As you receive more bills or are juggling your credit cards to have enough to buy a cup of coffee, it’s hard to focus. All you can see is not enough coming in and too much being demanded out. But most of us have extras we can use to make a little more while spending a lot less.
Extra stuff
Do you have clothes that still have the tags on them? First, stop buying clothes you don’t need. Second, sell them. Take a look at online sites and consignment stores, or consider an old-fashioned yard sale. It may not seem like much, but $50 here and there can help make a dent in your bills.
The same is true with electronics. Is there an old iPad sitting around, or perhaps a laptop you haven’t used in a few years? Consider selling them (after first removing all your personal information). As long as the product can be updated, you should get a pretty decent price. Even products that can’t be updated to the latest version may still be in demand. Do a quick search on one of the selling sites and see how much others are asking for comparable electronics.
Did you get a gift card from a relative to a store you’ll never step foot in? Why is it collecting dust in your junk drawer? Dig out gift cards you can’t or won’t use and check gift card reselling sites to see what you could get for them.
Extra room
Do you have an extra bedroom available that you can rent out? Consider taking in a roommate or renting it on a site like Airbnb. While Airbnb may bring in a larger amount of cash, a roommate would provide steadier income.
And if you don’t have extra space or are renting a one-bedroom apartment, could you go in with a friend and save money? Of course, this wouldn’t provide an immediate influx of cash unless you’re nearing the end of your lease. But it’s something to keep in mind as you’re trying to pay off your debt.
Extra expenses
Dining out. Unlimited data. Getting your nails done. Meeting friends for $8 beers. These all can have merit. But you have to look at yourself (honestly) and see if you can really justify them when you’re in debt. Seeing your friends is important – I get that. But eating out every night is a waste of money, and quite often food. Having a beer while watching the game is great, but you can buy enough beer for everyone for the $8 per beer you’re paying at a craft brewery. Track your expenses and cut the excess, at least until you’re out of debt.
How many streaming services do you have? Still receiving paper magazines that are piled up unread by the bed? When you’re having a hard time paying bills, free tv and libraries are your best friends. If you search for free TV you might be surprised at the number of offerings out there. And the library costs nothing (and has free DVDs too).
What about your bank? Do you pay for the privilege of having someone keep your money? Doesn’t that seem kind of crazy? Look at your last few bank statements to see any fees you’ve paid for overdrafts, ATM withdrawals, or having too little in the account. Then look at your options – there are tons of free banks and credit unions out there. There’s no reason to pay for banking.
When is the last time you compared insurance products? Did you just turn 25? Car insurance rates often drop significantly after you’ve reached that birthday. Even if you aren’t 25, it behooves you to get quotes from several insurance companies to see if you can save money. While you’re at it, think about the levels at which you’re insured. Are you driving a 10-year-old car but have full coverage? It might be time to think about getting liability only, which will save you money. At the very least, consider going up on your deductible.
There are also a lot of daily expenses you can control. Do you take a list to the grocery store? How about coupons? For even more ideas, check out this very expansive list of ways to save.
Extra time
If you have nights or weekends free, it’s time to fill them with another job. More income is paramount to getting your debt under control.
Deliver. Whether people or food, delivery is huge right now. Uber and Lyft are decimating taxi services and making airports rethink their need for increased parking options. Food deliveries have grown so popular that some new restaurants only offer delivery – they have no seating. Do you have a suitable car that you could use nights or weekends to rake in a little extra?
Sit. Dog, human, or house – take your pick. Seriously, people are looking for others to watch their kids, walk their dogs, and bring in their mail (or live in the house) when they are gone. This is especially rewarding if you love dogs or kids (or walking to and from a mailbox).
Seasonal. Whether springtime at a big box home store, summer maintaining landscapes, or winter working retail for the holiday rush, companies often ramp up hiring for the coming season. I jumped on and off a UPS truck one Christmas season. It was good money (for a broke college student) that helped me pay for gifts and start the New Year with a little in my pocket.
Freelance. What do you do well? Can you write? Are you an artist? Is there something you can sell on a freelance basis to bring in some cash? Ask your friends and coworkers if they know of anyone needing your talent for a short-term or one-off project.
Extra money
Have you been at your company for a while, diligently working with only a 2% raise? Consider asking your boss for more money. Research your position at other companies, specifically how much similar employees are paid. Then gather your accomplishments and go talk to your boss. When you’re discussing it, don’t mention that your credit card bills are out of whack or your rent went up. Keep the focus on what you’ve done to make the department and company better. If you get a raise, don’t celebrate. Use ALL of it to bring down your debt.
This may seem overwhelming. People are coming at you from all sides and you don’t want to deal with it. But look around, review your schedule, and see what you can do to bring in and save more money.