If you’re struggling with debt, there are several out the box ways to make money. Debt is one of those problems that can linger for years. No matter how hard you try, it can be nearly impossible to pay down large balances. However, don't let debt get you down. Here are seven out the box ways to make money to pay off debt.
1 Live in One Room of Your House
If you’re struggling with debt, one out the box ways to make money is to live in one room of your house. For this approach to work, you’ll need to take in renters. If your income is enough to pay all housing expenses, the money you receive for rent can go towards paying off your debt. Of course, you’ll need to pay income taxes on this money. Consult a tax professional for advice.
2 Sell Your Hair
If your hair is at least 10 inches long, you might be able to sell it for top dollars. Some people who wear wigs prefer natural hair; and the only way for wig makers to get their hands on natural hair is for people to sell their locks. Your hair must be in good condition, therefore regular shampooing and conditioning is important. Also, the hair should be completely virgin, or free of chemicals.
3 Private Taxi Service
If your vehicle is a model 2000 or newer, and you’re at least 18 years old with a clean driving record, you might be able to offer private taxi services in your local area. Several companies such as Lyft occasionally seek people to provide taxi services. You can set your own hours, meet new people in the community, and make up to $20-$35 an hour.
4 Sell Your Jewelry
It doesn't matter whether you have watches, bracelets or rings, unused jewelry in your jewelry box can translate into dollars. Take these items to a pawnshop or a jewelry buyer. You might have hundreds of dollars in your hand within the next hour. Use this cash to pay off your debt.
5 Get Rid of Your Car
If you’re living in an area with abundant public transportation, or if you're able to walk to work, getting rid of your car might be the ticket out of serious debt. You can save on a car payment, insurance, gas, maintenance and personal property taxes. If you can save $400 a month, that's over $4,000 a year that can go towards paying off your credit card debt.
6 Don’t Spend Money on Recreation for a Year
Eliminate your recreation or entertainment budget for an entire year. This doesn’t mean that you can’t have fun. However, you’ll need to seek free activities — those that don’t cost a cent. There are plenty of ways to have fun without opening your wallet. Bike ride in the park, go to the beach or attend free events.
7 Only Shop at the Dollar Store
The dollar store might not carry top brands, but these retailers have just about everything from personal items to toys. And depending on the location, you might find canned goods and frozen items. You can stock up without going broke.
Debt can be frustrating. However, if you're creative and think outside the box, there are ways to generate cash to pay down balances. Can you think of other unique ways to get rid of debt?
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