Trying to get rid of debt is hard especially if your income is not enough to support that on top of your basic expenses. If you have no other way to decrease your spending, your only option is to find a way to help increase your current cash inflow.
This is where supplemental income comes into play. It simply refers to anything that you earn in addition to your monthly compensation. It is a great way to increase your debt payment fund so you can be debt free a lot faster.
Having two sources of income is one of the best ways to achieve financial security. Even if you lose one, you still get another source to support you and your family. Despite the fact that you are obviously looking into this to help pay your debts, you can continue with this even when you are debt free. It will certainly come in handy in the future. Besides, this is great for growing your emergency fund. It is best to be prepared for any emergency.
To get you started on your efforts to find the best supplemental income, here are a few ideas that may help you out. Take note that these are things that you can do in your free time. Choose one that you are most passionate about - or something that you can develop into a hobby. Best to pursue something that you love to do and earn from it. That way, it would not feel like work at all.
Stock Photography
This is probably one of the most effortless things that can serve as your supplemental income. Everyone can point and shoot. Spend an afternoon outside to take photos and select the best photos. You can have them uploaded online where they can be downloaded for a price. A lot of random images are needed for various articles so you are bound to make some extra money from this venture.
Blog about Relevant Stuff
If there is something about your life worth sharing, go ahead and do it. If there is a particular subject that you want to write about, you can actually monetize on that. There was one guy who blogged about how he planned to get rid of his 6-figure student loan debt. He simply wrote about how he saved, what he spent on for the day and other seemingly trivial stuff about how he lived a frugal life to pay of his debts. Despite being a diary of some sort, his blog gained prominence! People pitched in comments, exchanged ideas and were basically inspired by his quest. His simple blog became a go-to site for people who had debt. By placing ads on your blog, you can earn from the people coming into your site. It may not be a big amount but it is something that you can earn on the side. There are several opportunities online and all it takes is to start a blog.
Go into Affiliate Marketing
When your blog is gaining enough traffic, you can go into affiliate marketing. This is when you get companies to pay you whenever visitors from your site click on a link towards the company website. Some people have made a career out of this. You need to learn the rules though - like online promotion, SEO tactics and other affiliate marketing practices.
Tap into Hidden Talents
Do you have people complimenting the cookies that you baked or a portrait that you've created? This can be a source of income for you. Join the weekend market or sell your products online. There are several possibilities and ecommerce had never been easier to accomplish at this day and age.
A supplemental income should primarily be something that you love to do or a skill that you can good at. This will make it more of a fun hobby that you earn from instead of additional work.
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