Side hustles come in handy. They can help you with a lot of things. Some people use side hustles to help them generate money that will go towards an emergency account. Other people use side hustles to help them pay for trips. Many people (including myself) use side hustles to help them pay off debt. If you find yourself struggling with debt, you may want to look into starting a side hustle as well. Today, I want to share with you five tips for using a side hustle to pay off debt.
Are You Serious About Eliminating Debt?
The first thing that I want you to do is ask yourself a question: Are you serious about paying off your debt? People say that they want to pay off debt all the time, but they don’t do anything about it. If you want to pay off your debt you need to be focused and ready to do any and everything possible to eliminate it. That could mean working on your side hustle on the weekends or missing out on doing certain things with your friends. Are you sure you want to do that? If so, you are on the right track to paying off your debt.
What Do You Want to Do?
The next thing that you should do is figure out what side hustle you want to do. There are hundreds of them out there to choose from. In the past, I’ve sold items on Craigslist and eBay. I’ve sold candy, and I’ve done freelance writing on the side. The sooner that you figure out the type of side hustle that you want to do the sooner that you can start making money. If you happen to do a side hustle and it flops, don’t get mad at yourself. Look at it as a learning experience. Move on to something different. I’m sure you will find one that will help you make some extra money.
Set a Goal
The next thing that you should consider is your goal. How much debt do you currently have? Are you trying to eliminate all of it or do you just want to pay off a credit card bill or a loan? Take some time to think about those things. Your answers will help you get your side hustle plan in order. Once you figure out your goal, you can then move on to the next tip.
Time for Your Side Hustle
Now that you have your goal set, you should think about how much time you will have to put in on your side hustle. If your goal is small, you may be able to get by with only doing 5-7 hours of side hustle work per week. If your goal is bigger than that, you may end up working an extra 25 hours each week. Sometimes, I work on my side hustles before and after work. I also work on the weekends as well. If you want to reach your goal, you will find the time to make it happen.
Use the Money for Debt
Once you start making money with your side hustle, make sure that you are using that money to pay off debt. It can be an exciting time when you make extra income for the first time. Make sure that you’re disciplined enough to apply it to your debt. It may be very tempting, but don’t spend it on clothes, food or anything crazy. It should be used specifically to pay down your debt. You will thank yourself is you do this. Your debt will be eliminated sooner than later. That way, you can get your life back to normal.
In review, the five tips for using a side hustle to pay off debt are to ask yourself if you’re serious, to figure out what side hustle you want to do, come up with a goal, figure out how much time you want to spend on it and make sure you use the money for debt. If you follow these tips you should be able to pay off your debt in no time.