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10 Simple Things You Can Do To Earn More Money

10 Simple Things You Can Do To Earn More Money

There are many different, simple things you can do to earn more money. And who wouldn’t like a little extra money to add to their income this year? Just think of all the things you could buy with some extra side income.

Here are 10 simple tips that will put more cash in your pocket:

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Earn money by cutting back

1. Cancel any memberships or subscriptions you don’t use. For example, do you subscribe to a magazine or a service like Netflix or Hulu? If you don’t use the subscription on a regular basis it might not be worth paying for anymore. The same goes for memberships. What about cable television? Cable is expensive and for most people it’s not even worth paying for, since there is so much media available through other methods online and through Hulu, Netflix, YouTube and torrent websites.

2. Take a look at your variable expenses, like phone bill, car insurance, groceries and gas. Can you get cheaper car insurance or cut your phone bill in half? Eating out less and being smart with how much you spend on food and health items can help save money and put more money in your pocket.

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3. Go through your belongings and sell things on Craigslist, eBay or Amazon. You most likely have a couple of things laying around that you don’t use anymore or don’t really need anymore. Think of old electronics, clothing and other items that you can part with and list them online for sale. You could also look at recycling centers in your area that may allow you to recycle electronics like TVs, cameras and computers.

4. Sell unwanted things to a pawn store or to friends. Pawn stores are a great option if you want to get rid of unwanted items and make some quick cash. Pawn stores sell a variety of items that people have sold to them, so there’s a good chance they might be interested in whatever you’re trying to sell. Also, post your items on social media for friends to see. Oftentimes a friend might like to purchase something you have for sale because they can get it at a discounted price and it’s something they want or need. This is especially true with items like baby clothing and other baby items, adult and children’s clothing, purses and electronics.

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5. Host a clothing swap or yard sale at your house. Charge an entrance fee for others to join and sell their belongings too. You can sell your unwanted belongings and make money on both the entrance fee and items that sell. A clothing swap or yard sale is a good way to get some friends and family involved to sell their unwanted items, then everyone can make a little extra money this way.

Simple ways to earn money

6. Write an e-book and sell it on Amazon and Smashwords. Writing an e-book is easier than ever. All you have to do is write your book in Microsoft Word or any other similar word processing program, upload it to Amazon, use Amazon’s cover creator and then list it for sale through their Kindle Direct Publishing site. It’s also a very easy process to upload a book to Smashwords and sell e-books there. You can make anywhere from a couple of dollars a month to considerably more depending on how many copies you sell, what you choose to charge for the e-book and the royalty that is paid out to you. It’s an easy way to make some extra money continuously.

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7. Write articles for websites like Lifehack. There are several reputable article websites out there that pay per article you write. With a little time and effort you can make a little or a lot of extra money, depending on how many articles you want to write.

8. Sell your photos online. You’ve probably got tons of original photos you’ve taken on your phone, with a camera or another device throughout your life. There are several websites where you can sell your photography. Here’s a list of photo websites where you can list photos for sale:

9. Make something and sell it on Etsy. If you are crafty then Etsy is just the place for you. You can create one-of-a-kind products and sell them on Etsy. Make sure to advertise them on social media like Pinterest, which is great for specialty items, crafts, clothing and gifts.

10. Sell your plasma. Do a search to find the closest location to you that will allow you to sell your plasma. Oftentimes you can earn up to $130 for the first four times you donate plasma. Make an appointment, go in to have it done and walk out with cash in hand. You can repeatedly donate so this is something you can do occasionally to make a little extra if needed. Plasma donors should check with their local donor facility to find out how often they can donate. Donating plasma is a little more involved than donating blood and requires a little more time.

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Amanda Bradbury

Amanda is a passionate writer who shares lifestyle tips on Lifehack.

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Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

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