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How to make more money and pay off your debt

Follow these tips to achieve financial freedom
Find a way to earn more money. Photo by iStock.

Repaying your debts is one of the easiest ways to improve your credit score.

If you’re looking to tackle your debt fast, earning more money will help get you there quickly.

How can you make more money to pay off your debt? Read on for more suggestions.

Get a side hustle

From selling homemade creations on Etsy to driving for a ridesharing service, there are plenty of side gigs out there that allow you the flexibility to work on your own time while still earning money. Anything extra you earn can go straight to your debt.

Land a second job

Not the crafty type? Why not try out a part-time job? A second job on the weekend can help bolster your bottom line. Even working one part-time shift a week can help you cut back on that debt quicker than you thought. Added bonus: You’ll be too busy working to spend money.

Ask for a raise

Earn more for what you’re already doing. If you’ve been in your role for a while, why not ask for a bump in salary? Or offer to take on more responsibility in the form of a promotion. 

If there isn’t a lot of growth potential in your current role, why not look around at different companies? Can you make more money working for someone else while doing the same thing? Finding a job that pays more will allow you to increase your debt payments and get out of debt faster.

Make money from what you already own

The online reselling market is helping all kinds of people make money off items that would otherwise be collecting dust in storage. Unused designer goods? Try an online consignment store. Records or other collectibles? EBay is always a great bet and online selling platforms such as Facebook Marketplace and Kijiji will help connect buyers with every kind of seller.

Want more great financial literacy tips? iCASH, a fast and secure Canadian online personal loan provider, has a host of financial literacy resources. 

To get more information on iCASH and how they can help you get the funds you need in three easy steps, visit iCASH Canada website.