Saturday, September 25 , 2021

Top 5 tips to tackling debt with side hustles

If you are looking for new ways other than your job to earn money, so you can pay your high-interest debt easily, is to look for other options. This will benefit you because it will lessen the time that you will spend in paying larger amounts of interest. For example, having a side job might be harder at first but it will surely reap the effects once you finish paying for your debts. On a different note, Now Loans offers a wide range of bad credit loans that might help you pay off your debts.

  • What are good sites such as fiver to allow a person to discover a side hustle job the right fit for them? 
  • Take online surveys. Survey Junkie, Nielsen Digital Voice, and MintVine.
  • Data entry work. Smart Crowd and Clickworker.
  • Be a translator. UpWork, and Gengo.
  • What are some drawbacks and benefits of this lifestyle?
  • It might affect your routine and will ask you to lessen the time for your leisure activities. 
  • Are there any tax-related concerns that a person working a side hustle should be aware of?
  • It will increase your tax obligation no matter how big your earning with this side hustles will be. So make sure to spare some of your earnings, around 25-30% to pay for these taxes.
  • Benefits/drawbacks of couples tackling debt together?
  • The benefit of paying debts together is that you get to have help if you are the one who has a larger debt but unfortunately, if you are the one who has the smaller ones, it might eat up some of your hard-earned money.
  • You will be more conscious of spending because you always think of the debts you have to pay. Romantic dates will be simpler or sometimes gone. Giving gifts to one another will be only on special occasions.
  • What are some tips on steps to take to avoid high-interest loans/deal with them when you have them?
  • Save up to pay it faster. The longer you pay for a loan, the bigger the interest it will cost you. Do all you can to save up and finish that loan to avoid being stressed out brought about by the high-interest rates.
  • Convert dues to EMI’s. This will give you the chance of paying a little monthly but make sure to pay it because once you miss a payment, it will go back to the regular amount with a high-interest rate monthly.
  • Make a lifestyle change. If you usually spend a lot on eating out, try to learn how to cook so you can save the money you use when eating out. You can add this to the budget you save in paying your debts.

To sum up, there is a wide range of activities that you can try and develop to pay your bills or debts faster. You will have to evaluate which option suits you best, as it will widely depend on your personal needs. 

Related

Share