Photo by cottonbro studio: https://www.pexels.com/photo/person-putting-coin-in-a-piggy-bank-3943716/
Throughout life, most people borrow money at one time or another. The amount varies depending on what they are buying, such as some clothes or a new car, but sometimes it can be hard to pay it off.
If you find yourself struggling to pay it off, there are a few things you can do to make your life easier. You could go down the route of debt consolidation loans, as this consolidates all your debts with a secured loan. Or you could try and make some extra money on the side of your current job and use this money to slowly make payments until your debt is cleared.
There are so many ways to make some extra money. What it comes down to is the amount of time you have to dedicate to side projects and the skill you have available to you, to take on certain jobs. For example, if you speak another language, you could use this skill to teach others in the evenings. Alternatively, if you enjoy sports, you could become a coach and teach people in your local community – many people become personal trainers for this reason.
To help inspire you, we have put together a guide on tips for making some extra money to pay your debts off. From teaching people locally to completing online surveys, there are plenty of options. Keep on reading to learn more and discover a selection of routes you may be able to do yourself.
Take on freelance work
A good starting point is taking on freelance work that you can complete in the evening. If you have a job you are already skilled at, then taking on work outside of your day job can be a way to bring in extra money and by being freelance, you can charge a nice premium to what you get paid at work. Writing, photography, graphic design, tutoring and social media management are all services people regularly look for online – especially influencers who need support with growing their channels.
Sell items you no longer need
We’ve all got items at home which we don’t need. In fact, you won’t be the last person to say you have collected a lot of junk over the years and do not know what to do with it. Instead of throwing it away, consider selling it, as there are likely people out there who will buy it. Many people have clothes, electronics, furniture or household items sitting around that they simply don’t need anymore. You may initially think they won’t make any money, but the more things you have the greater income you could make. If you are someone who likes to collect clothes, why not try and sell them on Vinted – Vinted is a great way to bring in some extra money from the clothes you have bought but don’t wear anymore.
Consider part time work
Have you considered part time work? If you work the normal 9 to 5, you could find a part time job in the evening or work a day on the weekend to bring in some extra money. There are so many part time jobs that you could apply for – cafe worker, shop assistant, restaurant waiter, bar server and more. While it may only be for a short period of time, the extra money can significantly speed up the process of clearing what you owe.
Tutor with a skill you have
Can you take advantage of any skills you currently have and tutor people in your local community? Do you speak another language and could teach it to someone wanting to learn it? If you play a musical instrument at a high level, you could tutor younger children who want to learn. You may have never thought of tutoring, but when you consider the things you are good at, we are sure there are a few options for you to teach.
Rent out your driveway
It’s a small money maker, but any money is something right? If you live in a major city, there are various sites which you could put your driveway on for someone to rent a space from. If you live in a city like London, people are always trying to find parking spaces, so this could be a good way to make some pennies. If you live in a quiet seaside town, this unfortunately may not be useful to you. When you rent your driveway out, you don’t have to do this forever. In fact, a lot of the apps will allow you to select the days you want your drive available for, this way if you have friends coming round, they can still use it.
Reduce spending and redirect the savings
Finally, instead of making some extra money by working, why not cut your spending and redirect your savings? We live in a subscription eara, where we are sure you probably have some monthly payments which you don’t realise you have or don’t use anymore and could cancel and use that saving to pay off your debts? Think about any streaming platforms you have signed up for like Netflix or Amazon Prime or a gym membership which you no longer use – you’ll be surprised at how much of a difference this can make.
By combining several of these strategies, you may find it easier to generate extra income and reduce your debt more quickly. With persistence and careful planning, even small changes can lead to meaningful financial progress. Our biggest advice would be to not overwork yourself though, try and combine a couple of options which you know are manageable, this way you don’t burn yourself out.
We hope you have found our guide useful and there are a few tips that you can apply to your day to day life to reduce your debt. What have you started doing recently to reduce your debt? Are any of the tips above something you are going to start trying? Is there anything missing in our guide that you would like to see us add? Let us know in the comment box below. We look forward to hearing from you.
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