How to Increase Your Income to Pay Off Debt


I get a lot of emails from lots of you who’re simply beginning in your journey to repay debt.  Your tales and conditions are sometimes just like ours.  You’re excited to search out one other household who began with huge debt.  You’re inspired that we had been in a position to repay our debt whereas I stayed residence with our youngsters.

In case you’ve adopted our story from the start, then that we now have come a great distance!  Taking a look at our earnings now, our aim to repay our debt shortly could not appear as daunting a activity because it was actually.  Nevertheless, once we set our aim and began the journey, our earnings scenario was a lot totally different.

The entire story of earnings adjustments could be too lengthy to incorporate right here, so I gained’t go into all the small print. You’ll find excruciating element within the four years of monthly posts in which we’ve made our finances public.  Look again on the early months and see our incomes, spending, debt pay-off and saving every month.

As a abstract, right here is the visible that I shared within the Behind-the-Scenes Look at Our Journey to Pay Off $144,000 of Debt. This reveals how our earnings (and debt funds) elevated throughout the time we labored towards paying off debt.

The blue traces signify our earnings throughout our debt payoff journey.

After seeing how a lot our earnings elevated over that point, particularly close to the tip, I usually get requested by new readers how we grew our earnings to assist us repay our debt.

That’s what I wish to speak about at the moment:

How one can improve your earnings to repay debt quicker.

As a result of who couldn’t use some further cash every month to place towards debt?!

However WAIT! Earlier than you attempt to improve your earnings…

I don’t advocate making an attempt to extend your earnings because the first step of paying off debt.

First, it’s essential to get your spending beneath management.

You wouldn’t preserve making an attempt to refill a bucket with a leak on the backside or go blue within the face blowing up a balloon with a gap.  Be sure that there are not any leaks in your funds earlier than you begin funneling extra money into it!  In any other case all of your arduous work might be for naught and gained’t expedite your debt payoff.

If you’re simply beginning out in your journey to repay debt, take a look at my free Smash Debt course.  You’ll get an electronic mail every day for 7 days that can enable you get organized and make a plan to repay your debt.

When you’ve gotten your plan and also you’re prepared to extend your earnings, listed below are some tried and true methods to do it.

1-Promote Stuff

Begin easy.  Promote issues from your individual residence that you just don’t need or want anymore.  That is one thing everybody can do.

Take clear footage of what you’re promoting and write an sincere, detailed description of the merchandise.  Publish what you’ve gotten on the market on Craigslist or in an area buy-sell-trade Fb group.  Relying on what the merchandise is, chances are you’ll wish to strive promoting it on-line on Ebay or Amazon.

We lived within the boonies once we paid off our debt, however I made promoting stuff work for me by scheduling  meets with potential consumers on the library on the one day I went into city every week.  Occassionally I’d even purchase gadgets on the thrift retailer that I knew I may resell for extra.  I additionally used this technique once we had been furnishing our residence throughout regulation faculty and we got here out forward (primarily furnishing our home without cost!).

Whereas this isn’t a long-term plan for growing your earnings (until you proceed to supply extra stock at yard gross sales and secondhand shops), it’s a good strategy to get began tackling your debt (and decluttering your own home!).

2-Begin a Enterprise

For us, beginning a enterprise was an enormous increase to our debt payoff!  In actual fact, each my husband and I began companies throughout our debt payoff journey!

My first enterprise was an Etsy store that I began again when my husband was in regulation faculty.  My little Etsy store fed us throughout regulation faculty, which stored us from taking out much more pupil loans!  I’ve an entire blog series about making money on Etsy you could take a look at when you’re a artful kind!

Once we determined to repay our debt in a rush, I made a decision to start out a weblog to chronicle our journey and share recommendations on frugality and budgeting.  I knew that you can make cash running a blog when you did it proper, so I began off on the suitable foot by studying this book, then later I enrolled in Elite Weblog Academy (it solely opens yearly, so get on the waiting list to listen to when it opens subsequent).

I gained’t go into all the small print right here (I may go on and on!), however if you wish to hear extra, you may examine how my first blog failed and what I did differently to succeed the second time around.

When my husband left his job at a small regulation agency to go work as an legal professional for the state of California, he made certain that they had been okay with him having his personal regulation agency on the aspect.  Because it’s a totally totally different space of the regulation and there’s completely no battle of curiosity, they had been high quality with him engaged on the aspect. Initially he simply deliberate to proceed working with present shoppers who didn’t wish to let him go, however then folks began popping out of the woodwork and his nights and weekends bought actually busy.

Beginning an Etsy store, a weblog, or a regulation agency may not be your factor, however there is one thing that you just’re expert at and obsessed with that may make a fantastic enterprise when you’re up for the funding of time, coronary heart, and a perhaps slightly cash.  In case you’re working to repay debt, I wouldn’t make investments lots of money into a brand new enterprise, however you can begin numerous small companies with little or no cash up entrance.

3- Discover a Facet Job

Not everyone seems to be the entrepreneurial kind.  Constructing your individual worthwhile aspect gig could take extra time than you wish to make investments at this level in your monetary journey.  If creating your individual job isn’t for you, search for a part-time job that you are able to do on the aspect along with your common job.

In case you’re a stay-at-home mum or dad, you will discover jobs which might be versatile or that you are able to do from residence.  Whereas there are many nice alternatives on the market, there are additionally loads of scams, so watch out.

If I didn’t have already got my weblog, I’d apply to teach English with VIPKid.  They had been #1 on Forbe’s record of finest work-from-home firms.  After I appeared into this system I discovered it’s proper up my alley!  The way in which the schedule works with educating children in China, you may even stand up and do your educating earlier than your individual children get up.

4- Ask for a Elevate or Time beyond regulation

In case your job gives additional time, a good way to extend your earnings is just to work extra hours.  Take an additional shift or two once they’re accessible.  Cowl for co-workers who wish to take time without work.  Funnel your entire additional time cash towards your debt pay-off.

Hopefully it goes with out saying that you just’re doing all of your finest at your job.  Make your self indispensable as an worker.  Go above and past.  Have a great perspective.  Get together with others.  Be prepared to be taught.  Present an actual curiosity within the firm by sharing concepts for enhancing processes within the office or saving your organization cash.

Be so superior that your boss gained’t suppose twice about providing you with a elevate.  You may need to nonetheless ask for it although.  If the reply is not any, ask what you are able to do to be thought of for a elevate.

5- Take into account a Job Change

I do know altering jobs sounds drastic.  Don’t tune me out although.  Not everybody might be prepared (or have the chance) to alter jobs, nevertheless it’s an avenue that’s positively price investigating.

I want we’d have thought of a job change sooner.  Altering jobs made a huge effect on us reaching our aim.

When you’ve got a great relationship along with your present employer and also you’ve tried to make your self indispensable, don’t be afraid to be upfront with them.  Allow them to know you’re in search of a place the place you may improve your earnings so that you could make higher progress in your monetary objectives.

As you take a look at the alternatives accessible, be sure you take a look at the large image (journey, medical insurance, advantages, and so on) while you evaluate them along with your present job.

Having your foot within the job market places the strain in your present employer to attempt to preserve you round (assuming you’re an superior worker that the corporate doesn’t wish to lose).


After you have tamed your spending and are sticking to your funds, it’s growing your earnings that may actually transfer your debt-free journey alongside.

You most likely gained’t be incorporating all 5 of those methods to extend your earnings into your technique, not less than not unexpectedly.  I needed to put them out collectively although, so you may see the totally different choices you’ve gotten for producing extra earnings.

The precise particular ways in which every of you’ll improve your earnings will fluctuate.  We put most of our efforts into beginning companies and finally into altering jobs.  Perhaps for you, a part-time job on the aspect together with some additional time will work.

You are able to do this!

Be careful debt!

How about you?

  • What have you ever carried out to extend your earnings to repay debt?
  • What different concepts do you’ve gotten


This put up incorporates affiliate hyperlinks for services or products that I extremely advocate.  Don’t fear, I solely share superior stuff that I’d share with the folks I like!

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