How to Make Extra Money to Pay Down Debt

A vast majority of Americans are saddled with student loan debt, mortgages, credit card debt, and in the most desperate scenario, medical debt. The average American is close to $140,000 in debt. If you are burdened with loans, don’t give up all hope yet. It’s easy to emotionally respond to debt by ignoring it. Out of sight, out of mind, you might think, however, if you ignore debt by neglecting overdue bills or avoiding the creditor, your debt would only worsen. You may find yourself facing a lawsuit by the creditor in some states. It’s not impossible to pay down even the most burdensome debt. The easiest way to reduce your debt is to increase your income so that you have more money to pay off loans. Short of taking on a grueling second job, there are several ideas for making extra cash with a side hustle.

Write Online from Home

If you have a talent for writing, you can put your skills to work and earn money from the comfort of your home. There are a plethora of online freelance sites that pay small amounts of money for short blog posts and articles. You could spend several hours on a weekend writing and make at least $100 each month with some dedication. That’s enough money to cover the monthly interest rates at least.

Invest Small Amounts of Money

If you are nose-deep in debt, it does not make sense to set aside large sums of money for investing. Financially speaking, though, it makes excellent sense to save a small portion of your income to invest and earn income from the interest. Consider investing in high-end stocks that earn you quarterly or annual dividends, which is a form of passive income, however, high-end stocks cost a lot of money. You can actually invest as little as five bucks by buying penny stocks. Be aware though, that these cheap stocks are very risky, you need to know what penny stocks to buy now. If you do your research and follow the advice given by experienced traders you might be able to turn that $5 into $20 or $30. Make Things and Sell Them Online
Are you skilled at handcrafts? Can you knit sweaters, paint, sculpt, or bake? If you are good with your hands, you can sell handmade items at excellent prices online. First, you will have to find a niche. Create products that are new and unique to interest a vast online audience. There are specific websites that connect handcraft makers with interested buyers for a small fee. Selling your items on these sites is simple. Alternatively, you can try selling independently through your own website or an e-retail site. This is a great way to make several hundred dollars without leaving your home for a shift.

Auction off Stuff at Home

Do you have any valuables lying around the house like vases, furniture, ornaments, or even imitation jewelry? Well, the good news is, you will be able to sell these items at amazing prices on websites like eBay. If you can’t find anything like this at home, you could go through items others have discarded to find something you can auction off online for two or three times the original price. This is as close to easy money as you could get.

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