How to Increase Your Income to Pay Off Debt


After seeing how much our income increased over the three years that we worked to pay off $144 K of debt, I often get asked how we grew our income to help us pay off our debt.

I get a lot of emails from lots of you who’re simply beginning in your journey to repay debt.  Your tales and conditions are sometimes much like ours.  You’re excited to seek out one other household who began with massive debt.  You’re inspired that we have been capable of repay our debt whereas I stayed dwelling with our children.

If you happen to’ve adopted our story from the start, then you realize that we’ve come a great distance!  Taking a look at our revenue now, our objective to repay our debt rapidly could not appear as daunting a process because it was actually.  Nonetheless, after we set our objective and began the journey, our revenue state of affairs was a lot totally different.

The entire story of revenue modifications can be too lengthy to incorporate right here, so I gained’t go into all the small print. Yow will discover excruciating element within the 4 years of month-to-month posts by which we’ve made our funds public.  Look again on the early months and see our incomes, spending, debt pay-off and saving every month.

As a abstract, right here is the visible that I shared within the Behind-the-Scenes Take a look at Our Journey to Pay Off $144,000 of Debt. This reveals how our revenue (and debt funds) elevated through the time we labored towards paying off debt.

The blue traces signify our revenue throughout our debt payoff journey.

After seeing how a lot our revenue elevated over that point, particularly close to the tip, I typically get requested by new readers how we grew our revenue to assist us repay our debt.

That’s what I need to discuss right this moment:

Tips on how to improve your revenue to repay debt sooner.

As a result of who couldn’t use some further cash every month to place towards debt?!

However WAIT! Earlier than you attempt to improve your revenue…

I don’t advocate attempting to extend your revenue because the first step of paying off debt.

First, you have to get your spending beneath management.

You wouldn’t maintain attempting to refill a bucket with a leak on the backside or go blue within the face blowing up a balloon with a gap.  Ensure there aren’t any leaks in your price range earlier than you begin funneling extra money into it!  In any other case all of your laborious work will likely be for naught and gained’t expedite your debt payoff.

If you’re simply beginning out in your journey to repay debt, try my free Smash Debt course.  You’ll get an electronic mail every day for 7 days that may assist you to get organized and make a plan to repay your debt.

When you could have your plan and also you’re prepared to extend your revenue, listed below are some tried and true methods to do it.

1-Promote Stuff

Begin easy.  Promote issues from your individual dwelling that you simply don’t need or want anymore.  That is one thing everybody can do.

Take clear photos of what you’re promoting and write an sincere, detailed description of the merchandise.  Put up what you could have on the market on Craigslist or in a neighborhood buy-sell-trade Fb group.  Relying on what the merchandise is, it’s possible you’ll need to strive promoting it on-line on Ebay or Amazon.

We lived within the boonies after we paid off our debt, however I made promoting stuff work for me by scheduling  meets with potential patrons on the library on the one day I went into city every week.  Occassionally I might even purchase objects on the thrift retailer that I knew I might resell for extra.  I additionally used this technique after we have been furnishing our dwelling throughout legislation faculty and we got here out forward (basically furnishing our home at no cost!).

Whereas this isn’t a long-term plan for rising your revenue (until you proceed to supply extra stock at yard gross sales and secondhand shops), it’s a good technique to get began tackling your debt (and decluttering your own home!).

2-Begin a Enterprise

For us, beginning a enterprise was an enormous increase to our debt payoff!  The truth is, each my husband and I began companies throughout our debt payoff journey!

My first enterprise was an Etsy store that I began again when my husband was in legislation faculty.  My little Etsy store fed us throughout legislation faculty, which stored us from taking out much more scholar loans!  I’ve a complete weblog sequence about making a living on Etsy you could try when you’re a artful kind!

After we determined to repay our debt in a rush, I made a decision to start out a weblog to chronicle our journey and share tips about frugality and budgeting.  I knew that you would become profitable running a blog when you did it proper, so I began off on the best foot by studying this guide, then later I enrolled in Elite Weblog Academy (it solely opens every year, so get on the ready checklist to listen to when it opens subsequent).

I gained’t go into all the small print right here (I might go on and on!), however if you wish to hear extra, you possibly can examine how my first weblog failed and what I did in another way to succeed the second time round.

When my husband left his job at a small legislation agency to go work as an legal professional for the state of California, he made positive that they have been okay with him having his personal legislation agency on the facet.  Because it’s a very totally different space of the legislation and there’s completely no battle of curiosity, they have been advantageous with him engaged on the facet. Initially he simply deliberate to proceed working with present purchasers who didn’t need to let him go, however then folks began popping out of the woodwork and his nights and weekends obtained actually busy.

Beginning an Etsy store, a weblog, or a legislation agency won’t be your factor, however there is one thing that you simply’re expert at and captivated with that may make an excellent enterprise when you’re up for the funding of time, coronary heart, and a perhaps slightly cash.  If you happen to’re working to repay debt, I wouldn’t make investments masses of cash into a brand new enterprise, however you can begin numerous small companies with little or no cash up entrance.

3- Discover a Aspect Job

Not everyone seems to be the entrepreneurial kind.  Constructing your individual worthwhile facet gig could take extra time than you need to make investments at this level in your monetary journey.  If creating your individual job isn’t for you, search for a part-time job that you are able to do on the facet along with your common job.

If you happen to’re a stay-at-home father or mother, you will discover jobs which are versatile or that you are able to do from dwelling.  Whereas there are many nice alternatives on the market, there are additionally loads of scams, so watch out.

If I didn’t have already got my weblog, I might apply to show English with VIPKid.  They have been #1 on Forbe’s checklist of greatest work-from-home firms.  Once I regarded into this system I discovered it’s proper up my alley!  The way in which the schedule works with educating children in China, you possibly can even stand up and do your educating earlier than your individual children get up.

4- Ask for a Increase or Time beyond regulation

In case your job gives extra time, an effective way to extend your revenue is just to work extra hours.  Take an additional shift or two after they’re accessible.  Cowl for co-workers who need to take break day.  Funnel all your extra time cash towards your debt pay-off.

Hopefully it goes with out saying that you simply’re doing all your greatest at your job.  Make your self indispensable as an worker.  Go above and past.  Have a great angle.  Get together with others.  Be prepared to study.  Present an actual curiosity within the firm by sharing concepts for enhancing processes within the office or saving your organization cash.

Be so superior that your boss gained’t assume twice about providing you with a increase.  You may need to nonetheless ask for it although.  If the reply isn’t any, ask what you are able to do to be thought of for a increase.

5- Think about a Job Change

I do know altering jobs sounds drastic.  Don’t tune me out although.  Not everybody will likely be prepared (or have the chance) to vary jobs, nevertheless it’s an avenue that’s positively value investigating.

I want we might have thought of a job change sooner.  Altering jobs made a big impact on us reaching our objective.

If in case you have a great relationship together with your present employer and also you’ve tried to make your self indispensable, don’t be afraid to be upfront with them.  Allow them to know you’re searching for a place the place you possibly can improve your revenue to be able to make higher progress in your monetary targets.

As you take a look at the alternatives accessible, you’ll want to take a look at the massive image (journey, medical insurance, advantages, and so on) if you evaluate them together with your present job.

Having your foot within the job market places the strain in your present employer to attempt to maintain you round (assuming you’re an superior worker that the corporate doesn’t need to lose).


After getting tamed your spending and are sticking to your price range, it’s rising your revenue that may actually transfer your debt-free journey alongside.

You most likely gained’t be incorporating all 5 of those methods to extend your revenue into your technique, at the very least not .  I needed to put them out collectively although, so you possibly can see the totally different choices you could have for producing extra revenue.

The precise particular ways in which every of you’ll improve your revenue will differ.  We put most of our efforts into beginning companies and ultimately into altering jobs.  Perhaps for you, a part-time job on the facet together with some extra time will work.

You are able to do this!

Be careful debt!

How about you?

  • What have you ever executed to extend your revenue to repay debt?
  • What different concepts do you could have


This publish comprises affiliate hyperlinks for services or products that I extremely advocate.  Don’t fear, I solely share superior stuff that I’d share with the folks I really like!

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