Credit Cards

Paying Off Debt With Online Earnings–Part 4

Paying off debt takes time. The more income that you bring in, the easier it goes. Most of us will have a job of some sort, but it will not always be enough to make meaningful progress. This is why I started looking for ways to come up with online earnings.

I’ve been making money every single month for more than six years. Some months, it’s a small trickle. In others, it’s a nice chunk of change. This online income has allowed me to keep afloat during grad school. It’s allowed me to get ahead some months. It also allows me to pay off my debt from grad school.

November was my lowest month in terms of online income for the year, but since my last update on paying off my online earnings, I’ve added $165 to the payoff. While it was a little less than I paid off in October, this is more than double the minimum payment, and it drops my total down below $7,800. I’ve paid off nearly $1,000 in less than six months, just from my online income.

I should be able to pay off even more before the January statement gets cut. My online income allow me to pay this off. Hopefully, I can get the debt paid off quickly.

Online Earnings Also Allow for Investments

I also put a few bucks here and there toward my IRA account during the statement period. While the $15 I saved might not seem like much, and it isn’t, it’s still something. If I can put something to the IRA each and every month, it will add to my dividend income and allow me to make more frequent purchases.

Paying off debt and putting month toward investments each and every month is a worthy goal, and if I can keep it up, I should be able to accomplish this goal within a relatively short period of time.

If you’re wondering about the methods I use to make money online, you can check out some of my previous online earnings reports, like this one from October. I’d love to hear from others who are using their side hustle income to pay off debt over time. Let me know in the comments.

Erasing Debt with Online Earnings
Erasing Debt with Online Earnings

Sign Up For Updates

If you’d like to follow my progress each month, be sure to go to the top of the page and sign up for updates. You can also follow me on Twitter.  I’m now closing in on 350 followers, and I appreciate the support.

Also, if you could share this latest update below via Twitter, Facebook, or any other social media platform, it would be much appreciated. I want to inspire others to improve their finances and show them some easy ways that they can do so.  Just click on the “Share This” link on the sidebar of this post! I appreciate any support that you might choose to provide.

Disclaimer: This site has affiliate links. If you sign up with one of these affiliate links, I may earn compensation. I appreciate any support you might provide.

Credit Cards

Paying Off Debt With Online Earnings–Part 3

 

Over the past month or so, I’ve been tracking my attempts at paying off debt with online earnings. This is probably going to be a long, drawn out process.

I graduated from grad school with more than $36,000 in debt. Well, it was probably just above $20,000 when I graduated. Then I ran into a four-month gap between the end of my grad assistantship and my first paycheck at my new job. I also had to move to take the job.

Erasing Debt with Online Earnings
Erasing Debt with Online Earnings

Needless to say, the debt grew quite a bit within just a few months. I was not happy. That was a little more than four years ago. My goal is now to pay off this debt in short order. I’d like to have it paid off within the next couple of years.

Even with what I considered a big amount of debt, it’s not nearly as big as what some people have. Student loan debt is around $37,000 for the average graduate. I had some friends who owed more than six figures. This can definitely hamper one’s lifestyle for years to come. That’s why I’m working at paying off debt with online earnings.

I’ve attempted to make money online for the past several years in an attempt to at first supplement my then-meager income as a grad student and then to pay off debt and build my investments so that I can build up passive income.

Paying Off Debt With Online Earnings–Part 3

My credit card statement is about to roll over to a new month. I have all of my debt from my days as a grad student on a 0-percent balance transfer. Before I decided to split my efforts between paying off debt with my online earnings and investing, I was basically paying off the minimum each month. With a debt that was then a little north of $8,000, I figured that I could theoretically take between 8 and 10 years to pay off the debt.

I was investing most of my online earnings, but the debt went down very, very slowly. I want rid of it more quickly. I figured out that paying off $200 a month could make the debt go bye-bye in a little more than three years. In my estimation, three years is much better than eight.

In the last month, I came pretty close to paying off $200. I paid $185 on the last statement. The minimum was $81. My debt is now below $8,000. I could have paid another $45, but I scheduled it to go on the next statement for cash flow purposes. I hope that I can get into the $7,700 range by the time the next statement closing date rolls around.

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.)

Earnably

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.

Sign Up For Updates

If you’d like to follow my progress each month, be sure to go to the top of the page and sign up for updates. You can also follow me on Twitter.  I’m now closing in on 350 followers, and I appreciate the support.

Also, if you could share this latest update below via Twitter, Facebook, or any other social media platform, it would be much appreciated. I want to inspire others to improve their finances and show them some easy ways that they can do so.  Just click on the “Share This” link at the bottom of this post!

Disclaimer: This site has affiliate links. If you sign up with one of these affiliate links, I may earn compensation. I appreciate any support you might provide.

Credit Cards

Paying Off Debt With Online Earnings

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.

Paying debt needs to be a priority!
Erasing debt is my goal.

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.

Sign Up For Updates

If you’d like to follow my progress each month, be sure to go to the top of the page and sign up for updates. You can also follow me on Twitter.  I’m now above 300 followers, and I appreciate the support.

Also, if you could share this latest update below via Twitter, Facebook, or any other social media platform, it would be much appreciated. I want to inspire others to improve their finances and show them some easy ways that they can do so.  Just click on the “Share This” link at the bottom of this post!

Disclaimer: This site has affiliate links. If you sign up with one of these affiliate links, I may earn compensation. I appreciate any support you might provide.

Credit Cards

Paying Off Debt With Online Earnings

his year, I’ve been keeping up with my online earnings each month. Most months have seen me earn between $300 and $400+ over the course of a 30-day period. Beginning this summer, I decided to start paying off debt with my earnings as they came in rather than trying to draw them out to invest.

I could theoretically take several years to pay off the debt that I currently owe, but I would like to see it go away ASAP. I came out of graduate school with about $36,000 of debt, and it’s now down to just above $8,000. This is what I’ve accomplished in a little more than four years.

My hope is that I can drop more and more over the next year or two. If I could kill off this debt over the next year, I’d be thrilled.

Paying debt needs to be a priority!
Erasing debt is a goal.

In September/October (my statement closes on the 20th), I was able to pay off $135. While this was not as much as I would have liked, it’s more than $50 above the minimum payment. This is definitely a step in the right direction as far as I’m concerned.

I currently have a 0% rate through about the middle of next year. However, an “average” credit card bill of $10,000 with a 16% annual interest rate would take nearly 28 years to pay off if a cardholder only pays the minimum each month.  That would leave me in debt longer than my mortgage would.

This is why I’m paying off debt at an accelerated rate.

Why Am I Paying Off Debt So Slowly

It may seem that only $135 is a small amount to pay off. It is. There are many people who are able to pay off debt much more quickly.

What’s wrong with me? The answer to this is nothing. Most of the people who pay off massive amounts of debt who cover their journey online are singles or DINKs. I’m neither as I have a wife and kids.

I can’t easily share a frat-like house with four other people and pay $150 in rent each month. I could theoretically eat ramen noodles every day for every meal, but my family has to eat as well.

My Latest Payment

Tonight, I made my latest payment. I’m trying to make payments as often as I get a bit of online income. I cashed out $25 from Swagbucks, and I paid $20 of that toward my debt. I’m going to have some more money coming my way later this week from some freelance writing, so I might be able to make another payment or two before the end of the month.

This will add to my payment for October/November and get me even closer to my ultimate payoff of the debt I accumulated from graduate school.

If you’d like to help me achieve my goal with no expense to yourself, you can make a purchase from Amazon. 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)

Don’t feel obligated to sign up for anything you see on the site, as I appreciate people who stop by to read and/or comment.

Keep Up With My Progress

If you’d like to follow my progress each month, be sure to go to the top of the page and sign up for updates. You can also follow me on Twitter.  I’m now above 300 followers, and I appreciate the support.

Also, if you could share this latest update below via Twitter, Facebook, or any other social media platform, it would be much appreciated. I want to inspire others to improve their finances and show them some easy ways that they can do so. Just click on the “Share This” link at the bottom of this post!

Disclaimer: This site has affiliate links. If you decide to sign up with one of these affiliate links, I may be compensated. I appreciate any support you might provide.