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Last Updated on April 19, 2021 by Daniella
I love side hustles! They are a great way to raise income for a variety of purposes, from paying off debt, saving for a large purchase, investing, and other reasons. In this article, we’re going to talk about side hustling and tips to pay off debt. You’ll learn how to use side hustles to pay off debt, build wealth, and reach your goals
When we’re done, you’ll have the knowledge, tools, and resources at your disposal to take action now and start tackling your debt load.
Here’s how you do it!
Tips to Pay Off Debt: How to Reach Your Goals with Side Hustling
You know that side hustles can be a solution to your problem.
Now you want to know how to use side hustles to demolish your debt.
Here’s the step-by-step guide to getting started:
- Identify your problem
- Identify your solution
- Create a debt plan
- Understand your strengths and your skillset
- Start your side hustle hunt
- Put the plan into action
Before diving into step 1, you have to know that if you want to truly reach your goals with side hustles, you have to take action. If you have that mindset and you’re ready to make moves, follow this plan to crush your goals.
Identify your problem
Dive deep and uncover what your core problem is: debt.
Are you overspending?
Are you living outside your means?
Did you make mistakes in the past and you’re trying to correct them now by paying off that debt?
Are you living within your means but can’t ever catch up?
Tired of living paycheck to paycheck being strapped down by debt?
Whatever your reason, face it head-on. This can be a painful process but much needed. Look at your debt, log into your accounts, look at your balances and minimum payments and take it all in.
Identify your solution
Next, identify your solution. How are you going to solve your problem?
You have debt and you want to pay it off so you’ll need extra money to pay it off and getting a side hustle can help you do that.
Create a debt plan
Your debt plan is about putting together an action plan to help you pay off your debts on a schedule. There are a bunch of ways you can do this and ultimately the decision is yours.
Here are some examples:
- Pay off your lowest balances first
- Pay off your highest interest balances first
- Pay double or triple your minimum monthly payments
Figure out how you’d like to tackle your debt, how much extra you want to pay toward each debt, and a timeline.
Understand and identify strengths and skill set
You’ve pointed out the problem, figured out a solution, and created your debt plan.
Now, before starting your job search for your side hustle, you want to identify your strengths and skill set so you know what kind of jobs to look for.
Also, think about the kind of jobs you’d like to work. If you enjoy what you’re doing in your side hustle, you are likely to stick with it, and doing something you like will keep you in that job.
Are you an introvert?
Do you like working with people?
Are you seeking a hands-on job?
Do you want to work remotely and be location-independent?
Once you’ve done this part, it’s time to start your job search.
Start your side hustle search
Starting your job hunt for the perfect side hustle starts here. There are many different jobs out there.
Here are some resources you can check out to help you find jobs:
- Freelance job banks
- Online career websites
- Niche job boards
- Social media networks
Niche job boards are job board websites centered around a specific career field, like writing, design, etc. For example, for writers, the niche job board MediaBistro is a place where writers can find writing opportunities.
Social media networks are surprisingly a pretty effective way to snag a side hustle.
First, check out the job section of social sites like LinkedIn and others. Join groups where your potential clients might be hanging out.
For example, if you’re looking for a web design side hustle, join Shopify Facebook groups filled with shop owners who may be looking for a site design. Social networks good for job prospecting include LinkedIn, Facebook, Instagram, Twitter, Reddit, and others.
And then, you can’t forget about networking.
Those network connections you’ve been making can come into play here. Reach out to these people, put a bug in people’s ears to see if anyone needs help and there’s an opportunity to work for others on the side.
You also don’t want to forget about your own job. Is overtime available? Take advantage! This might not be the most glamorous side hustle you’re envisioning but it’s probably the fastest way for you to start making extra money now. Don’t discount this.
Get a job and put your plan into action
Once you find a job, it’s time to put your plan into action. Start executing your debt payoff plan, continue working, measure your results and keep pushing forward until you reach your goal.
5 Best Side Hustles to Pay Off Debt
Here are 5 of the best side hustles to pay off debt.
1. Virtual assistant
A virtual assistant or VA is a personal assistant that helps their clients online.
Your tasks will vary based on your client but it may include general admin tasks like:
- Formatting and proofreading content
- Answering emails
- Chatting with customers
- Scheduling events in meetings and other miscellaneous work.
Virtual assistants make a starting wage of $10 per hour up to $100 per hour or more depending on your background and skills.
For example a general VA may make on the lower end of that scale, closer to $10 or $15 per hour whereas a VA doing more technical work like web design or social media strategizing may make closer to $100 per hour.
This is a great side hustle because it’s 100% remote, oftentimes it comes with a flexible schedule and you can take on multiple clients to really raise the level of income that you’re making.
No college degree is required and this is a job that most people can do, coming from all industries.
2. Social media manager
A social media manager is in charge of managing the operation and scope of their clients social media. This can extend to one or multiple social networks including Facebook, Instagram, YouTube, and more.
If you’re well-organized and you know social media well then this could be the perfect job for you.
A lot of people think of this as getting paid to play on social media. It can definitely be a fun job but it can also be a lot of work.
A college education, specialized background and expertise is not required for this job.
- And, more!
Bloggers can earn up to $1,000 to $100,000 per month and more.
Check out these helpful resources to learn more about how to start a blog and make money:
- How To Create A Self Hosted WordPress Blog
- Blogging for Beginners:30 Blogging Resources to Create and Maintain a Profitable Blog
- Blog Income Streams: 13 Bloggers Share Their Different Income Streams & How to Build Them
Influencers are people with a large social media following that get paid to influence their audience.
For example, for a large food blogger with a 100,000 following on Instagram, they may get paid $5,000 to partner with a pasta sauce company and create a meal to share with their fans. Brands get huge exposure doing partnerships like this and it can be very lucrative for the influencer too.
If you have a sizable following on social media, consider doing this. You can even make a solid full time living as a microinfluencer with between 5,000 and 50,000 fans.
Brand deals are just one way you can earn a side hustle from influencing. You can also earn by creating and selling your own products, advertising, and affiliate marketing.
Working as a freelance writer comes with a bunch of perks. You’ll get writing assignments that you will turn in by the due date, earning a flat rate or per word rate for your work.
This is a good job for introverts that allows you to work independently with a variety of clients and make a lot of money. It’s great for working around your primary day job and writers can draw up to a six figure salary.
No degree, specialized background or experience needed for this job either, like others in this list.
To get started, check out these 5 best freelance writing jobs.
Is it good to have a side hustle?
If you want financial freedom then working a side hustle can get you one step closer to that. Side hustles are opportunities.
You get the chance to work on the side to increase your income. Many side hustlers can even turn that gig into their full time income source, leaving their day job behind.
This can be a very exciting prospect especially if you’ve always wanted to be an entrepreneur.
How do I get out of debt if I’m broke?
It might feel like you’re drowning but there is a way out of debt. If you’re broke and in debt, get a side hustle to help you reach your goals.
Follow the strategy outlined above to identify your problem and solution, hone in on your skills, create a debt plan, find a job and put that strategy into play!
You aren’t alone here. Millions of people are in debt but there is a way out. Use side hustles as a tool to help you reach your dreams and pay off your debts.
Get started today.
More side hustle tips and resources:
- 9 Ways to Make Money Selling Photos Online
- 9 Best Selling Apps to Make Money Selling Stuff Online (& In Person)
- How to Start a Printable Side Hustle
- How My Side Hustle Income Helped Me Buy My First House
- Rover Sitter Review: Is Rover a Good Side Job?
- VIPKID Reviews: Get Paid to Teach Online
- Should You Tell Your Employer About Your Side Hustle?
- The Only Guide You’ll Ever Need for Including Side Hustles on Your Resume
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