6 Ways to Increase Your Income to Pay Your Debts

6 Ways to Increase Your Income to Pay Your Debts

Hi, my name is Adam Stewart, Debt Collection Expert and owner of Debt Recoveries Australia.

If you’re not making enough money to pay off your debts, bills, and day-to-day expenses, you may need some ways to make some extra cash. The amount of money you can make from a side gig depends on your skills and time commitment. Maybe you are just looking for some extra spending money, or maybe you have a specific goal.

Here are 6 ways to increase your income to pay your debts:

1. Rent out your house, car or carport

If you don’t mind dealing with people or you travel often, consider renting out a room in your home on AirBnb. If you live in a major city, renting your room can bring in a decent chunk of cash. Even if you’re home, you can rent a spare room to passers-through, tourists or travelling students. In most cases they won’t need anything from you but a bed to sleep in. If you’re the hospitable type, you can be quite the local ambassador to your guests.

Rent out your car. I am signing up to this one. I drive my car on average about twice a week, so this is a no brainer for me. I am going to try DrivemyCar. It’s backed by RACV. Try also Car Next Door.

If renting out your car is not your style, why not rent parking space if you have one. Parking spaces can rent for good money, especially if you live in a busy area or near public transport. Try Spacer, Parkhound or Parkey.  

2. Start selling stuff

Make money by selling things you already have. It can be clothes you never use to books you’re not going to read again. Selling your clutter for cash is the best way to make quick money and improve your home. Look at Ebay, Amazon, Gumtree or Craigslist and get those items up for sale!

3. Become a freelancer

Perhaps you’d rather become a freelancer. List your services on sites like Airtasker , Craigslist or Freelancer.com. They are not necessarily a great way to make a living long term, but they’re good for people just starting out who need to find clients and build a portfolio. Plus, they avoid you having to work for free just to get started. Again, the competition can be ridiculous, and you may compete with someone from a country where the dollar goes much further for the same job, but again, if you are in it for side income, money is money. These sites have opportunities for writers, developers, designers, marketers, and many other categories. Once you have a body of work, start networking, get real clients and new ones through word of mouth, and you won’t need the sites anymore.

4. Turn your hobby into a money-maker

If there is something you enjoy doing that you are particularly good at, you can start profiting off your favourite hobby. Sell your crafts on Etsy, use your photography skills and sell your photos, or if you love to write, you can freelance at websites you love. This is a great way to earn extra dollars at home, if you already have a full-time office job.

5. Start a blog or YouTube channel

This is a long tail form or earning money, since you have to slowly build up an audience of followers, then monitise your site as early as you can. The first step is to find your voice and your passion. Write in your own voice, find a niche and crush that niche. Eventually, you will have a core fan-base who will start following you. Then don’t forget your main purpose is to make money, so monetise your site early. Banner advertising and affiliate programs can bring in a good amount of money. Some of the web’s most popular blogs rely on affiliate links.  Amazon’s Affiliate Program is one of the web’s biggest, but Commission Junction supports thousands of online retailers as well. Consider a subscription model as well.

If you have a flare for telling a good story, consider a YouTube channel. The key is having an awesome niche that you are the expert in, then owning that niche.

6. Become a tour guide

My big prediction that will change travel and tourism for ever, is Airbnb Experiences. Experiences are excursions or other activities designed and led by local hosts. It’s basically you, offering yourself up as a tour guide, Airbnb call them experiences. Airbnb is huge around the world now, so the fact they  are offering this service means that the idea is going to reach a massive new audience. It is not necessary to be an Airbnb host to offer an experience,anyone can send a proposal, which the company will vet and decide on.

To join the waitlist in your city, submit an experience that you’d like to host at Airbnb.

Once you’ve submitted your experience, you will receive an email from Airbnb. Potential hosts typically get a response within 1 to 2 weeks, depending on your city and type of experience.

Here’s some more tips to make money:

 

Debt Recoveries Australia is the expert at recovering your outstanding debt without the drama. For more information, email at us email@debtrecoveries.com.au or call 1300 799 511. Talk to us about your debt collection concerns via Skype at debtrecoveries.

 

 

 

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