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Paying Off Debt in the New Year - Make 2017 the Year You Ditch Your Debt!
Having debt is like carrying a huge boulder on your shoulders. Each time you finance another purchase or swipe your credit card, you're adding weight to that boulder. If you're not careful, that weight will eventually crush you.
Let 2017 be the year you shift that boulder from your shoulders so you can live debt free, cashed up and laughing in the realm of financial freedom.
You can pay down your debt this year, whether your debt amounts to $3,000 or even $30,000. The single most effective way to do so is by creating an income stream and dedicating all of its earnings towards paying down your debt.
Yes, you may need to temporarily add quite a few hours to your workweek, and your social life may take a temporary setback, but one year of long hours can lead to a life free of the many burdens of debt. Can you imagine what it would be like not having to make debt payments? Your pay would be yours to do with as you please!
Getting a Part-Time Job
If you have the ability to get a moderate to well-paying part time job, go for it! If you're able to land a 20-hour per week part time gig paying just $12 per hour, that's over $1,000 each month. Granted, you'll inevitably need to pay taxes on this income, but even so, you're able to keep about $945 in your pocket by the end of each month.
Over the course of a year, you'll be able to devote over $11,300 to your debt. Surely that'll remove a heavy boulder from your shoulders! And if your spouse is willing to get a part time job with the same pay, you'll be able to pay off your debt in the following amounts (and this is a conservative estimate).
Total debt paid off with two additional part time incomes:
Let 2017 be the year you shift that boulder from your shoulders so you can live debt free, cashed up and laughing in the realm of financial freedom.
You can pay down your debt this year, whether your debt amounts to $3,000 or even $30,000. The single most effective way to do so is by creating an income stream and dedicating all of its earnings towards paying down your debt.
Yes, you may need to temporarily add quite a few hours to your workweek, and your social life may take a temporary setback, but one year of long hours can lead to a life free of the many burdens of debt. Can you imagine what it would be like not having to make debt payments? Your pay would be yours to do with as you please!
Getting a Part-Time Job
If you have the ability to get a moderate to well-paying part time job, go for it! If you're able to land a 20-hour per week part time gig paying just $12 per hour, that's over $1,000 each month. Granted, you'll inevitably need to pay taxes on this income, but even so, you're able to keep about $945 in your pocket by the end of each month.
Over the course of a year, you'll be able to devote over $11,300 to your debt. Surely that'll remove a heavy boulder from your shoulders! And if your spouse is willing to get a part time job with the same pay, you'll be able to pay off your debt in the following amounts (and this is a conservative estimate).
Total debt paid off with two additional part time incomes:
Month: |
Debt paid off: |
1 |
$1,890 |
3 |
$5,680 |
6 |
$11,340 |
9 |
$17,010 |
12 |
$22,680 |
How drastically would your life change if you were able to pay off over $20,000 worth of debt in just one year? Better yet, if you choose to keep the job even after you're finished paying off debt, you'll be able to build a hefty savings account to protect yourself from ever needing to borrow money from lenders in the future.
Capitalizing on Your Hobby
Everyone has a hobby. Unless your hobby is habitual shopping (and remember what I say: shopping is not a recreational activity), chances are you'll be able to capitalise on indulging in your hobby. You can flip furniture, sell knitted items, profit with sporting gear or even sell your homegrown vegetables.
If you're talented in repainting furniture, buy or scrounge used furniture off Gumtree, garage/yard sales, or a local op shop. Then sand the piece, prime it, paint it with two coats of glossy white paint, apply a protective coat, change the hardware and then list it back on Gumtree for sale.
If you purchased the piece for $25, spent an extra $20 on supplies and are able to flip it for $150, you've made a $105 profit with just a few hours of work! When you become accustomed to the process, you may be able to flip three pieces of furniture a week and end up with a nice $1,260 profit. Not bad for indulging in a hobby you enjoy!
While you may not be the Picasso of cabinet refurbishing, you may have another hobby. Below are seven common hobbies that are easy to capitalize on.
• Knitting/sewing
• Cooking/baking
• Cardmaking/papercraft/scrapbooking
• Painting
• Flipping collectibles
• Writing
• Party planning
There's no need to downsize, or even adjust your lifestyle in order to pay off your debt.
You've worked hard to build everything you currently have; why give it up now? Getting a part time job or effectively monetizing your hobby will allow you to pay down your debt considerably this year so you can start living the debt-free life you deserve!
Capitalizing on Your Hobby
Everyone has a hobby. Unless your hobby is habitual shopping (and remember what I say: shopping is not a recreational activity), chances are you'll be able to capitalise on indulging in your hobby. You can flip furniture, sell knitted items, profit with sporting gear or even sell your homegrown vegetables.
If you're talented in repainting furniture, buy or scrounge used furniture off Gumtree, garage/yard sales, or a local op shop. Then sand the piece, prime it, paint it with two coats of glossy white paint, apply a protective coat, change the hardware and then list it back on Gumtree for sale.
If you purchased the piece for $25, spent an extra $20 on supplies and are able to flip it for $150, you've made a $105 profit with just a few hours of work! When you become accustomed to the process, you may be able to flip three pieces of furniture a week and end up with a nice $1,260 profit. Not bad for indulging in a hobby you enjoy!
While you may not be the Picasso of cabinet refurbishing, you may have another hobby. Below are seven common hobbies that are easy to capitalize on.
• Knitting/sewing
• Cooking/baking
• Cardmaking/papercraft/scrapbooking
• Painting
• Flipping collectibles
• Writing
• Party planning
There's no need to downsize, or even adjust your lifestyle in order to pay off your debt.
You've worked hard to build everything you currently have; why give it up now? Getting a part time job or effectively monetizing your hobby will allow you to pay down your debt considerably this year so you can start living the debt-free life you deserve!