Last month, I started tracking my attempt at paying off debt with online earnings. I started earning money in pajamas several years ago, largely to supplement my income while I was in graduate school. I earned very little in my job as a graduate instructor. Had I been single, it probably would have been enough, but I had kids.
I still built up around $36,000 in debt because of my schooling. There was a period of about four months between the end of school and starting my new job, as well as a move, that led to major debt. The debt helped me out because it opened some more doors for employment opportunities going forward. However, I…HATE…DEBT. The payments that I have to make toward debt means that I have less money for things that I like, such as saving for retirement and traveling to various and sundry parts of the world.
I had been saving up money for my dividend income portfolio, but then figured that I could keep some of this credit card debt from school for between eight and ten years if I paid only the minimum. I do not like that idea. Therefore, I decided to start using my online earnings for paying off debt (and saving, but saving less).
My Latest Step Toward Paying Off Debt
I earned some money from freelance writing last month, and the biggest payout came last week. I promptly transferred this payment from PayPal into my checking account. From there, I made another transfer to, you guessed it, the debt.
I was able to put $110 toward my debt. This one payment was well above the $81 minimum for the month. If I continued making the minimum payment at $81, it would take more than 8.5 years to pay off the debt. And this is without taking into account any balance transfer fees that add between 3 and 5 percent to the balance each time. I could easily be in debt for 10 more years at that rate.
If I were to make $110 payments each month, the payout period drops to the six-year range before taking into account balance transfer fees. I always look for 0 percent balance transfer rates so that I minimize the interest payments to the amount of the balance transfer fees. Otherwise, I’d probably have to pay 13 percent or more on the debt, which is way more than I want to.
This payment dropped my original debt amount of $36,000 below $8,000. I’m pretty excited about this, to say the least. However, I’ll be even more excited when I can pay off the whole kit and kaboodle.
Keep Up With My Progress
If you’d like to help me achieve my goal of paying off debt with no expense to yourself, you can make your purchases from Amazon through the link below. You’ll pay the same as you normally would, and I’ll get a small commission. Just click the image below:
You can also sign up for the following sites and start to earn points that can lead to PayPal cash, Amazon cards, or even Bitcoin.
GiftHulk (I’ll earn $0.10 if you sign up)
Earnably (I’ll earn either $0.02 or $0.10 if you sign up, depending upon where you live)
Swagbucks (I’ve earned more than $2,000 from this site, and it’s my favorite. I don’t earn a bonus if you sign up, only if you actually earn.)
Don’t feel obligated to sign up for anything you see on the site. I appreciate people who just stop by to read and/or comment.
How are you using side hustles in your goal of paying off debt? Let me know in the comments.
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