How to Make Extra Money to Get Out of Debt

Topics: Reading time: 4 minutes

Debt often feels like a part of life. We are often encouraged to take out loans for cars, holidays, electronics and homes. Sometimes we take on more debt than we can actually repay, and that’s when it can seem like it’s all too much.

Once you’re in debt, the best approach to handling it is to find ways and means to manage it and this usually means finding ways to earn extra income. Of course, it’s not always that simple, and 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.

If you’re starting to feel like your debt is too much to handle, you’re not alone. Something can certainly be done to get you out of that black hole of debt. Though it might seem challenging, you can earn extra money to get out of debt faster. Not sure where to begin? We’ve put together some ideas that may benefit your situation.

Easy Ways to Earn More Income

The best way to get out of debt faster is to earn more. When you earn more, you can put even more money towards your debt repayment strategy. 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, night work, or a side hustle. That being said, it’s important to recognise that you can only do so much. It is also necessary to ensure you get enough sleep and rest time to maintain your health. Your health is worth everything.

Aside from taking on extra work with your day job or a side gig, there are other ways to earn extra income. These are easy no matter your situation, so consider these ideas:

  • Family work: If you have teenagers in the family, you may be able to seek their assistance by asking them to contribute to the weekly board, as every little bit counts towards your goal of earning extra income
  • Childcare: If you have younger children as well, perhaps your teenagers can help by babysitting them so both parents can find work in the evenings.
  • Rent a room: 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.
  • Sell something: If you have extra things around your home that you no longer need (or something you can create), start selling. There are so many easy ways to sell stuff online or in your community, and you can earn extra income.
  • Investments: If you have investments, it might be a good time to cash out. By taking this income, you can put more towards your debt.

Ultimately, it really depends on your family and what stage of life you’re currently in. 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 come with living with family.

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. Sometimes being a bit creative and making some sacrifices goes a long way.

Monetize Your Skills

Next, 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 lawnmower 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 teaching seniors how to use them.

You don’t need to focus on professional skills either. Here are some approachable, easy options that you can monetize in your community:

  • Dog walking or pet sitting: Walking dogs or pet sitting is an easy, accessible way to earn extra. You can look after pets when the family is on holiday, or walk dogs for corporate office workers who are gone all day.
  • Chores: Everyone needs help with chores sometimes. By helping out with groceries, cleaning, and so on, you can earn extra income for those time-stressed already.
  • Cleaning: If you have specialized cleaning skills, you can clean homes, offices, and even businesses.
  • Babysitting: This job is great for teens, young adults, and other parents who have the capacity to watch children on special occasions. A blue card and first aid certificate is a great way to boost this type of ‘business.’
  • Handyman: Are you the one always helping out around the house? You can do repairs, paint, and help your neighbours out on their own home projects.
  • Cooking: If you’re the best cook in your family, you can sell pre-made meals or meal kits for busy families or health-conscious neighbours.

As you can see, 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. If you have extra time, you can earn extra money no matter your skillset.

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 all goes to the right place. Dedicating your extra income specifically to your debt is a great way to automate your payoff.

Know When to Seek Expert Debt Help

Lastly, if you can’t manage to find any way to earn extra income to manage your debt, it’s a good idea to obtain debt management advice from 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.

No matter your situation, you’re not in this alone. Don’t be afraid to reach out to take this first step. 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!

Speak to us today

Debt Busters is an Australian owned business which was founded in 2005 - since then we have been able to help thousands regain financial control.

Debt Busters prides itself on providing a dedicated Client Service Manager to work closer with you and provide a higher level of customised service about your situation.