Day 9
Subject: How to find extra cash for debt payoff
When you make a choice to pay off your debt, you’ll probably want to start figuring out ways to bring in some extra cash to help. This is especially true if you find out during your budgeting process that things are worse than you thought they were. In any case, there are lots of ways to find extra cash for debt payoff.
Get a Side Gig
You can find a side gig that you do in your spare time like babysitting, dog walking, house sitting, house cleaning, or anything you think you’d be interested in doing. Look at Thumbtack.com to get some ideas. You can also become a virtual assistant, content writer, graphic designer, or any other side hustles that will generate cash fast.
Find a Part-Time Job
If you aren’t comfortable starting something on your own, you can also get a part-time job. Some flexible job ideas to look for include jobs like retail merchandiser, parking assistant, and other part-time jobs on job boards.
Sell Your Junk
If you have a house (or a garage, and especially a storage unit) full of stuff you don’t even use, it’s time to sell it. You can sell things on the Facebook Marketplace, at a garage sale, and on consignment
Use Your Credit Card Rewards
Since you have credit cards, check out the rewards you’re not using. You never know when you can add some cash to your pocket from these awards.
Set a Realistic Budget
Make sure you’ve set a realistic budget, especially when it comes to the items in your budget that are flexible. You can probably save a lot more on groceries than you think, for example.
Stop Eating Out for Lunch
Eating out, buying coffee, and doing anything about food at the last minute gets very expensive. For the 10 to 20 bucks a day you spend eating out, you can eat quite well if you make it yourself.
Go on a Spending Diet
This can be a fun activity. Pick a date and try not to spend anything for a month other than on things you really need. Don’t buy food unless you really need it. Don’t buy cleaning products;in fact, don’t buy a thing unless it’s on the needed list.
Rent Out a Room
If you have an extra bedroom, consider renting it out. Depending on where you live, this can add up to several hundred dollars each month to use to pay down your debt. Don’t forget that rent is taxable income, but you can also subtract your expenses.
Cash in Your Non-Retirement Investments
If you are paying a higher interest rate than you’re earning on any investments you currently have outside of your emergency fund, use it to pay down high-interest debt.
Save Money on Food
There are numerous ways to save money on food. You can grow some of your own, you can shop locally via your farmers, sign up for discounted delivery via the Misfits Market, or see if you have other produce options in your area like Borderlands Produce Rescue. Of course, meal planning always saves time and money. (https://www.misfitsmarket.com/ ) (http://www.borderlandsproducerescue.org/programs/powwow/)
Ask Your Credit Card Companies to Lower Your Interest Rate
When you get on the phone to find out your balance owed and your APR, ask them to lower your interest rate. If you’ve been a good customer, have a good debt to income ratio, and have good credit, there is no reason they won’t do it.
Switch to a No Fee Bank
If you currently have a bank that charges fees, find one that doesn’t. While you’re at it, find an account that pays interest on your balance. Credit unions and many online banks like Ally.com are good options to lower your fees. Five bucks here and there does make a difference.
Change Your Monthly Subscription Plans
Phone, insurance, cable, YouTube TV, and any other monthly fee is an opportunity to reduce your expenses and discover extra cash that you may not have realized was available to you.
Use an FSA or HSA
If it’s an option for you, a great way to find more cash is using a flexible spending account or a health spending account to help lower your tax liability by paying for these expenses with pre-tax dollars.
Now that you know how to get extra cash, you may still need additional help to become debt-free if you have a real problem. Don’t be embarrassed; it happens to the best of us. In fact, consumer debt is created to get you into trouble. If you want to get help, don’t miss the last blog