People find themselves in debt almost as soon as they reach adulthood. We are often encouraged to take out loans for cars, holidays, electronics and homes. Sometimes we are allowed more debt than we can actually repay and that’s when it can seem like it’s all too much. In any case, once you are in debt; the best approach to handling it is to find ways and means to manage it and this usually means finding a way to earn extra income. Of course, it is not always that simple; it’s always a good idea to seek advice from experts and perhaps you will need to consider debt management services to see what is needed first and foremost.
This may well depend on just how far into debt you are. It is possible that your debt is starting to make you feel uncomfortable or even scared and you may feel like the repayments you are making are never going to end. If this sounds like you don’t worry, because something can certainly be done about getting you out of that black hole of debt. We’ve put together some ideas that may benefit you.
Earning extra income and reducing your expenses
It is often possible to pick up extra work and put the additional income earned towards reducing your debt. Sometimes you can put your hand up to work extra hours at your regular job. This may mean working overtime which can often be charged at a higher hourly rate or extra bonuses for work performed. If this isn’t possible in your situation, you may be able to get a weekend job or night work. It is important to recognise that you can only do so much and it is also necessary to ensure you get enough sleep and rest time to maintain your health.
If you have teenagers in the family, you may be able to seek their assistance by asking them to contribute to weekly board, as every little bit counts towards your goal of earning extra income. If you have younger children as well, perhaps your teenagers can help by babysitting them, so both parents can find work in the evenings.
It really depends on how old your family is – and what stage of life you are at. If you’re at a different stage of life, perhaps without a partner or a family, it may be an option to seek help from your family and move back home so you can save money on rent and the other expenses that comes with living out of home.
If this isn’t an option, it’s also possible to let one of your bedrooms out to someone else to earn that extra income. Whether you have mortgage repayments or rental obligations, the financial stress could be alleviated quite considerably if you share it with someone else. It can also be beneficial for the other person, as letting out a room and halving expenses like internet, electricity and gas is much more affordable than renting an entire home, unit or apartment. Even though reducing your expenses is technically not a way to earn extra income, the end result is the same because you will have the extra money to pay towards your debts.
What are Your skills?
Looking at your skills and assets is a good place to start when working out your plan of attack to reduce your debt. For instance, if you have a lawn mower you might pick up extra work mowing lawns in the evenings or on weekends. If you have computer skills you could do quite a range of tasks to receive income, either setting up computers for others who don’t know how, repairing them, or even teaching seniors how to use them.
Another quick and easy way to earn extra income is by offering dog walking services or even looking after pets of people who go on holidays. If you do your research, you could offer your services in areas that have typical time-poor corporate workers who often don’t have time to do this, but have the money to spend seeking this sort of help.
Finding services to offer that most people don’t like doing is a good way to ensure you can pick up work.
For example; cleaning. It is usually easy to find people who need assistance with household chores and depending on your physical fitness you could also offer services like window cleaning and specialist cleaning services outside the home.
Babysitting is also a relatively easy job to find if you have the experience (a blue card and first aid certificate is also handy to have). Reach out to your friends and family, as someone may know someone who needs help. People usually like hiring people they have been recommended to, so don’t be shy to reach out.
If you have handyman skills you could do home repairs or even house painting for friends or neighbours, again you will gain income and your friends and neighbours will save money by not having to hire a professional.
There are so many other ways to earn extra income that can be used to bring extra money into the bank account and some can even be done online in your own home. The only thing you have to be aware of is spending the extra income as a way of rewarding yourself. Lots of people fall into this trap, so self-discipline is needed to ensure it is all goes to the right place.
Expert debt help
If you cannot manage to find any way to earn extra income to manage your debt, it’s a good idea to obtain debt management advice from the professionals as soon as possible. Debt Busters can give you the right advice about the kind of debt help you require and can offer to be your debt negotiators. We then contact the people to whom you owe money and negotiate on your behalf to get you lower interest rates or a lower rate of repayment. Get in touch with us today to discuss your options. Fill in the contact form below to arrange a call back, chat with us online or give us a call now on 1300 368 322. We’re here to help!