Do you want to pay off debt consolidation faster? That is possible! Some people would immediately look at their budget plan to identify the expenses that they can cut back on. Admittedly, this will provide you with immediate funds that you can use to give your debt payments a boost. However, this is very limited. You can only remove a small portion of your expenses.
If you want a significant growth in your debt payments, you might want to consider having a side hustle. This refers to activities that will earn you extra money outside of your regular job. While it may seem like a tiring thing to do, there are a lot of people who are already doing this to give their overall financial position a boost.
According to one study, more than half of Millennials in the US have side hustles. These people earn between $50 to more than $1,000 a month in extra money. Imagine if you were one of the 15% of Millennials earning more than $1,000 each month? You can easily pay off debt consolidation faster.
Once you have paid off your debts, that side hustle can continue to make your financial position significantly. It is a great way to strengthen your financial future – making sure that it is stable and secure. But before you can do that, you need to focus on getting rid of your debts first.
How can side hustles help pay off debt
We all want to pay off debt consolidation faster but unfortunately, there are people who do not want to put too much effort into it. Well, if you really want to improve your current lifestyle, you need to make sacrifices. This is why you need to find tips that will help you get rid of debt as quickly as possible.
One of the ways that you can pay off your credit obligations faster is by increasing your monthly income through a side hustle. There are a couple of reasons why this can be very helpful in your debt consolidation efforts.
Gives you more extra money for debt payments
Obviously, the higher income will give you the funds to increase your debt payments. But you need to be disciplined in implementing this. Some people lose control when they see that extra income. You need to curb your spending habits so you can get out of debt faster. If you got into the side hustle because of your debts, you have to stick to the plan. Do not use it to increase your shopping fund. Strictly use it to pay for your debts only.
Makes you work hard for a higher income
Having a side hustle, admittedly, can be hard. But it will also bring a lot of improvement in your character. First of all, this makes you feel driven. There is nothing like having a goal and the means to reach it to make you feel the drive to succeed. It will also develop the right mindset that will help you face future problems. If you succeed in achieving debt freedom, you will know that you can do just about anything. It will give you the confidence that will help you overcome anything that life will throw your way.
Keeps you from spending
Finally, a side hustle can also help keep you from spending. Since you are too busy working, you will hardly have the time to go out. This will keep your spending to a minimum. You can avoid overspending and acquiring more debts.
You have to realize that increasing your income is not the only thing that will help you pay off debt consolidation faster. You also have to learn about financial management. There are people who earn 6-figure incomes and still have a lot of debt. There are those who earn less and do not have huge credit obligations. The key to succeeding financially is to learn how to manage your finances. You have to be smart with your spending so you can keep yourself from going beyond your budget.
What side hustles can you do
While a side hustle can help you pay off debt consolidation faster, it will take time and effort to do it while working at your regular job. Some people think that this can add to the stress that they are feeling.
The truth is, having a side hustle might even help you deal with stress. The fact that you are being proactive with your life will calm your anxiety about your current financial situation. You will be too busy to think about your debts. Soon, you will realize that you are almost done paying off your debts – at least, this is true if you are consistent with your debt payments.
When it comes to the side hustle, there is a way to keep it from being too much of a burden. You just have to find a job that you love to do. It can be a hobby or something that you are really good at. If you like what you are doing, it will not feel like a job.
Top freelancing jobs
To give you some ideas on what side hustle to pursue, here are the top freelancing gigs according to a study published on Entrepreneur.
- Web and software development, 20% of freelancers working on this job earns $50 an hour
- Design and creative, 14% of freelancers working on this job earns $60 per hour
- Writing and translation, 6% of freelancers working on this job earns $50 per hour
- Administrative support, 2% of freelancers working on this job earns $60 per hour
- IT and Networking, 28% of freelancers working on this job earns $60 per hour
- Customer Service, second topmost successful freelancing jobs on Upwork
- Sales and Marketing, 25% of freelancers working on this job earns $60 per hour
- Accounting and Finance, 46% of freelancers working on this job earns $60 per hour
- Engineering and Architecture, top 2/3s of highest earning freelancer across different freelancing sites
- Data Science, 22% of freelancers working on this job earns $125,000 each year