Being in debt is discouraging. It is also disheartening to see a vast majority of your monthly payments going towards interest and very little chipping away at the principle that you owe. But, tightening your budget will only get you so far. If you want to make a dent in the amount of debt you have, you’ve got to start looking at boosting your income. And, getting a part-time job to help pay off debt is a great way to go.
A vast majority of people who strive to pay off their debt look first at tightening their budget, and they often overlook or don’t want to consider getting a part-time job to help. But, this is a mistake. It might take putting your pride aside, giving up some time, and finding a part-time job that will put your back on the right track to making huge dents in your debt repayment. If you want to get your debt out of your life fast, a part-time job is one of the best tools you have.
Any Part-Time Job Is Better Than No Part-Time Job
One of the biggest hang-ups that we have is our mental state and attitude towards getting a part-time job. Many don’t want to succumb to the notion that we need help, budgeting has only made minor improvements, and now our back is against the wall. The only way to tackle your debt with large chunks of real money is to increase your income. And, finding a part-time job will start to make an impact right away.
Finding a part-time job may not be the best thing for your situation. Is it always cool to deliver pizzas or drive for Uber? No, of course, it’s not. But, cool doesn’t pay off debt, cold hard cash does.
A part-time job doesn’t have to be a stepping-stone to a better career. You probably already have a day job. A job is a job, and any job that you take to help you dig out of debt is a great job. Now isn’t the time to be overly picky. You should consider jobs that you are overqualified for, jobs that may be hourly or entry level, and jobs that employers will quickly hire you to start immediately. Think of the job as only a means to get out of debt and look to leave it as soon as you’ve accomplished this goal if that will ease your heartache. These are the types of jobs that you need to pay off debt fast.
Will a Part-Time Job Help?
A part-time job is one of the quickest ways to pay off debt. Many financial experts, like Dave Ramsey, recommend that you pay off credit debt and other loans using the debt snowball method. With the debt snowball, you tighten your budget and find as much extra disposable income that you can to throw at the debt with the smallest balance. You pay this significant amount to one credit card or debt while you only pay the minimum monthly payment for all of your other debts. After your first debt is paid off, you roll that large payment into the debt with the next highest balance and then so on down the loan, which creates a snowball effect as you throw more and more money as each of the following debts.