After paying tax, covering rent, and paying those unavoidable bills, numerous consumers feel financially miserable. For some, it seems like bills pile up while money walks out the door. In fact, many consumers are over-indebted because their expenses are exceeding their monthly income.
However, debt could be the burning platform that changes lives for the better. Making creative plans and taking calculated risks to reduce that debt load might just open up a whole new world of opportunity.
Matthys Potgieter, spokesperson and debt expert at DebtSafe shares four options consumers can explore to help them increase their income:
- Use existing skills
Individuals can use their free time in the evenings and on weekends to do what they’re good at and earn extra income. Here are a few ideas to consider:
- Offer language classes to foreigners.
- Great at math or accounting? Begin tutoring.
- For all those who have green fingers - start a garden layout service.
- Fitness junkies – what about becoming a part time boot camp, spinning or fitness instructor?
- Consider becoming a freelance writer or editor.
- Regularly getting compliments for scrumptious meals or puddings? Offer cooking or baking classes.
The opportunities are endless and those who would like to take on creative opportunities can generate an extra bit of cash for themselves.
- Recycle & sell it options
Recycle: Consumers can amp up their income by recycling. Take recyclable items to local drop-off points and buy-back centres (treevolution) - it may not be much, but little drops fill the bucket in the end.
Sell: Spring is here and it’s the ideal time for some spring cleaning. Get clutter out of the way and earn additional cash by selling unused items on platforms such as OLX or Gumtree.
- Consider a side job
If individuals are in desperate need of extra money, what about a second stream of income? Consider hobbies (to start a small business on the side) like painting, needlework or what about becoming a weekend waiter or waitress? Individuals can consider driving for cash or doing evening and weekend deliveries as well.
This last mentioned is typically well-suited for university students and retirees. Most companies that hire drivers require a Code B driver's license (light and/or heavy motor vehicle), which requires a small investment of time and money on the individual’s part. But, it could be well worth the investment.
- Work with what is currently available
Consider using those existing assets to build extra income. What about Airbnb? This initiative, where ordinary people rent out unused space in their houses to travellers, currently runs in over 190 countries. Hosting opens up new opportunities to earn money by simply using existing space not being used.
And what about offering public transport to other fellow South Africans like becoming a taxi or Uber cabbie? It’s an alternative way for a person to supplement their monthly income.
These are merely a few suggestions. Individuals need to get creative and use the existing skills and resources they have available to boost their income. If, however, excessive debt is standing in the way of a bit of extra revenue, DebtSafe can certainly lend a helping hand with their successful debt review program.
Over-indebted consumers can SMS their name and INFO to 30898 for not only a free debt assessment, but also a financially free future.
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