3 Popular Ways You Can Make Extra Money to Pay Off Debt

Posted on: August 16, 2019

Posted in Budgeting, Expenses, Financial Advice | Comments Off on 3 Popular Ways You Can Make Extra Money to Pay Off Debt

pay off debtHaving a traditional 9-5 job is great. It will give you regular pay, that means having a steady income you can rely on to meet all your basic needs. But what about if you have a heavy debt load and need to pay off those debts? Your regular pay won’t be enough. You’ll need to look for ways you can make extra money and meet those extra needs so you can get out of debt quickly.

Making extra money is the best way to increase your income. Of course, you will need to cut your spending back. However, that can only get you so far. A lucrative side hustle can bring in much needed cash flow that you can use to put toward paying off your debt.

Here are some great ways to bring in more cash every month which you can all do in your spare time.

Sell items online

online selling

Selling stuff online is one of the surest ways you can make extra money. If you’re getting rid of any of your used items, such as household appliances, furniture, used books, collectibles, or pretty much anything you’re not using, you can try selling them on Kijiji, Craigslist and Ebay. All you need to do is list the items for sale and you can start selling right away and earn some extra bucks quickly. If you specialize in some craft or hobby, like knitting, painting and jewelry making, a great place to sell this is on Etsy. If you’ve got a really good product,  Amazon would be a great place to sell your stuff. You can even make the leap into entrepreneurship, start small and then slowly but surely build your brand and expand your business, who knows maybe one day you can build your own online store where you can sell all your products. If you don’t have your own product to sell, you may want to look into dropshipping as an option.  You  can also sell for others as an affiliate and collect a commission for each sale you make.

If you don’t want to create listings and ship items and pay a service fee for using these sites, there are many neat apps nowadays that make selling items online a much quicker and much easier process. There’s Let Go, where you can sell anything from smartphones to shoes. Poshmark is a luxury fashion app where you can sell your high-end handbags, shoes, clothes and accessories. 5Miles is an app that is much more location specific, so you can put up local classified ads and yard sales online and sell your stuff to buyers that are within five miles of your location.

Drive on your spare time

uber part time driving

Why not drive for Uber or Lyft on your spare time? It’s another popular way for making money nowadays. Thanks to the boom of the sharing economy more passengers are in need of rides and Uber and Lyft drivers are sought-after by employers. The great thing is, they have this very neat feature where you can turn on and off your availability on their networks by just clicking a button on your phone, so in effect you can set your own schedule, run it as your own side business, and make good money in the process.

Rent your home or a spare room on Airbnb

airbnbIf you are willing to rent out a spare room or even your entire home to travelers for a short period of time, AirBnB can be a great resource for you to make extra money. Just create an account and list your space or home for free and you can decide your own schedule, when your home or room is available, and also have full control of prices and requirements for guests. When your listing goes live, guests can start to contact you and you can communicate with them through chat message or any means you’re comfortable with. You get paid 24 hours after a guest checks in. Some people have managed to make this a very lucrative sideline for them that it has become their primary source of income source.

By earning extra money you can earn a respectable amount of cash that’s going to supplement your income and help you to get out of your debt plan as soon as possible.  It’s not hard to find opportunities at all as nowadays there are many ways you can make extra money and earn a few extra bucks to pay off your debt. All you really need to do is make the decision and commit yourself to it.

Contact Richard Killen
FREE No Commitment Consultation

Contact us now for a fresh start!

“Serving Toronto & the GTA for over 25 years.”



    cup half full book

    question and answer

    Recent Blog Posts

    About Richard Killen & Associates

    Since 1992, Richard Killen & Associates, a Licensed Insolvency Trustee, have helped thousands of people resolve their financial problems. With 25 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.

    Serving the GTA for 25 years