2020 reminded everybody of the need for debt payoff, so more and more people are starting a side hustle. Besides health issues, the pandemic has caused a lot of stress because many people lost their jobs or started getting paid less. It’s no longer news that we are dealing with a financial crisis. Global debt levels reached over $272 trillion in the third quarter, and the Institute for International Finance even called it the “attack of the debt tsunami”.
That may not be good news, especially if you have plans to obtain debt freedom in the new year. But even though you will need to gather all your resources, there are always things you can do that will help you with your debt payoff. If you were hit financially in 2020 and you got more debt to deal with in the new year or you want to get rid of the remaining debt you’ve been trying for the last couple of years, then keep on reading. You might find a solution that could work for you. Here are 7 side hustle you can do for debt payoff, some of them even from the comfort of your own home so you can stay safe while you supplement your income.
How to Find Out What Side Hustles You Can Do
Before we get into each one of them, you need to know that side hustles represent any work you can do besides your full-time job or your studies. So, to do this you will need to first assess how much spare time you have that you can use for a side hustle. It’s important to know this before you start looking for any gig because you need to be as professional as possible to be able to do your tasks in time, and also not to overwork yourself for your debt payoff.
After deciding how many hours a day/week you can allocate for a side hustle it’s time to remember what skills you can bring to the table. The best way to do this would be to note down your best skills and the things you are good at. This will help you better understand which side hustles you can do and what to search for.
Try to think outside the box for a second and not stick to the same old things you tell at interviews. Remember the side hustle will most likely be something temporary to help with your debt payoff unless you discover something that you can turn into a career. So, for example, let’s say that you have a special skill, you can always mediate the conflicts between your family members or your friends. This type of skill could be used in a customer support side hustle. Try to note down all the things you are good at and then think of jobs that can benefit from your skills.
What Side Hustles You Can Do for Debt Payoff
1. Part-time jobs
If you have 4 hours a day or a whole weekend that you can spend on a side hustle, then you can apply to part-time jobs that you are qualified for. With this one, you will also have an advantage in terms of changing careers. If you are not very satisfied with your current workplace, working a part-time job can in time turn into a promotion and you can after a while make it your main income. You can search for part-time jobs on recruitment websites or even directly at big companies. Send your resume to anything you find fit for your skills and time. The more applications the better the chances to get an interview and the job.
2. Tasker on Taskrabbit
Taskrabbit is a website that connects people who need help with people like you looking to supplement their income. Just like the name implies you will get paid to perform different tasks for different people. They can range from helping with a move-in to cat/dog sitting while the owners are away on vacation, to food delivery, or even providing handyman services (if you have the skills for it). There are also virtual online tasks you can do, like become a virtual assistant for someone very busy.
3. House Cleaner
If you are the type of person who relaxes through cleaning, this might be one of the best side hustles you can do for debt payoff. It is also great for people who work on the computer and want some time away from the monitor and to get their legs moving.
If you only have a few minutes per day to spare for side hustles or a few hours per week, then micro-jobs might come in handy for you. Micro-jobs are short gigs that you can perform in the form of surveys, testing websites, watching commercials, and answering questions based on what you’ve seen. Some more lengthy micro-jobs include audio/video transcriptions and data entry.
5. Provide ridesharing services for debt payoff
If you have a car and you are passionate about driving and interacting with talkative clients, then you might consider ridesharing services as part of the side hustles you can do for debt payoff. Keep in mind when you make your driving schedule that the rush hours are the best paid. Uber and Lyft are some of the ridesharing providers that you can collaborate with.
6. Find freelancing gigs
Maybe being a full-time freelancer may not be what you want, but you can find freelancing gigs to do as side hustles. You can be a freelance virtual assistant, a translator if you are good with foreign languages, a content writer, you can offer online marketing services, edit photographs and videos, and any job where you can find your own clients in need of your help. You can find freelancing jobs on websites like Upwork.
7. Start a blog for debt payoff
This is a side hustle you can do at your own pace, where you can, quite literally, be your own boss. Simply choose something you are very passionate about, it can be a hobby or an area of research, and start writing about it, providing the public with tips & tricks, how-tos, and informative articles. Keep in mind that with a blog you will make money in time, not instantly. You will first need to make your blog SEO-friendly and make it known to the public. The way the blog will provide you with a supplemented income is mostly through affiliate marketing and paid advertising.
In the end, just know that any of your skills can be turned into side hustles, you just need to know yourself and what you can provide. And you can even start a side business with no cash investment that can in time turn into a beautiful new career.