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6 Lifehacks to Make Money Even When You Are Unemployed

6 Lifehacks to Make Money Even When You Are Unemployed

We have no doubt that you are putting in a lot of hard work and time into your job hunt, and that your job search is starting to feel like you already have a full-time job. But, there is one downside here; you are not getting paid to search for a new job. If you are currently unemployed, you may be experiencing some stress and that can even cause some definite problems, because after all, you need to pay those bills that are piling up.

Do not worry, because finding a new job is not your only option to bring money home. There are several quick, easy and different ways to bring home some extra cash while you are still looking for that dream job. We bet that you are getting curious, and if you are, keep reading to find out more about the lifehacks that’ll help you make money even if you are currently unemployed.

1. Start Your Own Blog

The internet is filled with different kinds of blogs that are devoted to all kinds of topics. Many of them do not make any money, some make a decent amount, and there are some that draw in lucrative and regular income. For example, fashion blogs are now ultra-popular and research has shown that a fashion blogger can make even $4000 a month, if they have 400.000 page views per month.

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This is the best case scenario, but if you manage to make $400 each month from blogging, that can certainly be useful, especially when you are unemployed. So, if you are passionate or have a lot of knowledge about a subject which others will be interested in learning, you may able to make some extra money by setting up a blog and generating revenues from sponsored posts or affiliate marketing.

2. Walk Dogs

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    Have you considered turning your love for dogs into hard cash? Many dog owners nowadays simply do not have the time to take their furry pets on walks during the day, so there’s money to be made from walking them. Walking a neighbor’s dog is not only a great way to make money, but you can also get your share of exercise.

    There are also several more tasks you can take on, like mowing lawns or weed gardens. If you are handy, you can even take care of a few repairs for people who are in need of them. Remember that people need help with everyday things all the time, but in many cases, they do not want to hire a professional. So, make yourself available, help them address these small issues and earn cash while you are doing something good.

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    3. Teach Online

    If you have a skill, a trade or knowledge of a certain foreign language, you can easily make money by teaching others. There are many websites that are looking for people who can teach these skills online. Even though this does not allow you as much control and freedom like other lifehacks we mentioned above, it can be fun if you are a person who likes to teach others.

    There is one bonus that comes with this. You will get an experience you can put in your resume and help you score a job later on. But be careful; many people have managed to make a successful career out of teaching people online, however, not everyone can do this successfully.

    4. Participate In Research Studies

    Perhaps the idea of participating in research studies and clinical trials may sound a little terrifying, because there is always that fear that something can go wrong. But many of them are safe and you can earn a decent amount of money. Search online for focus groups, research panels, clinical trials, surveys and other paid opportunities that are looking for participants. The amount of money you are going to get can vary, but this is still one effective way to earn some extra cash.

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    5. Become a Streamer

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      Many people spend money in order to play video games, but there are those who do it the other way around; they make money by playing video games. If you are a gamer yourself, and in need of cash, then this is an excellent opportunity to turn your hobby into a paying gig. Thanks to the streaming websites like Twitch and YouTube Gaming, smart and lucky people are now swimming in cash that they’ve earned by broadcasting their gameplay on the internet.

      However, turning streaming into a lucrative business is not an easy task, because you need to build a sizeable audience that will be willing to watch and pay. You will be needing the proper gear and, if you do not own an Xbox One or a PlayStation 4, a game capture box and a PC will do the trick. Once you set up everything, remember to be entertaining and charismatic if you want people to come back and watch you.

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      6. Sell Your Stuff

      It is in our human nature to hang onto things that we are no longer using, whether that is a pile of clothes in our closet, a bike we have never ridden or a spare TV set. If you look at it like leaving large piles of money just sitting around your home, it kind of seems ridiculous, doesn’t it?

      Essentially, this is what you are doing, because all of those unused items are just taking up your space, instead of actually helping you score some of that much-needed money. This is why you need to list them for sale online or host a garage sale that will not only help you eliminate your clutter, but it will also fill up your wallet.

      When you are unemployed and in a search for a job, it is understandable that you want to put in all of your energy, time and attention into finding that perfect position. But, this will not help you pay your bills, because you need to find ways to bring in some cash when you need it the most. Finding a part-time job is always an option, if you can swing it, but if you want to try something else, these different ideas and hacks will surely provide you with inspiration to earn some extra cash while you are on your job search.

      Featured photo credit: http://kaboompics.com/one_foto/1012/white-laptop-female-hand-note-pen-phone-desk via pexels.com

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      Katarina Milovanovic

      Creative Writer

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      Last Updated on July 10, 2020

      The Definitive Guide to Get out of Debt Fast (and Forever)

      The Definitive Guide to Get out of Debt Fast (and Forever)

      Debt can feel crushing, like a weight that is always weighing you down. Looking at those numbers, it can feel as if you’ll never get out from under it. However, if you really want to learn how to get out of debt, it is possible with a great deal of focus and self-control.

      Getting out of debt isn’t impossible. Like any big goal, all that it takes is an action plan to identify where you are and creating a plan to zero out your debt.

      Identifying All of Your Debts

      The first part of paying off your debt is getting a complete picture of what you owe. When you have everything written out in front of you, it makes it much easier to create an action plan. Depending on how much you owe, it might also help you realize it’s not as bad you might have originally thought.

      Here’s how you can get started identifying your debts:

      1. Own Your Debt

      Before you start identifying all of your debts, take a moment to process that you have debt but want to get out of it.

      Forgive yourself for any past mistakes, missed payments, or overspending. It might be painful to accept how much debt you have at first, but you must own it.

      2. Make a Debt Tracker

      It’s astonishing how few people ever created a tracker to understand their total debts. Most likely, it comes from not wanting to accept the guilt of having debt, but, if avoided, it can make it nearly impossible to get out of debt.

      Open up a new Google or Microsoft Excel sheet and list out all of your debts. Start with the name of the creditor, interest rates, total balance, loan term length (if any), and the minimum amount due each payment. This will include student loans, credit cards, and any other type of debt owed.

      3. Get Your Debt Number

      Once you’ve made your debt tracker and taken the other steps, identify your total payoff number. This is crucial, as you will have a starting point and a clear goal that you are trying to achieve.

      Prioritizing Your Debts

      All debt is not created equal. It’s imperative to understand that there are different types of debt.

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      1. Understand Bad and Good Debts

      Bad debts are usually paying for things you want instead of always need. While there might be some emergencies that max out your credit cards, often times it’s excessive spending[1].

      There are three main types of bad debt:

      • Credit Card Debt: The average American household owes over $16,000 in credit card debt!
      • Auto Loan Debt: According to CNBC , the average auto loan in the US is $30,032!
      • Consumer Loan Debt: Consumer loan debt isn’t as common as credit card and auto loan debt, but it’s still considered bad as interest rates are usually between 10-28%.

      Good debt is identified as investments in your future. Here are three common types of good debt:

      • Student Loan Debt
      • Mortgage Loan
      • Business Loans

      2. Decide Which Debt to Pay off First

      Once you know each type of debt and their interest rates, you can begin to pay off debt quickly.

      Focus on paying off bad debt first, regardless of if it is a credit card or auto loan. Start by paying off the loan with the highest interest rate first.

      If you have several credit cards with different interest rates, you want to focus on the one with a higher APR. You will actually save more money by eliminating the card with the highest interest rate.

      3. Don’t Pay the Minimum Amount

      Paying the minimum amount digs you into a hole as interest rates will offset your payment. Even a small amount more than the minimum can help you pay off debt much faster.

      Removing Obstacles to Pay off Debt Quickly

      Creating a debt tracker and prioritizing a plan is simple, but avoiding temptation can be difficult.

      1. Set a Reminder to Track Your Debt

      “If you can’t measure it you can’t manage it.” -Peter Drucker

      It’s so important to track your debt to ensure that you get it paid off quickly. Similar to working out and measuring your results, you need to track your debt constantly. Start with a weekly reminder, where you sign on and log your updated number. Did you increase, decrease, or stay the same?

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      Regularly tracking your student loan balance can be incredibly motivating, as well. You will get a huge confidence boost each time you see your total debt amount decreases.

      Set weekly and monthly goals so you can have short term wins and keep the momentum going.

      2. Hide Your Credit Cards

      If your biggest debt is credit cards, you need to eliminate temptation and remove them from your wallet.

      Some people have gone to extreme measures by freezing their credit cards. Why? This would create an ice block around your card, which would require you to chip away at it slowly. This will give you time to think if it’s the best idea to buy that thing you’re about to buy.

      3. Automate Everything

      Willpower can be a huge downfall to paying off your debt. By automating your bills each month, you will ensure that willpower isn’t involved.

      4. Plan Ahead

      Getting out of debt will require some sacrifices, but with enough planning, you can make it work.

      For example, if you know that you have a friend’s birthday or family dinner coming up, plan ahead for the costs. Whether you need to cut back on spending the week before, pick up a side job, or meet them after dinner, do what is needed.

      5. Live Cheaply

      The only way to get out of debt is to make some sacrifices on your spending habits. Find ways to save money each month so you can apply that amount to your outstanding debts. Here are some ways to save money each month:

      • Live with roommates
      • Cook dinners and prepare lunches for work instead of eating out
      • Cut cable and choose Netflix or Amazon Prime
      • Take public transit or bike to work

      Finding the Lowest Interest Rates

      The higher your interest rates, the harder (and longer) it will take you to pay off any debt.

      If possible, you want to find ways to lower your interest rates to help get out of debt quickly. Here’s how you can get started:

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      1. Maintain a High Credit Score

      Your credit score will have a large impact on your ability to refinance your loans and receive a lower interest rate. If you have a low credit score, it’s unlikely you will be able to refinance your loans. Use these credit tips to increase and maintain an excellent score:

      • Never miss a payment
      • Don’t exceed 30% of your credit limit
      • Don’t sign up for more than one card at once
      • Limit hard inquires, like auto-loans and new credit cards
      • Monitor frequently with free credit-tracking software

      2. Find Balance Transfer Offers

      Start by opening a free account on credit.com. Credit.com offers you the chance to open a free account and see what type of balance transfer offers you can receive. Some of your existing credit cards might already have 0% or lower APR balance transfer offers available.

      Contact each of your credit card providers to ask about lowering your rate for a one-time balance transfer offer[2].

      If you do take advantage of this option, make sure that you use a balance transfer and not a cash advance. Cash advances have a ton of high interest fees (15-25%, depending on your credit card) and will only compound your debt problem.

      How to Get Rid of Debt Forever

      Setting up a plan, removing temptations, and getting the lowest interest rates is the first step to get out of debt.

      1. Keep Monitoring and Adjusting

      Once you have a plan, don’t get comfortable. Track your debt payoff plan and make the necessary adjustments when needed.

      Monitor your credit scores with a free site like CreditKarma. The higher your credit score climbs, the more likely you will be to secure a new, lower-interest loan.

      2. Earn More Money

      There are only so many ways to save money. Instead of clipping another coupon or making sacrifices for your morning coffee, find ways to earn more money!

      Think about it…it is much easier to find ways to earn an extra $1,000 per month than find $1,000 to cut from your budget.

      Here are some examples of ways to earn more money:

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      Talk to Your Boss

      Have a conversation with your boss about current salary and/or commission rates. If you’re not satisfied or want a change, don’t be afraid to look around at other positions. Some of them might even have a student loan debt reimbursement plan!

      Start a Side Hustle

      This could be coaching students on the weekends, driving for Uber, or taking paid online surveys. There are tons of ways to make money outside your 9-5. Now that you have a clear plan to pay off your debts, you’ll be more motivated than ever to figure out creative new ways to earn money.

      Build an Online Business

      There are so many websites and blogs that earn money from ads, affiliates, and other online products. Find your niche and get started.

      3. Celebrate Your Wins

      As you progress in your debt payoff journey, don’t forget to celebrate your wins. You need to always reward yourself for the hard work and discipline that is required to get out of debt.

      While you shouldn’t celebrate so big that it increases debt, make sure to factor in little rewards to keep you motivated.

      4. Set New Financial Goals

      Eventually, with a plan and these steps, you can rid yourself of your debt. Once you do, make sure to celebrate your monumental achievement, but don’t stop there.

      Now, you can focus on acquiring wealth and increasing your net worth. Set new financial goals so you have a new target to aim toward. Here’s how to set financial goals and actually meet them.

      These could be anything now that you are debt free! Think about where you want to travel, buying your first home, or saving for your future retirement. Just like before, make sure that your goals are specific, measurable, and achievable.

      Conclusion

      Congrats, you can now set a plan in motion to finally pay off your debt quickly (and hopefully forever)!

      Remember, if you want to get out of debt quickly, it’s not always easy. Just like any big goal, there will be sacrifices, challenges, and problems to overcome.

      More Tips on Getting out of Debt

      Featured photo credit: Pepi Stojanovski via unsplash.com

      Reference

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