There are a few key ways to pay off debt, and one of the most effective ones is to increase your income.
Whether you are in the middle of paying off debt, have just become debt-free or are about to start your debt relief journey, here are five simple ways to make extra money that you can put toward paying off your debt as quickly as possible.
1. Clean Your Closet
By now, we have all heard of, and probably have sold things or bought things on, eBay and Craigslist. These online sites remain great ways to offload clothes and other items that you no longer have a use for. Not only will you get rid of things that are cluttering your space, selling them on sites likes these is an easy way to make money without much effort.
In addition to these sites, there are now countless applications that enable you to sell anything you can think of. Have a once-used wedding dress that is taking up space in your closet, never to be worn again? Check out sites like Preownedweddingdresses.com, where brides-to-be are waiting to purchase discounted bridal gowns. Have an entire wardrobe of perfectly-good clothes that you no longer reach for? Apps like Tradesy and Poshmark make selling clothes easy and fun and can help you to start making passive income online.
2. Sell Your Skills
Chances are, most of us have skills for which others are willing to pay. That is where sites like Fiverr and Upwork come in, allowing you to list an advertisement for your unique services. Do you know a foreign language? People are always looking for translators. How about graphic design or logo creation? You can sell those skills, too.
Think outside the box. We often take for granted the things that come easy to us and forget that there is someone out there willing to pay real money for these skills.
Sites like Fiverr and Upwork are user-friendly and free. Sign up, create a profile, describe the services you are offering and your rates, and get to work!
3. Make Deliveries
Instead of placing another food delivery order, why not turn the tables and start delivering food, and getting paid for it? Companies like UberEats and DoorDash hire people to essentially freelance as delivery drivers (or bicyclists) to complete their orders. All you have to do is sign up with the company, pass a background check, and start picking up orders! Whenever you want, you can agree to and make a pick-up and delivery.
Some people do this on their way to work (when they are already in their car or on their bike anyway), at lunchtime, after work on their commute home, or on the weekends. You get paid for every delivery you make and some customers even add additional tips, making this a potentially lucrative side hustle.
4. Channel Your Inner Teen
Whoever said anyone over the age of eighteen can no longer get paid to watch kids, houses, or dogs? We might traditionally think of these as jobs for teenagers, but they are great revenue-generating jobs for adults, too, and are easy ways to make some extra cash.
Start by letting all of your friends and family know that you are interested in starting to babysit or pet-sit. Then, craft a simple business card with your name, phone number, email address, and the services you are offering. Pass them out to anyone you think might be interested, or might know someone who would be, in your services.
If you do not have any luck reaching out to your network, consider signing up for a site like Care.com (for babysitting) or Rover.com (for dog-walking and pet-sitting). These sites will take a cut of whatever you make but are guaranteed ways to get clients, so it might be worth it to check them out before you have built up your client base.
5. Put Your Extra Space to Work
Have some extra space in your home? Depending on just how much space you have, your home could be a cash cow.
If you have a spare bedroom, consider a roommate. You will not only make extra money from the monthly rent, but you can also ask your new companion to chip in on the utility bills. If you do not want something as long-term as a roommate, Airbnb is a great option for your extra space. It takes a little bit to get started and get in the swing of things, but once you have a few guests under your belt, the process is a simple way to make money from what would otherwise be empty space in your home.
Making Extra Money is Just One More Way to Help You Get (or Stay) Debt-Free
Hopefully, these ideas inspired you to get to work making some extra money for yourself. If you do not have any debt, you can put this extra money toward an emergency fund, education, or home renovation project – the possibilities are endless! However, if you are in debt, seeking debt relief and working with a debt consolidation company to eliminate your debt, combined with earning extra income, will accelerate your timeline to becoming debt-free.