7 Side Hustles To Pay Off Debt FAST in 2024
Last Updated on April 10, 2023 by John Cirelly
If you’re struggling to pay off your debt, finding a side hustle can be an effective way to earn extra income and accelerate your debt repayment. In this article, I’ll explore some of the most lucrative side hustles to pay off debt.
Quick Tips To Pay Off Debt
Before we jump into side hustles to pay off debt, I want to touch on a few things you can do to become debt free faster.
- Create a Budget: Start by creating a budget to understand your income and expenses. This will help you identify areas where you can cut back and free up money to pay off debt.
- Make Extra Payments: If you have extra cash, consider making extra payments towards your debt. This will help you pay off your debt faster and reduce the amount of interest you’ll pay over time.
- Use the Debt Snowball Method: The debt snowball method involves paying off your smallest debts first and then using that money to pay off larger debts. This can be a motivating way to pay off debt quickly.
- Consolidate Debt: Consider consolidating your debt into a single loan with a lower interest rate. This can help you save money on interest and simplify your debt repayment.
- Find a Side Hustle: Consider finding a side hustle to earn extra income that you can put towards your debt. This could be anything from selling items online to driving for a rideshare service.
Side Hustles To Pay Off Debt
When paying down debt, time isn’t on your side. Below, I’ve selected the easiest low-cost side hustles you can start to pay off your debt. Whether you owe student loans, or thousands on your credit card, these side hustles can help you achieve financial freedom.
1. Start A Physical Service Business
The fastest way to earn additional income to pay off debt is to start a service business. Specifically, picking a physical service that people really need can speed up how quickly you start earning.
There are plenty of services you can offer that help people around your community and don’t require much to start. Here are a few examples:
- Landscaping
- Power washing
- Pooperscooping
- Dog Sitting/Walking
- Gutter Cleaning
- Snow Plowing
- Junk Removal
- Trash Bin Cleaning
- Car Detailing
To get started, you can advertise your services on social media or local classified websites. You can also distribute flyers or business cards in your neighborhood to drum up interest. As your business grows, you can invest in additional equipment or hire employees to help you take on more jobs.
For services like lawn mowing and gutter cleaning, you can charge a flat fee. The trick is to pick a number that’s slightly more affordable than your largest competitor in the area. While many of these services vary, you can expect to earn between $30-$100/hr for many service jobs.
For recurring services like pooperscooping and trash bin cleaning you can set up monthly payments and offer the service as a subscription. You can set up automatic deposits using payment platforms like Square.
2. Get Online Freelance Gigs
Online freelance services are your second-best option for paying off debt. While online freelance work can be more competitive, it can still provide a serious side income you can use to get out of debt faster.
The trick is to leverage your existing skills and apply them to the freelance market. For example, if your day job is in Public Relations, you could offer press release writing as a freelance service.
If you don’t have any skills to leverage online, it’s worth investing some time to learn them. You don’t need an expensive degree either. Platforms like YouTube and Udemy offer free and affordable courses your can use to learn everything you need.
Here are a few high-paying freelance gigs you start:
- Copywriting
- Blog writing
- Programming
- SEO services
- Public Relations
- Social Media Marketing
To get started, you can sign up for freelance platforms like Upwork, Freelancer, or Fiverr. These platforms allow you to create a profile, list your services, and bid on projects. They’re also a great place to get inspiration for services to offer. Take on smaller jobs and use them to build your portfolio. Leverage that portfolio to win larger jobs.
You can expect to earn between $20-$150/hr freelancing online depending on your skills and quality of work.
3. Selling Free Items
The world is full of stuff people don’t anymore. With a little ingenuity and effort, you can find those items, give them some TLC, and sell them on marketplaces for a great margin. Here’s the plan:
Use platforms like Craigslist Free Section, Facebook Marketplace, and apps like Freebie to find items people are giving away. Look for higher-ticket items that you can make a decent amount on. A few items to consider are:
- Hardwood furniture
- Heavy-duty pallets
- Power tools
- Name-brand clothes
- Electronics (TVs, laptops, etc)
- Kitchen appliances (blenders, air fryers, etc)
Next, you gotta jump on opportunities fast. Get over to the area and get the item. Then you can sell it on Facebook Market Place, Flea Markets, or even Amazon.
Either way you slice it, you’ve made a profit. You can typically sell items for between $30-$120 dollars. Larger items like furniture could sell for even more if you make them look nice.
4. Focus Groups
Many companies need feedback on their products or services, and they often conduct focus groups to gather this feedback. Here’s how you can get involved:
First, find focus group opportunities by searching for market research companies online or by signing up for websites that connect you with focus group opportunities. Sites like User Interviews, FocusGroup, and Respondent are some of my personal favorite sites.
During a focus group, you’ll be asked to share your thoughts and opinions on a particular product or service. You’ll be compensated for your time, and the amount you earn can range from $50 to $300, depending on the length of the session and the type of product or service being evaluated.
In addition to participating in focus groups yourself, you can also refer friends and earn referral bonuses. Many focus group opportunities offer bonuses for each person you refer, so be sure to spread the word.
My Side Hustle Spreadsheet has an entire section dedicated to the best focus groups worth joining. Click here to download it for yourself!
5. Self Storage
Self-storage is an excellent business opportunity that can help you pay off your debts while making some extra cash. One option to consider is renting out your extra space for self-storage purposes. Here are some steps to help you get started:
First, identify the space you have available for self-storage. This could be a spare room, a basement, a garage, or even an outdoor space for RV or boat storage.
Next, you need to prepare your space for storage. This could involve cleaning out the space, installing shelves or racks, and adding security features like locks or cameras to ensure that your renters’ belongings are safe and secure.
Once you’ve prepared your space, set your rental rates and terms. Research other self-storage facilities in your area and set your rates accordingly. Decide on rental terms like minimum rental periods and payment methods.
The next step is to advertise your space. You can list your self-storage space on websites like Spacer or Neighbor, or advertise on social media or local classified websites. It’s essential to include photos and a description of your space, as well as your rates and rental terms.
How much you’ll earn depends on the size and quality of the space. Most spaces can earn between $30-$150 a month.
6. Ridesharing/Food Delivery
If you have a vehicle you can easily earn some side income to pay off your debt by delivering food and people to their destinations.
A word of warning, this might not be the best option for those with poor mileage vehicles, or those that live in more rural areas.
To get started, the first step is to sign up with a ridesharing service like Uber or Lyft. For food delivery, you can sign up with services like Uber Eats, Grubhub, DoorDash, or Postmates.
Each service has its own requirements for drivers, but you’ll typically need a valid driver’s license, insurance, and a reliable vehicle or bicycle. You may also need to pass a background check.
Once you’re approved, you can start accepting jobs and earning money. The amount you earn depends on several factors, including how many jobs you accept, the time of day, and the area in which you drive. You can expect to earn between $10-$25/hr.
7. Amazon Flex
If you’re looking for a side hustle to help pay off your debt, Amazon Flex could be a great option for you. Here’s what you need to know to get started:
To become an Amazon Flex driver, the first step is to sign up on their website. Amazon Flex has specific requirements, such as having a valid driver’s license, insurance, and a reliable vehicle. You’ll also need to pass a background check.
Once you’re approved, you’ll need to download the Amazon Flex app. This app will show you available delivery opportunities in your area and allow you to accept or reject them. You can choose to deliver packages for Amazon Prime Now, Amazon.com, or Amazon Fresh.
The amount you can earn with Amazon Flex depends on several factors, including the number of deliveries you complete and the time of day you work. Amazon Flex drivers can earn between $18 and $25 per hour, but this can vary depending on location and demand.
Wrapping Up Side Hustles To Pay Off Debt
Debt can feel overwhelming but know that being debt free is something that’s achievable. Whether you’re driving with Flex or starting your own local service business, you can earn a respectable side income to get out of debt.
