STEP 7: Find Ways To Earn Extra Income

For some, getting out of debt may involve trying to find ways to earn extra income. If you absolutely cannot find enough money to pay off your debt with the current family income, increasing your income may be an essential part of your personal journey out of debt.

There are several ways to earn extra income for the family. Here are some ideas you may need to consider.

1. Work Overtime

Increase your income by working overtime at your present job. If you or your partner are able to work overtime for pay, do it.

2. Get a Second Job

You may only need to get a second job for a short period of time. The benefit you will receive from getting out of debt faster with a second income will be worth it.

3. Everyone Gets a Job

If there are members of your household who are of work age and do not currently work outside the home, it may be necessary for them to get at least a part time job for a while. Even your teenagers can help get the family out of the debt ditch with a part time job.

4. Start Your Own Business

As we said, there are many ways to earn extra income and starting your own business may be an option to think about. Obviously your goal is to create a second income, so starting a business that will take a large cash input is not a wise choice right now. Here are a few small business startup ideas.

Think of your skills and your current job. Is there something you can do that will bring in extra money? For example, someone who is an accountant or bookkeeper for a company can do the accounting for small business people part time, or possibly complete tax returns.

If you are a skilled tradesperson, doing that work on your own after hours can be one of the best ways to earn extra income. If not, simply finding a part time job that suits your skills can get you out of debt much faster.

5. Earn Extra Income Online

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Do you have an interest that you would like to share with others? If so, creating a second income with an online business may be right for you. It may be a slower build, but could eventually lead to significant income.

We're not talking about get-rich-quick schemes here. We all know they don't really work and can end up costing you money rather than earning extra income. But a true business idea, built up over time through your own website, can become a real business and contribute considerably to your income, possibly even replacing it one day, if that is your goal.

The key here is building it over time. Creating an online income is very "do-able" but does take time. This idea by itself may not be your ideal solution if you need quick cash to pay off your debts. But don't rule it out. It can be a great income.

There are a number of ways to earn extra income. Personal budget planning is the next step.  

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