The Power of a 2 Hour per Week Side Hustle
So you took the big step, gathered all of your financial information and sat down and completed your budget………and with just making the minimum payments on your consumer debt you have a break even budget. This is not the greatest situation to be in as paying the minimum payments on debt means you are in debt hell and it will take you years and years to pay these balances off and you will end up paying tons of money in interest payments.
Most people get too overwhelmed as to how to get out of this situation and with a little willingness to put in some work, a side hustle that can be done on your own time that fits your schedule is what you are missing. The Power of working for just a few short hours each week can have such a dramatic impact on paying off debt and it’s something you should seriously look into.
Let’s assume that you have a credit card balance that is $8,000 with an interest rate of 19% and your monthly minimum payments you owe is $240. This payment plan would take you 49 months to pay off and in total you would pay the credit card company $11,760 over that time – THAT IS $3,760 IN INTEREST ALONE – THAT’S NEARLY HALF OF WHAT YOU CURRENTLY OWE!!!!
Now, what do you think would happen if you did something like driver for Uber or DoorDash or something similar and were able to make $10 per hour after taxes and expenses and did this for just 2 hours per week? If you took that earned money and used it to make additional payments it would have a very positive effect on this credit card balance.
2 Hours per week would be 8 hours per month and would add an additional $80 to your monthly payment making them $320 instead of $240. By doing this, it would now only take you 33 months to pay this card off and the total amount of money you would have paid would be $10,560. You would save $1,200 in interest and you will be done 16 months sooner which is HUGE. You can now use this money to pay off other debts, start an emergency fund if you don’t have one or use it to invest in your future.
If you would like a free copy of our Side Hustle Calculator that you can play around with to see the effects additional payments will have please like our page and leave a comment below and we will get that sent to you.