Increase Your Income and Decrease Your Debt

Many people that need to decrease their debt do it by looking for ways to increase their income. Here are some ideas on how to increase your income and decrease your debt this year.

Ask for a raise at work. If you haven’t received a raise in the last 12 months, speak to your boss to see if you qualify for one. Talk to them about all the great work you have done and how it has benefited the company. Never focus on yourself from a personal perspective. By that I mean don’t tell your boss that you need more money because you are in debt. Ask for the raise based on your accomplishments and your abilities.

Look for a part-time gig. Many people that work full-time during the week also work on the weekends either in a retail position or as a waitress or bartender. Take a look around your community to see if any of your local grocery stores or restaurants are hiring.

Switch Your Hobby into an Income Making Activity. If you enjoy sewing, doing crafts or scrapbooking, look for ways to make items that people want and sell them. You can sell them at Flea Markets, Farmer’s Markets, or online.

Sell Items You No Longer Need. Over the years we all collect a lot of stuff. We may have too much furniture, too many patio chairs, too many pictures, too many tools, and so on. You get the idea. To increase your income, even if it is only temporarily, go through your home and your garage and make a list of things you no longer need. Assign a dollar value to them, take excellent photos and either auction them off on eBay or list them for sale on kijiji.com. You can also use the classifieds section in your local newspaper.

Deposit Your Coins. Throughout the year make sure to collect any pocket change in a jar. When the jar is full, roll the coins and take them to the bank for deposit so that you can use them to pay off your debt.

The trick to using your increase in income to decrease your debt is to ensure that as soon as any additional money comes in it is immediately applied to your debt. Don’t let it float around in your savings account and don’t let any cash lay around your house. If you do, you will spend it on new things that you probably don’t need.