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An Extra $1,000 a Month

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Anonymous
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An Extra $1,000 a Month

Right now, I owe quite a bit in credit card debt, mainly because of bad financial decisions when I younger, since then, I've become more financially aware and started to learn how to manage my money. Still, I'm currently living paycheck to paycheck and the monthly payments are taking away a portion of my income away, an extra grand a month would be very beneficial in my case. Any thoughts?

Message 1 of 6
5 REPLIES 5
Jnbmom
Credit Mentor

Re: An Extra $1,000 a Month


@Anonymous wrote:

Right now, I owe quite a bit in credit card debt, mainly because of bad financial decisions when I younger, since then, I've become more financially aware and started to learn how to manage my money. Still, I'm currently living paycheck to paycheck and the monthly payments are taking away a portion of my income away, an extra grand a month would be very beneficial in my case. Any thoughts?


You could maybe take on a part time job, go over your budget and spending habits and cut corners wherever you can.

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Message 2 of 6
Anonymous
Not applicable

Re: An Extra $1,000 a Month

There is a lot of YMMV for an extra 1k for a month. I too have contemplated this for purposes of reducing student loan debt in an even faster manner than refi will help me get to. Here are a few ideas (that probably sound like clickbait things you read on other personal finance blogs):

 

1. Look at Steady, Fiverr or Freelancer for gigs. In disclosure, I have a law degree and look for low hanging fruit like NDA reviews, contract review, basic business plan safety and soundness reviews, etc. If you have some experience in any sort of high-level writing, editing, or some other talent that you can leverage--and also have the time to do this--these are decent items to do in the wee hours of your free time. 

 

2. Reevaluate your budget: Are there corners you can cut? Peanut butter sandwiches all week for lunch instead of take out? Some sort of way to drink cheaper at the bar when you go out?  A gym membership you forgot you were even paying for? Premium cable when all you do is watch netflix? A lot of micro-budget items can go a long way.

 

3. Adding a second job. If all else fails, find something part-time that you can do when you aren't workign your day job (and won't affect your output at your day job). In law school, I worked as a research assistant during the day and a shelf stocker at night so I could keep my rent going while minimizing the loans I took out (let me laugh for a second as job market and economy died shortly thereafter and most of my classmates ended up underemployed for the first 3+ years). That said, if--and only if--it works for you, this should be an option. 

 

I hope this helped and didn't sound condescending or cliche. Best of luck!

Message 3 of 6
TheFIGuy
Established Contributor

Re: An Extra $1,000 a Month

I feel like people will 100% disagree but reevaluate your budget might be the easiest means of acquiring and extra 1k a month.

I use YNAB cue profile name lol, but tons of people use google sheets or excel also.
Message 4 of 6
Anonymous
Not applicable

Re: An Extra $1,000 a Month

Great answers everyone! Thank you all for your inputs.

Message 5 of 6
Anonymous
Not applicable

Re: An Extra $1,000 a Month

First. I would stop using any credit cards if possible.

I second what everyone else is saying- 2nd job, cut expenses where possible, etc. But, you also may look at selling stuff on Ebay or something like it. Everyone has stuff sitting around that they no longer want/need. You can make A LOT of $$ getting rid of things!

Also, I know people who donate blood plasma to make extra $$. They get paid to help others= win/win.

Just a couple more ideas for ya. Good luck!
Message 6 of 6
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