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4 ways to make extra money to pay off your debt faster

Do you often find yourself wishing for an additional income stream so you could pay off your credit card debt faster? You would be surprised where you can find pockets of cash in your current lifestyle that you could put towards becoming debt free.

Before allocating extra money to your credit card debt it’s important to ensure that the solution you have is the most effective for your situation. This is a good time to look at other options such as debt consolidation personal loan or a 0% p.a credit card balance transfer that may help to set you up for success.

1. Cut out the coffee

Coffee is often the first thing to cut back on when it’s time to budget. A daily $4.50 cup of coffee could cut $1642.50 off your credit card over 12 months. Opt for making your own cup of instant and use the left over money on your debt.

2. Collect your coins

Coins can add up quite quickly. Start a piggy bank and fill it with all your coins, including the gold and cash it out monthly. Many of our branches have coin deposit machines to make counting your cash a little easier. Don’t forget to check the obscure places where change could be hanging about like in the couch cushions and floor of the car.

3. Clear out your stuff

The saying “one man’s trash is another man’s treasure” can work pretty well for making extra income. Clear your house of any unwanted goods, such as clothing, knick-knacks, children’s toys and books each quarter and turn your clutter into cash. Online marketplaces can be useful for small items that are easily posted or you can go for a traditional garage sale.

4. Sell your skills

Do you have a special side talent? Perhaps it’s time to start charging for your skills. If you’re good at cooking why not organise a bake sale in your office? Or if you have a digital talent maybe you can list your skills on a freelancer website. Think about what you have to offer and what gap you can fill in the market. Other ideas could include driving your car for Uber or creating an e-book that can be downloaded online for a small fee.

Every little bit helps when it comes to paying off debt and by employing a little discipline you can be on the road to paying it down.


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