Part of my debt elimination process is a part-time second income stream. As I result I am paying off my debt at a much faster rate than I would be paying off with only my primary income. Sure I work roughly 55 hours per week, between my part-time side business and my everyday 9-5. Does it keep me busy and limit me to having fun? Sure, but than again, who said eliminating debt would be fun? I never thought it would and I’m living proof of that. When I embarked on this debt elimination journey roughly ten months ago, I focused on being more frugal and cutting back. I eliminated eating out, created a tight budget, stopped purchasing lunches at work and embarked on a 127 day shopping ban. I was happy to see my spending habits in some control and my debt was slowing being reduced. Unfortunately, not at the fast rate I anticipated.
In anticipation of adding more income to fuel my debt elimination, I took on a second job, which now I turned into a full part-time side business, which not only I pay my self, but have also an provided alternative income stream for some members of the family. I started cleaning a doctor’s office & a pharmacy, within a few months I was offered another location by the same owner and in between it all, took on a few more smaller contracts. On top of it, I was offered a pretty big contract through a friend in construction, to do another post-construction clean. Money was pouring in from all sides and continues to do so. I continue to put in long-hours daily, but for the first time I am starting to see hope and a light at the of the tunnel regarding my debt.
According to a study done by Transunion in June of this year, the average Canadian debt is about $25,000. My total debt level when I embarked on this journey was significantly less, but at the of the day, debt is debt, no matter how big or small. Currently I bring in roughly $1,500 in additional income each month, comprising of my part-time side business and some income earned via Finance Fox.
Part-time jobs are everywhere to be found and any side income is better than none. That being said, it is a lot of work, time dedication and planning when taking on a second job, but that’s the true way to get ahead. This same principle can be used towards eliminating debt or bulking up your savings or even saving for that big purchase, like your first home.
Review your schedule and skills to figure out what you could do to earn more on the side. Most part-time jobs require no experience, just simply time dedication. You can deliver pizza, do commercial cleaning, become a waiter/waitress, work at your local gym, do part-time retail or even seasonal retail. There are only so many costs to cut and coupons to clip. The real progress to debt elimination comes from applying cold hard cash to the wound. Think of it like a car, kicking it into extra high gear.
I am thinking about getting a second job delivering papers or something like that. We have a plan to be debt-free of our 2 credit lines by January 2013 but I would like this date to be a LOT sooner! My husband works at night mostly while I have a 9-5 job, so I would not be missing out on seeing him by having my second job. Your post has given me all the more reason to look a little harder and get my debt paid off a little quicker! Thanks!
Amy! Thanks for your kind note.
I am a huge believer for getting a second job towards paying debt down faster or boosting savings. Only so much can be saved via frugality and cutting back. I am not a huge supporter for delivering papers, because it does not pay as much, but again something is better than nothing.
Have you thought about office cleaning, wateriness, waitress in banquet hall on weekends, retail or seasonal retail, such as Best Buy and Future Shop for holiday season.