Grow Your Income To Kick Debt Pay Off In To Overdrive

Are you ready to pay off your debt but have no clue where to start? Read the first post in my series about paying off your debt, then read through this series until you get to this post, our tenth in the series.

We never would have been able to pay off my wife’s $80,000 in student loan debt as fast as we did without following the simple concept we’re about to discuss.

After we had changed our mindset and cut our expenses back to the minimum we were willing to accept, there was nothing more we could do to reduce our expenses.

If we quit there, we’d have a fixed time period that it would take to pay off our debt.

It could never get any shorter.

If things popped up, then it could take longer, but we could never pay the loans off faster without making more changes.

Most people quit after they reduce their expenses. Reducing expenses is the easiest thing to do, but the easiest things rarely reward you the most. It’s the harder things in life that have the best rewards. This tip is no different.

Instead of focusing on lowering your expenses more, you need to shift to earning more income. The best part about this tip? You have unlimited potential to earn more income.

Start Growing Your Income Any Way Possible

There are a million ways to grow your income.

You can pick up some overtime shifts or find a part time job that allows you to work nights or weekends. You can start a small business selling goods on eBay or etsy. You can sell a service to people in your community.

The number of ideas on how to earn extra income are endless.

Most people immediately think of earning more income from overtime or a second full or part time job because that is what they’re taught to think of. Once they realize most of these jobs pay $10 an hour or less, they get discouraged and quit.

It doesn’t matter how much extra income you earn in the beginning. The simple fact of hustling to earn more to pay off your debt faster will get the creative juices flowing.

Even a $10 an hour part time job on nights and weekends can significantly speed up your debt pay off plan.

Start A Side Hustle

However, if you don’t want to settle for a $10 an hour job, I don’t blame you one bit. Rather than working for someone else, starting your own side hustle can be much more rewarding both mentally and monetarily.

There are many businesses that you can start with little to no money up front. You’ll need to go with one of these businesses, because you won’t have any extra money during your debt pay off program.

Some of the best types of low cost of businesses to start are service based businesses. I got lucky when I started my blog. For less than $50, I had everything I needed to start. Of course, at the time I had no clue I’d make money with it.

Other types of service businesses include pet sitting, walking or grooming, lawn care, cleaning services, cooking services, coaching and tutoring.

You might have to get started by working for free to get reviews, but once you have just one happy customer you can start growing your business.

The best part about extra income is that it doesn’t have to stop once you pay off your debt. If you find a side hustle that you love, it could even turn into your main income one day like my side hustle did with this blog.

Use The Extra Income To Pay Your Debt Down Faster

The key thing to remember about this extra income is that you’re earning it to pay your debt off faster. As soon as you get a paycheck or a payment from a client, you should deposit it in a bank account earmarked solely for paying off your debt.

Just make sure you account for taxes owed on the extra income first.

Don’t co-mingle your extra income with your other money, or else you might be tempted to spend it. You’ll be shocked by how much even a little extra income can shorten your debt pay off journey.

How Extra Income Helped My Wife and I

Extra income played a huge role on our journey to pay off my wife’s $80,000+ of student loan debt. My wife ended up picking up some extra overtime shifts at work that paid very nicely. I ended up turning my cheap hobby into some pretty nice income here on my blog.

Without this extra income, I’d say we’d easily have to spend a couple more years paying down debt. Instead, we’re student loan debt free. It was totally worth the time to earn the extra income.

The next step after earning extra income is to make some massive changes. Read more about it here.

What ideas do you have for side hustles that can bring in some money to help pay down your debt? Do you already have a side hustle? I’d love to hear about it.

Like What You See?

Join the other readers who have signed up for our email newsletter! No spam, just periodic updates to help improve your finances!

About Lance Cothern

Lance Cothern, a Certified Public Accountant (CPA) licensed in the Commonwealth of Virginia, is the founder of Money Manifesto. You can read more about him here or connect with him on Facebook, Twitter, Google+ or Pinterest.


  1. I think you’re right that many people stop after reducing their expenses…..they believe that they don’t have the ability to increase their income if they already have a full time job. It IS possible to get a part time job on weekends, or do secret shopping, or in our cases blogging or freelance writing is also a great way to bring in some extra cash. Evey little bit helps!

    • Most people are dedicated enough to sacrifice a bit of what they consider their free time. However, I often find I enjoy spending my free time on my blog 😀 Otherwise I wouldn’t do it nearly as much.

  2. I just started buying and selling clothes, accessories and shorts. I really want to have a sideline income and I use social media like Facebook and Instagram to deal my stocks.

  3. Everything becomes easier when you earn more money. Unfortunately, there are only so many hours in the day. I’m a workaholic, so I would probably work 24/7 if I didn’t have kids.

  4. Good points Lance. I potentially have a master plan someday to use my blog income to someday payoff my mortgage. Could you imagine that? All from just a blog? That one would have bragging rights!!! 🙂

  5. I thought about offering private lessons for Lacrosse as a way to increase my income. I have lots of experience with the game and it’s gaining popularity here in the south – any suggestions on how to get rolling with something that isn’t so common.


    • I’d say the best way to get started would be to hang out in areas where people play Lacrosse and try to talk to the organizers. They’ll know best how to help you offer your services. I don’t know if you’re trying to coach high school players on the side, or younger leagues, but coaches would probably be the best starting point I’d think.

  6. Starting a side hustle while also working full time seems difficult, but if you find a way to make extra cash doing something you love, it won’t feel like work.

    I have a couple of friends who make extra money by selling home made baked goods. They have a knack for it so they found a way to monetize their hobby.

    Of course, you’d have to have a real passion for your side hustle to make it work. My friends’ cakes look jaw droppingly amazing. My cakes taste good, but they look like they were just picked off the floor. I doubt anyone would buy them 😀

Share Your Thoughts