This is a guest post from Jeff Kosola, author of the awesome personal finance blog Deliver Away Debt. Jeff has a very compelling story–he is accelerating his debt-repayment plan by taking on a second job as a pizza delivery man. You can follow Jeff on Twitter to get his pizza delivery adventures live!
When Jeff’s not delivering or working at his day job, he gives us some gems on his blog. Today, he shares his story and thoughts on why you should get a second job if you want to pay off your debt. Enjoy!
Are you debt? Do your paychecks only provide enough money to pay your bills and feed your family? Do you want to make a change to blast away your debt? Good, but something has to change in life to gain some debt busting traction. You need more money coming in.
You can only squeeze so much money from your budget. Cutting back on the movie channels, stopping the Netflix and gym memberships, and not eating out will only get you a couple hundred more dollars a month. I’m guessing that little bit of money isn’t going to make a dent on those balances.
If you don’t mind being in debt from many years, this plan will work great. If you want a much quicker way out of debt, you’ll have to put some work into it.
Extra Income Sources
- Get a part time job
- Start doing Freelance work
- Start a lawn mowing/snow removal side hustle
- Start a Pooper Scooper service
It doesn’t matter what you do, just do something to bring in extra money. Since I’m sure most of you have day jobs, you need to find a side hustle that is going to fit into your schedule.
If you are a motivated writer, then freelance writing might be a great way to bring in some extra bucks. You can write when the kids are in bed, or you can get up extra early in the morning to crank out content. You can usually make $15-$70 per article depending on the client.
A mowing business is great if you can schedule the jobs in the evening after your first job. You will probably miss dinner with the family, but at least you can apply your earnings toward your debt. Mowing lawns will net you $20-$40 per house.
A part-time job is another option for many people. It doesn’t require you to have any special skills, and you don’t have to market yourself as with the other options listed. The pay can range quite a bit with part time jobs, from $7.45 to over $20 per hour.
Getting out of debt quickly will require a lot of sacrifice in your life. You will miss some dinners with the family. You will miss family events. You will miss out on kid’s school and/or sporting events. You will not be able to spend time with friends anymore.
Getting out of debt is not a fun adventure. Remember, you have to pay for all the fun you had getting INTO debt.
But don’t let the sacrifices stop you. Everyone who has worked to get out of debt can tell you it was well worth the effort. Imagine opening your pay check and knowing all that money is yours. Imagine being able to sleep at night with no worries. Imagine how much simpler life will be without the burden of debt.
Just Do It
You know you can’t pay off debt quickly without having to earn extra income. You also know that you’ll need to make some sacrifices along the way. Remember nothing in life is free.
Visa and MasterCard only want you to think they are your friends, helping to fund a lifestyle that you simply can’t afford. It’s time to pay those cards off and take your life back.
Part Time Job Example
Let’s take a closer look at a part time job. We’ll look at Pizza Delivery. I have firsthand knowledge in the field; the example is real and works great for my family.
I am a Pizza Delivery Driver. For 22 hours a week I work a second job; Fridays 5-1a, Saturdays 5-1a, and Sundays 5-11p.
Working in the restaurant business will open your eyes to many tasks you’ve probably never done before.
Depending on the company, the tasks will vary. You’ll be cutting pizzas, folding boxes, answering phones, cutting veggies, rolling dough, sweeping and mopping floors, and delivering the pizzas. The job is very simple.
One great perk of a part time job is some else is making all the decisions. I make the decisions and take on the stress at job number one, so following orders becomes a nice change of pace at that pizza parlor.
When you leave your second job, nothing follows you home. No TPS report to think about. No unfinished projects to lose sleep over, nothing. Just the satisfaction of a job well done.
Here’s the main reason to work as pizza delivery driver, the pay.
You will get an hourly rate, delivery rate, and tips. That’s a tri-fecta of debt reduction right there.
All rates will vary by employer as well as neighborhood. My current hourly rate is $6, I get $1.50 per delivery, and people actually tip me (most of the time). I usually make at least $1,500 per month.
All that money goes directly to pay down my debt. Do not use the extra money to fund your current lifestyle. The reason you are working a second job is to get out of debt so you don’t have to work a second job in the future. I’ve made that mistake, don’t do it.
If you want to get out of debt bad enough you will do whatever it takes. I wish you the best of luck in your adventure.
Remember that there are plenty of people in the same spot as you are. Some of us are so sick of it we are doing everything we can to make a better life for our families. Debt or no debt, family is our most precious asset. Harness the power of future rewards to help you make the best decisions today.
Photo by tamakisono
Wojo’s note: How is your family making sacrifices or extra efforts to pay down your debt? Share your thoughts!