In Debt? Why You Should Never Rely On One Income

America is in the midst of a national debt problem. The country owes millions and 1 in 5 American citizens have more credit card debt than emergency savings, according to personal finance company, Bankrate. Therefore, the last thing the population wants to hear is that Trump’srenegotiation of the North American Free Trade Agreement could result in 300,000 job losses in the country. So, with consumer debt at an all time high and hundreds of thousands of US jobs at risk, now’s the time to build a secondary income.

Utilize your skills

It’s so easy to become complacent when you have a regular salary from your employer. However, should an life-changing illness or a redundancy occur, you’re stuck with rising debt and no pay packet to rely on. Every individual has skills they can utilize to bring in a secondary income. These skills may be the result of expert training and qualifications gained in your current employment or picked up over the years doing day to day tasks. Either way, take the time to sit down and list your talents to determine how best to use them. If you’ve got great design expertise and are keen to sell some of your arts and crafts to supplement your income, then building an eCommerce website via an efficient WordPress hosting service is a perfect task to complete in your spare time.

Monetize your hobbies

Hobbies can be an excellent money maker. For individuals who are established bloggers, signing up and advertising affiliate services is a simple way of making a passive income to help pay off your debts. Photographers who take innovative and compelling images are highly sought after and can make a decent secondary income by offering their services at special occasions. Alternatively,simply selling your photos to clients to use on their own websites and business marketing material is a great way to bring some additional money home.

Making the most of your secondary income

When you’ve decided which avenue you’re going to take to secure a secondary income, it’s essential that you are sensible with how it’s used. Don’t be tempted to blow the extra cash on luxuries such as a holiday or a posh meal out. Every penny you make should go towards clearing your debt. You may decide to make a repayment once a month to clear the debt, or, alternatively, you could put the money in a high interest savings account for a period of time and once you’ve accumulated the interest, pay your debt off in one lump sum.

Debt isn’t an easy thing to live with, so, by securing a secondary income you’re ensuring you’ve always got a way to pay it off and need never worry should your main income source suddenly come to a halt.

Chrissy Helders

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