Instead of trying to cut the cost of your debt try instead to increase your income.Julie Lord
A falling bank balance and rising amounts of debt is never an ideal situation for anyone and often our first thought is to cut the cost of our debt and start trying to pay it off more quickly. But another possible solution is to try and earn more with a job on the side. Imagine if you could bring in just a little extra income – wouldn't that help improve the health of your bank balance and help you pay off your loans more quickly? An extra job on the side is perfect for those who feel like the money that goes out is more than what comes in, or for people who feel they never have any spare cash to save up. If you are in this position it can be all too easy to start increasing your debt to tide you over – either by spending more on a credit card or taking out a small short term loan. There are all sorts of personal loans available from guarantor loans, payday loans and even loans for bad credit situations so it is easy for anyone to be approved for additional borrowing, but maybe there's a better way. Increasing your income could be easier than you think and might not need a loan, here's how:
Rent Out a Spare Room
If you have a spare room in your home and live either in a major city centre or in a tourist area, why not consider renting it out via AirBnB - it could be a great way to get some extra cash each month and you don't have to provide breakfast – just keep the room clean and tidy. Or even rent out your whole home when you go away or stay with friends for a week or two – you could even return the favour for them.
Create An Online Resource
Do you have knowledge of a specialist topic? If you do why not write an e-book and you could start making a steady stream of income from it. It will take time and effort to write the e-book in the first place but think of all the hours at home writing it when you are also saving money by not going out. And once completed you can enjoy making an income from it with no outlay cost required – just some of your spare time.
Become a part-time blogger
Blogging (writing) and vlogging (making videos) are both ways to share your views and opinions that others might be interested in. Or use a blog or vlog to teach people what you know. It can be as simple as make-up tips or parenting tips or gaming tips. This can be a great way to make money but you have to be in it for the long haul as you need to build up a following before you can hope to get ad revenue or be paid for sponsored posts. Nevertheless it is a good job to have on the side and can be grown gradually while still doing your day job. If you are already active on social media and can get followers relatively easily this could be the perfect job on the side for you.
Remember, there are always options to help get your debt under control and bring more money in – you just have to think creatively.