If you are like most Americans, you probably have a credit card or two that has reached its maximum. These expenses probably fell outside the range of your budget, so it makes sense that repaying them also falls outside of your budget. Whether your credit cards are filled with that must-have flat screen TV or last year's Christmas gifts, it may be time to get serious about clearing up your debt.
Steps to Staying Out of Debt in the Future
Before you take the next step in paying off your credit cards, you need to sit down and take a look at your current financial situation. Developing a budget is the most important first step in handling finances. While not hard, creating a budget can be overwhelming, especially if your income and expenses don't match up. Sit down and itemize your monthly expenses into several categories. Some categories are fixed, such as your mortgage or rent. Other items, such as groceries and dining out can vary month to month and be trimmed down as needed.
In developing a budget, the goal is to create a zero-balance. Your income and expenses should match up. If your expenses outweigh your income, more debt will surely follow. You may be able to balance your income and expenses, but be left at a loss for paying off your current debt. The only option may be to make extra money through a part time job. Paying off your debt at an accelerated rate through income earned at a part-time job can be very rewarding. Once your debts are paid in full, you can return to one job.
Part-time Job Options
At Home Options
If your time is limited and at-home time is essential, seeking employment online can help bring in additional income. Most online employment options allow you to work when you are available. Some of the more popular at-home options include:
- Freelance Writing - There are sites available that allow you to write articles that interest you or topics in which you have experience. While you do not need to be a professional writer, you do need to write using proper grammar and correct spelling.
- Virtual Assistant - There are multiple websites that can put you in touch with professionals needing administrative assistance. Many of these tasks can be completed at your convenience.
Part-time Jobs in Your Field
Many professionals have skills and abilities that can easily equate to extra income. While there are many options available, the following may work for you:
- Nursing - If you work at a hospital or doctor's office during the day, you may be able to either pick up additional shifts or take a job at a nursing home at night.
- Education - If you are a teacher, you could tutor in the evenings. You could start your own tutoring business, tutor online, or tutor at a tutoring facility.
- Accounting - If you are an accountant by day, you may be able to take on bookkeeping services in the evenings.
Part-time Jobs Outside Your Field of Study
You may be looking to make extra money in a different field than your day job or seek employment in a more easily attainable job at night. Some options may include:
- Pizza Delivery
- Work at a Restaurant
Whatever option for additional employment that you choose, remember it is for a short time to pay off your debts. There is no feeling like paying off debt. Working longer hours can also serve as a great reminder as you pull out your credit card. You will be more apt to question, "Do I really need this?"
As you seek to make extra money with this part-time job, you may find you really like it and stay at it after your debts are paid. The additional income can be used to fund a much needed vacation or to purchase a new vehicle. Seeking an important part-time job is a step in taking your finances and debt repayment seriously.