Debt or any kind of loan can easily make you freak out. Sometimes it is really important to grab a loan and you don’t have any other choice. But repayment is something that needs to be thought out beforehand. Usually students go under debt after taking student loan. Even small business owners fail to take out a chunk of money to pay off their loans and eventually go in debt. But it is always best to hustle a little extra and pay off the loans before being buried under a debt, which is going to stress you out badly. Here are some tips and ways to pay off loans with side hustle money.
Realizing when to side hustle:
So when do you need to consider to side hustle to pay off loans? When is the perfect red signal for you to know that there is still time to fix the trouble? No one wants to side hustle but if you want to get rid of your loan on time then you need to come to the realization too.
You can easily come to face the fact that you CAN go under a debt, after taking a loan. Do the math! Is your pay enough to fulfill your basic monthly necessities, a little fun and make the repayment too? is it going to leave you broke or will you have some pennies in your hands later? These simple queries are going to help you in realizing whether or not you need side hustle money.
There are a lot of ways to side hustle. Internet has made lives so much easier by bringing various options to make you earn from home easily. Promoting products for a company, freelancing designs, writing, blogging, influencers and the list goes on about the different options you have to earn via online means. Thus, side hustle is not that tough these days and if you are motivated to pay off the loan on time, then this can be done.
TIPS TO HELP YOU PAY OFF LOANS WITH SIDE HUSTLE MONEY
Here are some quick and easy tips which will help you in paying off your loans or debts with side hustle money.
Don’t loosen up your Budget due to extra Money:
Side hustle money does not mean that you have to lose your budget. If you are going to stay within a budget, it is going to help you pay off your loan faster. Having extra money through your side hustle is going to tempt you to shop freely or hang out every weekend. Thus, earning more does not mean to spend more here. The side hustle money is for the repayment. It is best to stick to your job income for your basic necessity needs. If you make a handful good amount of money then it is going to be great to get rid of the loan faster. Pay extra and get rid of the loan in all.
- Automatic Reminders and Transfers:
The thing with automatic transfers or reminders is that you don’t miss the deadline and a penalty is not added to it. Plus the money is gone automatically and you don’t forget it too. However, a lot of people cling at the name of an automatic transfer as online payments usually take time to land in to your bank account. Therefore, you can set up an automatic monthly reminder, which reminds you daily, some days before the deadline. This reduces your stress heavily and you can demand your payment from the side hustle job on time too.
- Motivation is the key:
Internal motivation is the key here. Unfortunately, no one is bothered with your debt or loans. You are all alone in this. Thus the best way to stay motivated is to choose a side hustle job that you love to do. If you like writing, then start your own blog. But if you are already stuck in a debt or loan, then that can be tough. So start freelance writing and write for others anonymously. This won’t let you get stressed about the extra work that you need to do. Interest is going to matter a lot because you won’t have a boss at your head to motivate the hell out of you. Thus, if you want to stay motivated, choose the side hustle job smartly.
- Don’t forget your past Financial Mistakes:
If you are under debt, then you have definitely made some major mistakes. Even if you have taken a loan, we all make some financial mistakes. Don’t ever loosen up on them. Remember the financial mistakes that you make and ensure yourself that you won’t make them again. Set up your budget and write down the things you need to avoid in order to pay off the loan on time.
- Cash flow is Important:
Some freelancing companies usually don’t have a good cash flow. Make sure that the job you choose is a long term one and you won’t have to go in search of another one within a month or two. Constant cash flow is really vital because you have to pay of the loan. Your loan repayment won’t stop for you to go find another side hustle job.
Well, the conclusion is simple; know when you have to start hustling sideways to earn extra money for paying off your loan. Don’t wait until you go under the rivers of debt. It is best to earn side hustle money from the beginning and get rid of the loan faster. Choose a great side hustle job which has your interest, holds your motivation, doesn’t stress you out and offers constant cash flow on monthly or whatever basis they are offering you. Don’t ever repeat your financial mistakes and stick to your budget! You are going to pay off your loan faster this way and won’t go under a debt too. stay motivated and beat it down for your brighter future.
If you’re just getting into a financial rut now and need a little help, I’d recommend Northcash for an online lender. Just be sure to follow my tips above to ensure the loan gets paid back on time to avoid getting trapped with interest payments.