Staying Out of Debt With Secondary Income

Debt has a way of sneaking up on a person. And a good portion of the people living in the United States has debt. News outlets suggest that this figure is as much as $134,643. It doesn’t look like that trend is going to change, either.

In fact, that figure represents an upward trend. Consumer debt now is 11% higher than it was just a decade or so ago. Of course, the best way to deal with debt is to stay out of debt. Many ways exist to do this but one of the simplest ways to get rid of any excess debt is to work a second job. Here are some tips for how to get the most out of a secondary, part-time income.

Common Secondary Jobs to Get

Certain jobs, like restaurant or childcare jobs, are easier to get. They count among the most common type of secondary jobs that people look for when they need extra cash.

And if you play your timing correctly, you have a very good chance at landing one of these jobs. In both cases, the need for restaurant help and the need for trustworthy childcare go up in the summer months.

Restaurants, especially those with patios and outdoor seating options, tend to bulk up their waitstaff in the summer to accommodate this. As for childcare jobs, parents often need babysitters during the day because the kids are out of school. If you have experience in either of these industries, these count as good options.

Start a Home Business

If waiting tables isn’t your thing, consider starting a small side business. Some of the options include doing some freelance writing or graphic design work, starting a landscaping business, or setting up shop as an accountant. These types of gigs capitalize on your talents and strengths.

An article on The Balance website even suggests that jobs like freelancing are among the best to get because they offer you so much flexibility – an important consideration if you’re already working a job.

Another option is to search the web for the best online investing companies and see if one of those appeals to you. Business ideas include becoming a LipSense Distributor or looking into small franchises like a paint-n-sip party franchise.

The beauty of these types of businesses is that many come with training programs. These training programs teach you how to find new clients, how to do your business books, and how to sell the products.

What to do Next…

Once you have some sort of secondary income, you’ll want to set up a plan of action. Clark.com has some suggestions to make this process easier.

First, change any habits that you have that could put you into debt in the first place. Most people don’t even realize that they have poor spending habits until they start really looking at how they spend.

Second, make a budget that you know you can stick with.

Finally, when you do earn extra money, any extra money, put it toward your debt. It might be tempting to spend the extra cash once you get it; however, resist that temptation. You’ll be out of debt faster than you think.

Last Thoughts

Staying out of debt really is a matter of planning. Most people don’t even realize how much money they spend until they’re faced with some sort of financial challenge. But debt doesn’t have to be a way of life: Getting a secondary job is one of the best ways to stay out of debt.

While some people opt for part-time jobs in the service industries, others branch out on their own. Fortunately, if you have just a little discipline plus some extra part-time work, a life of debt doesn’t have to be your reality.

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