When most students finish their college education, they graduate with a hefty amount of student loan debt. Investing in education is a wise investment since many of today’s top jobs require a college level education. However, paying off student loans can be a huge problem in your family’s financial plan.
If you are able to bring in more money, you can make extra student loan payments. However, most people do not have the time to work a second job when they already have a full-time job. If your regular job is already keeping you busy, it is time to think outside the box when it comes to making extra income.
If you want your loan balance to disappear quickly, it is important to apply your extra funds to the principal of the loan. Once you start making extra payments every month, you will be thrilled at how quickly your balance decreases. The following ideas can all help you make extra money that can be applied to student loan payments.
Sell Unwanted Items
We all have things in our homes that we do not need and will never use again. Instead of having those items clutter up your home, start selling them for cash! eBay and Amazon charge a commission from every sale, but there are plenty of ways to sell your items without paying a fee.
Craigslist allows an unlimited number of free listings, and the site allows you to focus on buyers in your area. Pictures are king on Craigslist, so be sure to include attractive pictures of your items with each listing. To avoid scammers, accept only cash for your items.
If yard sales are popular in your area, consider committing one weekend to hosting a yard or garage sale. You can make your sale a family effort by encouraging all of your family members to get rid of unwanted items. At the end of your sale, offer the items for 50 percent off to ensure that you do not have to put them back in your garage.
Learn Online Trading
Some people feel intimidated by the thought of trading binary options, Forex trading or other forms of trading, but the process can actually be quite simple. Since there are hundreds of brokers that do business online, you can make trades and increase your profits without ever getting off of your couch.
You can make money by trading, but you can also lose money. In order to protect your investments, it is important to make wise trades. Choose a reliable and experienced broker, and grow your knowledge by taking advantage of the broker’s tutorials and informative articles. Many brokers also allow you to start with a practice account to learn how to make trades without risking your funds.
Once you develop a successful trading strategy, you can send more money over to your student loans each month by just making a few trades every week.
If these ideas do not work for your situation, find something else that will. Can you teach a class, sell your crafts or babysit occasionally for a friend? Maybe you could work a few hours each week as a tutor, party planner or dog walker. The opportunities are limitless, and your family will enjoy the financial freedom that comes from lowering your debt level.