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5 Ways A Child Can Make Money Online

5 Ways A Child Can Make Money Online

These days, it’s nearly impossible to meet a kid or a teenager who isn’t passionate about the Internet. From the countless cat videos, to fierce fandoms, to every game genre you can imagine, the Internet is filled with amazing things. This is why kids barely leave home to go out with friends–they’re already talking to each other online, from the comfort of their own beds, with a bag of potato chips within reach.

If you’re a parent or a guardian, and have witnessed the aforementioned description of a kid in your home, welcome to the digital age. You may badger your kids to take a break from their gadgets, but before you renounce the Internet completely, hear this:

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Let the kids use their Internet time earning money.

Not only would they get to stay glued to their social networking dashboards, they will also get to be productive, and possibly save up for that pair of sneakers they’ve been eyeing.

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Looking for ideas to pitch to your kid’s small-time gig? Here are five ways kids earn money online:

1. Sell Stuff Online

They’ve outgrown the toys and the clothes they hounded you for. Now, all this stuff is piled up on the darkest shelf of their closet, or the saddest corner in the attic. Help your kids sort through all the stuff they no longer use, and put them for sell online. You can help take photos for posting on either online auction sites or social media.

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2. Play Games

Before you grab the game controllers out of your child’s hands, why not suggest that they put their gaming skills to good use by earning their own money? A lot of programmers are looking for people to test the games, and will pay for it. Aside from the professionals, kids are often the best reviewers of games since they make up a huge chunk of the creators’ target market. Over time, when your kid becomes adept at playing, they can even join competitions where they can win cash prizes and earn bragging rights.

3. Do Online Research

I’m not suggesting that you let your kids offer their research skills to their classmates in exchange for money. A better idea, for instance, is to offer research assistance to college students or academic professionals. The tasks may be as simple as looking up pertinent information or verifying data online, but can be more complicated depending on the skills of the child.

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4. Write and Blog

If your kid can seriously write stuff that is fun to read and engaging, encourage them to start a blog and make money from it. Some of the things they can write about are reviews of restaurants, video games, movies, and books. They can also create videos of themselves holding tutorials on fun ideas, such as how to pronounce Versailles properly, or what kind of makeup is appropriate for certain events. Remind your blogger kids that they can have ads put up on their sites or invite certain brands, especially the startup ones, to send goods their way in exchange for a review.

5. Design and Take Photos

Writing and researching aren’t the only disciplines that thrive in the Internet money-making scene; there’s also art and design. There are many artists who create illustrations or take photos and sell them online. If your kid is adroit at these fields, urge them to start an art blog and sell their artwork. They can also sell their work to different organizations that use photographs for advertising purposes.

As a parent, you need to remember that the presence of opportunities like these doesn’t mean you should strong-arm your kids into working. It’s important that they are willing to at least give it a shot and that they are aware that you support them. If it pushes through, guide them to the nitty-gritty of business, such as making deals, securing payment, and even delivery. Lastly, make sure that their little enterprise doesn’t get in the way of being kids. Let them have fun while earning money.

Featured photo credit: Lars Plougmann via flickr.com

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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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