In an article I once perused, a couple announced they managed to clear their debt in just one year. They accomplished this by establishing a secondary income, enabling them to rake in an additional $1,000 each month, which was wholly dedicated to clearing their debt. Their narrative seemed so straightforward, almost tempting one to reach through the screens to point out the simplicity of their solution.
Sure, clearing debt is a no-brainer if you have a financial cushion. The real challenge, however, is sourcing an extra $1,000 every month.
Until I managed to do so myself.
The mystery to clearing debts isn’t that profound. Dig into numerous articles on debt clearance, and they ultimately lead to two basic principles: minimize expenditure and maximize earnings.
Seems clear enough, right? Yet, if it were that effortless, everyone would have no debts.
Much like losing weight, the ‘secret’ is already out there, consumed less and increased activity. Yet how many really put the advice into action?
Among this two-step strategy of clearing debt, the expense reduction phase seems easier to implement. Initially, we trim the non-essentials, and if pushed further, resort to more drastic savings measures. My personal experience saw a move to a less than comfortable abode for 16 months in order to pinch pennies and eliminate debt. The struggles were real, but the mission was accomplished. We were successful in clearing out $20,000 of debt in only two and a half years.
Since moving from our humble temporary nest, the living costs have understandably shot up. The only realistic path to continue addressing our debt was to enhance our income. We made several attempts over nine months, from mystery shoppers to freelance writing and cash incentives; albeit falling short each time.
Things took a turn when we stumbled upon a side gig that promised an additional $1,000 per month for merely 10 hours of online work per week. Initially, I was doubtful, unsure if I could spare the time, but in the end, I decided to take the plunge.
So far, it has been a profitable venture, allowing me to divide my earnings for travel savings and debt clearance. For the most part, handling the increased workload isn’t posing any significant challenge.
While it may not be possible for everyone to secure an additional $1,000 monthly, every bit counts when it comes to debt clearance. Be attentive to freelance opportunities that could boost your earnings and hasten your trajectory to a debt-free life.
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