Some people make the mistake of assuming that enrolling in a program is enough to get them out of debt. While it can certainly help, there are other things that you can work on to maximize your efforts to solve your debt woes.
Most debt experts believe that a complete debt solution involves more than the debt relief program. You need to partner it with your efforts to increase your income.
Here’s the logic in that. Getting yourself in debt means your income is not enough to support your lifestyle. While a more frugal lifestyle will definitely help, there is only so much that you can cut back on. What if your debt payments require a huge amount of money? Where will you get the funds to finance that?
If you want unlimited possibilities, you can always increase your income to support your debt payments. Not only will you have more than enough for your debt payments, you also do not need to sacrifice the important expenses that you need to maintain your lifestyle. But of course, that all depends on how you got yourself in so much debt in the first place. If your lifestyle is really extravagant, you may want to rethink how you plan to change it so that you will never be in danger of landing in another financial crisis.
But more than that, increasing your income will pave way for more improvements in your life. Apart from helping with debt and expenses, it can also allow you to increase your savings.
There are many ways to increase your income. You can simply ask your current employer to increase your hours or allow you to work double shifts. Or, you can get an entirely different second job. During the recession, stories of executives who work in office during the day and spend after hours cleaning toilets just to earn more. While you don’t have to do the same, think of a second job that you can apply for.
Working from home is also a good option. This will allow you to stay close to home and your family even as you work to earn more. There are online jobs that you can apply for. If you have a skill like writing or web designing, you can get projects online. This is something that you can work on at night or during weekends.
Another good idea to help you earn more is to capitalize on things that you love to do. For instance, if your hobby involves gardening, you can grow produce and sell it to your neighbors. If you have great cooking skills, offer to cook and bring your office mates’ brown bag for a price. Or you can whip up cookies and sell them in packs. If you have carpentry skills, create simple furniture and sell them online.
There are many things that you can accomplish if you have the creativity and determination to see it through. Regardless of your debt relief choice, combine it with earning more. It will get you that coveted debt freedom soon enough. This article was written by Samantha Seiffert