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5 Ideas to Get You Started

By Stephanie Appleton

There are two things to do when you face a mountain of debt; reduce spending, and increase income. Both take time. Increasing your income may not be something you easily have control over; or, do you? Here are some ideas to give your income and your debt repayment a little boost.

• Get a Part Time Job
  Even if you have to flip burgers, working less than 40 hours a month would add about $200 a month to your budget. Working a second job, especially if you don’t like the job, may not be fun, but it would only have to be temporary, until you got your debt paid down.


• De-clutter and Sell Your Clutter
  

  Most of us have so many things that we never use that other people would love to buy. There are many venues to use to make some money from things that are just cluttering up your house.

  Have clothing that is too small? Find a consignment store, and sell it.

  Books you don’t read? CD’s you don’t listen to? DVD’s you don’t watch? Video Games you don’t play? Try Amazon or Half.com -register at Amazon.co.uk for those from the UK, or one of the countries.

  Just about anything and everything? Craigslist or eBay! -register on eBay.co.uk if this is your country.

  Think your stuff wouldn’t sell? Check some of the sites listed above for items similar to yours. You may be surprised, and if it doesn’t sell, Freecycle it, or a similar site. Yes, I know that doesn’t help your debt situation, but wouldn’t you feel better giving the stuff to someone who wants it rather than throwing it in the trash?



• Turn Your Hobby into Cash
  Do you have a hobby or interest that could make you some money?  Do you knit, craft, create pottery or other art? Maybe an Etsy store is for you.


• Earn Money Online
  Oh, yes you can! If you have a blog there are lots of opportunities. If you don't it isn't hard to start one, though it does take some time to build it to the point you can make much money. Even if you aren't interested in blogging, there are other ways to earn money online. Here are some sites that help you get started and /or make money this way. Stop the Ride!, Getting Out of Debt, or Problogger.


• Use Your Skills to Earn Cash on the Side
  Could you paint, care for lawns, baby sit, do handy man work, help people organize, tutor, write freelance, or give music lessons? These types of activities are relatively flexible allowing you to schedule them when you have the time.

These are just a few ideas you can try to increase your income, so you can pay off debt more quickly. This only works though, if you do not increase your expenses at the same time. If working a part time job is going to cost you more in child care, gas, and clothing, or if it will cause you to eat out more, it may not be worth while. Remember you need to cut expenses and increase income. It can be tricky to do both at the same time but it can be done.

About the author: Stephanie lives with her husband and four children in the hills of West Virginia where they are learning to live simply and getting out of debt. See more at her blog, Stop the Ride.