I read an excellent post from a friend at The Shop My Closet Project outlining a debt snowball barometer. Your snowball might be icy unless you can reach the $500-$1000/month debt repayment level. For those serious about dumping debt, I urge you to begin with a budget.
I’ve run across several “experts” recently poo-poo’ing the idea of a using a budget as being restrictive or old school.
Ignore them please!
Your budget is going to help you get ahead by knowing exactly where you are financially.
After budgeting for the month, trimming where you can, and making a plan to attack debt; you may just need more money to light a fire under your debt snowball. In these cases, a side hustle is required. Realizing that time is limited and everyone is beyond busy, I came up with a list that can fit a variety of schedules and don’t require a significant cash outlay upfront.
UPS – UPS is the Post Office of the new millennium. They are always hiring. UPS makes the list because they offer part-time hours that won’t interfere with traditional business hours. UPS also offers a reasonable tuition expense benefit (up to $3000/year). As long as you can lift 35lbs routinely, you can wear brown and generate an extra $140-$170 per week.
Fiverr.com – If you have a skill that can be reproduced easily, you should set up shop immediately. Quantity is the key. I’ve used this site for graphic artists, editors, and video production just to name a few. Browse the services offered for inspiration about a side hustle which can pull in extra funds, $5 at a time.
Teach English Online – Do you have a web cam and Internet access? You can make money online by tutoring people all over the globe. I’m in the process of running a hands on experiment and will report my findings in the next few months. Until then, a couple of the sites I’m currently reviewing are Verbalplant.com and English As a Second Income.
Tutoring – Wyzant.com is a freelance tutoring service that connects tutors and tutees. Set your hours and price and help someone learn while dumping debt faster.
Virtual Assistant – If someone is running a small business, chances are they’re online. Small business owners are busy! They are not always social media savvy. Turn your hours on Facebook, Twitter, Pinterest, and Instagram into a lucrative side hustle by helping a business owner grow their social medial presence. How do you find these gigs…like we find anything else..Google. Join special interest Facebook groups for bloggers. I see requests for VA’s all the time. If you’re good, you’ll get repeat business and referrals. Check out my friend’s site to get an idea of the services VA’s offer: http://jacksonlmichelle.com/
Virtual Customer Service Rep – This option is a little different. A small, upfront investment if often required. You’ll need to purchase a specific headphone/microphone combo and have an operational land line. Most of these positions begin at minimum wage and have rigid schedules established. However, you may be able to accommodate the schedule depending on your daily routine. The 9 am – 4 pm mandatory training period might be a deal breaker for those with full time jobs.
If you have specialized skills, consider teaching online, doing hair or nails, or check out freelance sites to generate additional cash. I would generally say avoid subscription sites because the goal is to bring in cash in order to accelerate your debt snowball. However, I have tried one with amazing results.
I tried Flexjobs.com for a month. With the coupon code, NEWSLETTER, the monthly cost was 30% off. I also liked that the account management tool let’s you expire your subscription. The subscription won’t renew with the next billing cycle.
Here’s a screen shot of the account management screen. Expiring an account is a welcomed feature for a forgetful person like myself.
I tried it for a month and walked away with 3 interviews and 2 clients. I made an extra $1000 in my second month of focusing on a freelance side hustle. I’d say a month using FlexJobs.com was a good return on my $10 subscription fee for the month.
Please share other side hustles that are working well.