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how to get out of debt 2

Updated on May 16, 2009

How to get out of debt by increasing your income

This is a follow up hub to How to get out of debt lists if you haven't read it yet, you might have difficulties getting along with this one ;-) You will need  to have your two lists with your income sources and your spending habits done to proceed with this tips for getting out of debt.

As I wrote in my previous hub, there is only one way out of debt, that is to have more money coming in than going out! So how to increase your income? Your first list, the Income List should show two groups a) regular income and b) irregular income and their sources over the past 6-12 months. Now take an empty sheet of paper and whilst looking at your past regular income try to brainstorm possibilities to get an additional regular income. Can you take on a second job? Is it realistic? Do you have the time? Can anybody in your family can take a regular job, perhaps part time? I am surely not an advocate for children's work, but if the alternative is that you loose your house, because you are so deep in debt that you can't pay the mortgage anymore perhaps than it is time to stop sending your kids to camps and get them instead a job during their school holidays/ vacations. Or even at the weekends. And yes, ask them to give part of the money to you. At the end they eat food you paid for and live in the house you are paying for! I know that it is now fashionable that the parents work themselves to dead to provide the best possible for their children but in the end you are one family where everybody should do their part. If you have small children this is obviously not an option, but if one of the parents stays at home with them, this parent might be either able to child-mind another kid or two or to find a part time job for the time when they are in the kindergarten or school. Be creative in your brainstorming. Check all the possibilities everybody in your household might have, to contribute regular income to the family budget. Look first only at steady, fixed, reliable sources of income because it will make your budgeting in the end easier and your way out of personal debt faster than the occasional additional income. Another regular source of income might be to take a lodger, if you have a spare bedroom and don't mind sharing your kitchen and bathroom with a stranger. This can be a great source of additional income that involves very few extra work. If you find a good lodger, that is. Place to look for people looking to rent a room are your local university, Craiglist and your Church notice board.

After you have exhausted all these possibilities of increasing your regular income look at group b) on your list. Where did additional, irregular income come from in the past and can you tap in this kind of sources again. Did you ever do some kind of free lance work? Ask them if they have anything available at the moment and look for similar opportunities. Don't fall for any of the overabundant get rich quick scheme that are out there. Remember if something sounds to good to be true, it is not true! And never, ever pay to make money. Don't buy anything that promises you that you will earn your money back in xyz days. The only people that ever make money with such schemes are the people that sell them. And only them!

Instead look at possibilities like selling things you don't need anymore on Ebay, Craiglist or even at a garage sale. Do you have a green thumb? Raise garden plants and sell them in spring to your neighbors. Are you good with animals? Offer to walk dogs and feed other pets when their owners are on holidays. Look at your local newspapers, Craiglist etc for opportunities. Make a list of all your abilities, and that of the other family members, and look for matching earning opportunities. Remember you are in this as a family, so do it together! The closer you all work together the sooner your family will be out of debt.

Just one word of caution: The day has only 24h and you need to sleep, whatever extra jobs you take on make sure that it doesn't affect negatively your health, your main job and in the case of your kids, their success at school!

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