Try to contain your excitement but I have great news for you because I have some extra income ideas for you. This is going to be exciting for you to hear and it will definitely change your life. Here’s the news: I’m going to get you a pay raise. Not a small one but quite a large one.
You’re going to be excited after reading this so if you’re the type that gets a little loud when exciting news is delivered, make sure you’re alone when you read this. You’ve seen those Publisher’s Clearing House commercials where the people get so excited that they embarrass themselves? That may happen when you hear this news.
Are you ready? I’m going to get you a pay raise. Not a small one but quite a large one.
The latest and greatest get rich quick scheme finds its way to your e-mail box every day but this one really works. There are many extra income ideas out there but you will like this one.
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How much? You would be happy with 1% or 2% but I have 15% for you! If you make $40,000 per year, you’re getting an extra $6,000 to spend this year. Think about how much more comfortable your life would be if you had an extra $500 per month.
This money is going to come from your debt. Statistics show that the average household devotes 15% of their annual income to paying their debt. Some of your debt may be your home mortgage or school loans. While these are regarded as debt that is an investment more than credit card debt, it is still stealing your financial freedom from you.
While you won’t have to work harder to get your 15%, you will have to live a more disciplined life. You will have to live within your means and cease all use of your credit cards. This isn’t an easy task and nobody would expect that you would change your spending within a few weeks but that must be your goal. Extra income ideas rarely work but this one will.
The first thing to do is take a look at your spending records for the past 30 days. If you don’t have records that show that information, start today and keep track for one month every time you spend money. The more detailed your list, the better.
Next, separate your list in to wants and needs. Be very honest. Leave the needs alone. You’re not going to eliminate your electric bill. (although you could reduce it) With the list of your wants, set a first month goal to eliminate a certain amount of these needs. Maybe 25%. The next month, 50%. The more of the needs that you can eliminate, the more money you can send to your debt.
If you’re like most Americans, you can save a large amount of money simply by eliminating 50% of your wants. At that rate, you can get rid of a lot of your debt in a much smaller amount of time than you originally thought.
As somebody who lives debt free, I can speak from experience. I went through the same process as I outlined above. It wasn’t fun but in the end, it would rank towards the top of the most fulfilling things I’ve done. When I sent in my last payment, I did make some noise. Living debt free allows me to live a much more wealthy life than my income level should allow. Sometimes the best extra income ideas are those that require very little work.
You aren’t going to get the 15% in its entirety. Your home will take years to pay off but even if you made an extra 7%, you will experience the fulfillment of knowing that you aren’t crippled by debt.
Start today. No matter what your situation, cutting something out of your budget is possible. Any step in the direction of being debt free will feed good. My best wishes to you as you embark on this journey.