Living from paycheque to paycheque alone can be very difficult and really stressful. Well, add a heap of debt to that and managing to keep up with your bills and monthly payments can increase your financial hardships and your stress. If this situation is making you live in a constant state of worry, then coming up with a plan to improve your financial position is a likely next step.
One method of turning this situation around for the better is to look for ways to increase the amount of monthly income you earn and then turn it around and use it to also pay off some of your debts at the same time.
Now increasing your income doesn’t have to be a huge endeavour and it also doesn’t mean that you will necessarily need to increase the amount of money you earn each month by astronomical measures. Instead try beginning with a reasonable amount, for example $400 extra each month.
With that being said, here are 4 easy ways to add $400 to your income every month and in turn allow you to finally see a decline in your debt level.
1. Freelance Writing
If you want to increase your income by a few hundred dollars each month, one avenue for this is to take on a freelance writing gig. With regards to this specific line of work, there are several aspects that make it an ideal additional source of income. For example, there are plenty of opportunities available through various companies and organizations that are looking to hire freelance employees to provide content for various source material on various topics of interest.
Perhaps, with a sound knowledge of certain subjects, for example finance, education, and many other business-related topics, this can make you a strong candidate for these writing opportunities. The flexibility linked to these types of jobs can also be highly conducive to coexisting with your other work and personal responsibilities.
Since many of these roles can be fulfilled from anywhere and at anytime, by adding freelance writer to your resume, you can earn extra income without letting it interfere with your other commitments.
Becoming a blogger can also be a resourceful method of achieving your goal of earning more income, as it can also be a part-time business you can manage in your spare time. Again, the beauty of the internet also allows for this role to be both convenient, and also far reaching. Meaning, you can interact and network with anyone, anywhere in the world.
With a blog of your own, you can add your own content on whichever topic you feel may be well-received and engaging for others. While blogging was once believed to be a ‘hobby’, in fact this is how a lot of individuals are earning a living these days. While some blogs will earn money based on their own product or service, you can also earn extra income each month by having other companies pay to have Ads run via your site.
Of course the amount of money you earn will depend on how much time and effort you put into your blog, however all in all, this pursuit can be properly managed and income can be earned by only having to devote a few extra hours a week to this role.
If you are interested in contributing to the educational goals of various learners, tutoring can also be an effective way to increase your cash flow. Whether you will provide your own private tutoring services or will look to be hired by a tutoring agency, the good news is there are likely to be various means of doing so in your area – so the opportunities can be numerous.
Tutoring can also be a position that only takes place in the evenings or weekends, as well as even online tutoring opportunities that can fit in well alongside your other daily work and life duties and again not taking time away from your day job.
Depending on your level of knowledge and skill sets, you can look to tutor school-aged students in various grade levels and subjects, as well as adult learners who are looking to upgrade their skills. Again, the amount you will earn may also vary, however on average tutors can typically earn anywhere from $20 to $50 per hour. In the end, these extra dollars can go towards your plans for debt-relief and your financial stresses can certainly be alleviated in the process.
4. Reselling Gently Used Items, Antiques & Collectibles
A fourth method of freeing up some additional cash is to consider reselling second-hand items that you may have collected along the way through your thrift store and garage sale travels. There is actually quite a market for sellers who seek out vintage and antique items that they then resell at a higher – or more accurately valued price.
EBay and kijji are also ‘places’ where you can list these items for a profit. Whether this is a side business that will bring in income each month or from time to time, it is still a method of acquiring some additional funds over the course of the calendar year. Chances are some of the ‘finds’ you encounter may actually have a hidden value and bring in even more money than you had expected.
When all is said and done, you truly can benefit from these additional sources of income. Each month can then become less of a struggle as you won’t have to worry quite so much that the income you have coming in will be enough to cover all of your expenses.
Of course, the reality is that with limited income that is already being stretched as far as it will go – the last thing you are likely to be able to do is to pay down more of your debt. Therefore, one or more of these methods of earning an extra $400 a month may help you to start paying down that debt – as soon as possible. In fact, why not allocate these additional funds to your ongoing pursuit of debt-relief altogether and move ahead more confidently with your financial perspective.