How do you find extra money to put towards debt?
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  1. #1
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    Default How do you find extra money to put towards debt?

    Hello!

    We are new here. We are finallly taking control of our debt. I did a few calculations and realized we could live on HALF of what DH makes if we didn't have any debt. Literally HALF our income is going to debt and we aren't really getting ahead!

    We have stopped the bleed. No more using credit cards.
    We paid off one small credit card and are working on a second.

    We have more cards, some with hefty balances, my student loan, my van, and our mortgage.

    CC will be first. Then my van, then my student loan, and finally we will work on the mortgage.

    We paid off DH's car a year ago and it's in good shape and will last awhile. But we have no savings. Paying off his car allowed us to STOP using credit cards, but we haven't really gotten ahead much with payments. We are still paying minimums mostly.

    DH is a college prof. I have an in home business selling craft supplies on Etsy and Ebay.

    I plan to beef up my online stores a bit and hopefully increase my income there... but how else can I make some extra dough?

    We have three kids and we homeschool, so me going back to work is not really an option. DH really values me being at home, so me staying home is a priority for us. Because of this I know it will probably take us awhile to pay everything down, but at least we are working in the right direction. Slow and steady will be our motto.

    So how else have you made a few extra bucks to throw at your debt?

    We are thinking, garage sale and looking around the house for items to craigs list. Any other great ideas??

    Edited to add: Our budget is already pretty tight. We shop at Aldi and Walmart, buy second hand clothing, have no cable etc. There are a few places we can probably tighten our belt, but I'm afraid if we go much tighter we will feel so deprived we will snap and start using CC's again.

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    Registered User CPA-Kim's Avatar
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    I'm also a college professor. I've made extra money throughout my career by: publishing textbooks, editing textbooks, teaching as an adjunct at other colleges, consulting in my field, doing tax work, owning a business. So, maybe it's not you that needs to be pulling in the extra cash since you already have a full-time SAHM/home school job.

    Brainstorm with your husband about how he can earn more money.
    Kim
    The Lord will provide

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    Thanks for the suggestions Kim! He currently works an overload during the Fall and Spring Semesters which helps A LOT. I never thought about him working as an adjuct elsewhere. I will chat with him about it. He has an opportunity to do some admin/training work at school this summer, but he's feeling pretty burned out on school right now. He is a computer prof and teaches mobile programming (IOS, Android etc). He's written a few apps and we usually get a little money from those ($30 a month or so LOL!) but he can certainly work more on that side of things.

    I also forgot to mention, I am an adjunct at the same college. I teach a couple of classes online! It's a sweet deal and I hope they can keep me on for awhile. I didn't have any classes for about a year and that was a REALLY tight year. I ended up paying my internet bill and buying groceries on credit cards a few times. Now that I'm teaching again and we actually have enough to pay down the debt I want to make our situation more comfortable in case my classes dry up again, or DH doesn't get his overload one semester.

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    Registered User zakity's Avatar
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    I shops the sales, buy in bulk, and cook almost everything from scratch. I worked the cooking into our homeschooling. The guys now do all the cooking.

    Most items are bought used. If it isn't bought used, we buy cheap if it is an item that isn't used frequently and cheap will work (ie, tools that will be used only a few times). Or, we buy the best quality that we can afford if it is a frequently used item.

    We paid extra money for a car part with a lifetime warranty and we filed the receipt away in the file cabinet. We have replaced the part twice so far, both times for free because we paid extra the first time. I think the part is like a $100+ part.

    We don't upgrade unless something breaks. We did upgrade the fridge before it died, but it was on it's last leg and we didn't want to wait until it completely broke. I am still using an I-phone 3. Our computers are all old. The guys' computers are eight year old laptops that run Windows XP. DH and I have slightly newer ones (four or five years old). The guys' computers are slowly dying and we are working on upgrading theirs.

    We work big ticket items into our budget to save up for them. Our tv is a 15 year old huge square one (ie, not flat screen). It isn't even a digital tv, we still have a digital box to get tv on it. It hasn't died (yet). I am planning working the money for a new one into the budget next fall or next spring (depending on when I can find the extra money). I am hoping it lives until we get the money saved up. It occasionally thinks about dying, but then it decides that it isn't quite ready to give up yet.

    Household standardization... Our computers and cell phones are all the same brand. And, we plan on replacing the computers with that same brand. The power cord and docking stations are all interchangeable. If someone's cord dies, then they can get a replacement one out of the electronics tub. If someone's motherboard dies, we can take their drive out and use someone else's computer to get the information from it. We also keep a few of the dead ones around to scrounge parts.

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    Good thoughts Zakkity. We have some nicer things from our period of debting out of control. We have a big flat screen TV. (It's paid off thank goodenss, but it was a bill for a few years). But we have vowed to stop the bleed and not buy any new stuff unless the old one actually dies. I do have an iphone 5, but I got it when there was a trade in deal with a new contract. I paid $11 for the new one by trading in my iphone 4.

    We have a washer that is about to spin itself across the room and out the door! LOL! It's on it's last legs, but I told DH we have to wait and purchase a new one with cash when we can afford it at the beginning of the month. I won't be able to throw as much at debt that pay period, but at least we won't be adding to our Sears bill. If our washer completely dies before then and we have to go to the laudromat a couple of weeks, so be it! It's a small sacrifice to keep from adding to our debt.

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    Registered User Contrary Housewife's Avatar
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    It takes a little while to get the snowball rolling. You paid off debt #1, and put the money in debt #2. When you pay that, you put the money from #1 and 2 into #3. In a couple years you'll be throwing thousands into debt repayment.

    Are you sure you've cut back absolutely everywhere you can? Check this out https://www.frugalvillage.com/forums/...challenge.html
    Stop trying to organize all of your family’s crap. If organization worked for you, you’d have rocked it by now. It’s time to ditch stuff and de-crapify your world.

    If you're not using the stuff in your home, get rid of it. You're not going to start using it more by shoving it into a closet.

    Use it up, Wear it out,
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    Registered User MTS04's Avatar
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    We started our snowball by selling off a few things on craigslist (it was a couple of pieces of furniture that were not being used) Then as time went on, I got a second job. I know you said your time at home is valued, but do you think one night a week outside of the home for some type of employment, might be an option, even if only for a few months?

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    Thanks! I will give it a read!

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    Yes, I'm looking at Craig's List or similar ways to start out with a little push toward the snowball. We certianly have enough in the house to do a garage sale when the weather warms up a bit.

    I could work out of the home one night a week, but I really want to try other methods first. One issue is we live in a tiny town about 15 miles outside of a city. Most employment I could find will be in the city and will include drive time and gas. Not overly difficult, but it will decrease my take home pay. I used to buy stuf at garage sales and resell on eBay, but it got harder as shipping costs increased. I might dabble in that a bit this summer and see if it's worth it.

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    Super Moderator Spirit Deer's Avatar
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    Can you raise a garden and then preserve what you grow? Even if you only grow enough to eat fresh, it would help with the grocery bill.

    Can you plant a couple of apple trees on your property? Yes, it's an upfront cost, but in a couple of years you would have free fruit to produce applesauce, apple butter, apple slices for pies and crisps, and fresh apples to eat.

  12. #11
    Registered User larabelle's Avatar
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    Could you find a parttime job that you and the kids could do together...like distributing newspapers? Are you members of a church if so could you ask the pastor if he knows of elderly church members who could use some help in their gardens or small home maintenance tasks which could bring in a little money? What about mowing lawns, cleaning houses, running errands, walking dogs for busy folks?
    Blessed and Highly Favored!!!!
    From $78K in debt to debt free and purchased a house and used car with 100% cash...God is sooo Good!!!

    Goals:
    New to me vehicle

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    Registered User larabelle's Avatar
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    Thought of more stuff...I know you mentioned that you shop at Aldis and Walmart...would it be cheaper with 5 mouths to feed if you purchased items ( rice, beans, flour etc) in bulk from Sams club or even thru Amazon ( sometimes you can get free shipping). What about food coops...Bountiful Baskets comes to mind.
    Blessed and Highly Favored!!!!
    From $78K in debt to debt free and purchased a house and used car with 100% cash...God is sooo Good!!!

    Goals:
    New to me vehicle

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    Quote Originally Posted by Spirit Deer View Post
    Can you raise a garden and then preserve what you grow? Even if you only grow enough to eat fresh, it would help with the grocery bill.

    Can you plant a couple of apple trees on your property? Yes, it's an upfront cost, but in a couple of years you would have free fruit to produce applesauce, apple butter, apple slices for pies and crisps, and fresh apples to eat.

    We do a garden every year! We love fresh food! We aren't as good about saving what we grow for the winter. We freeze some stuff, but I should really learn to can all those extra tomatoes we give away each year. I'm currently buying canned tomatoes!

    I have wanted fruit trees, but our yard is pretty shady except for the garden plot. We need to find friends who have trees and can share the bounty!

    Last year I did a plant sale that was quite successful. I divided some of my extra hostas, daylillies, and mint plants, and had a big sale. Made about $200 in one morning. I hope to do that this year again!

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    I will definitely talk with the kids about extra odd jobs! Paper delivery sounds interesting. We live in a rural area in a small town, but there might be rural driving routes. We do have a church, but it's in the city. Once again we have the driving and gas issue. But it's worth some thinking.

    We currently buy rice and popcorn in bulk. We also get a few things like coffee and tea from Amazon delivered monthly, but since we use a lot of generics, it's hard to get better prices as Amazon over Aldi most of the time. I should think more about that. I do things like Swagbucks and MyPoints and get Amazon cards that way. I usually use them for Birthday and Christmas gifts and a few fun splurges, but maybe I should scale back on that stuff and use the cards for more everyday stuff, thus reducing our grocery bill.

    Thanks for the great ideas folks! Keep em coming!

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    Registered User larabelle's Avatar
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    Hmmm...you live in a rural area outside of a city you are in the PERFECT position to advertise yourselves as caretakers of the " weekend farmers" properties. I had a coworker with a house in the city ( which she stayed at during the work week) and a house in the country which she frequented on her days off. She would have benefited from someone checking on her country property during the week.
    Blessed and Highly Favored!!!!
    From $78K in debt to debt free and purchased a house and used car with 100% cash...God is sooo Good!!!

    Goals:
    New to me vehicle

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