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Finding Extra Money for Paying Off Debt

Now that I am seeing some progress in paying off the Discover Card, I am really looking into ways that I can find some extra money to do so even faster.  I am liking the fact that if all goes well, I could have it paid off by the end of the year which was a goal of mine for 2012.  However, if I were to really get serious and apply some extra funds, I could get it done by the end of summer.  That would free up some extra cash flow for the monthly budget, although I would probably work to knock out another debt.

Currently, I am paying $460 per month to the Discover Card balance.  This came as a result of paying the minimum on my other debts.  By not adding to my total debts, the minimum payment has decreased on some of my other credit cards.  So last year, as the minimum declined on other cards, I would only pay that amount and increase the amount to the Discover Card since it has the highest interest rate.  I am getting more bang for my buck.  But now, I want to take it one step farther.

Sources of Extra Cash

I have identified some potential sources of extra cash that can be used to pay off Discover even more quickly in addition to the little technique that I have mentioned above.

Recycling Aluminum Cans

We have a lot of people in our family and tend to drink a fair amount of soda out of aluminum cans.  We recycle these cans.  Last summer, I took in a year’s worth of cans that had accumulated in our garage and received $59 for them.  I also took in some a few months ago and got $21.  I haven’t done anything special with the money.  It is still sitting in an envelope.  I should take that money and make an extra payment.  It will be like making 23% interest on a savings account.

Spare Change

My youngest daughter and I wrapped the spare change that I keep in the jar in the office.  We ended up with enough quarters, dimes, and nickels to fill out $64 worth of rolls.  The rest was put back for the next time the jar gets full.  I should take that money and use it for an extra payment as well.  Coupled with the recycling money, I would have another $144 to put toward the Discover debt without crimping my budget at all.

Google AdSense and Blogging

I have already been using some of the blogging profits to make extra payments.  If you read the last post, you noticed that I was able to make a $400 payment using blogging profits.  Well, February was a good month to me on the AdSense front so I will be getting a check at the end of March.  I should take that check and make another payment since I really don’t have any other great use for the money.  That would knock about $130 off the debt.  Imagine how much progress I will be making once I am getting monthly payments.  This blogging thing has been good for debt busting.

Selling Some Stuff

I think I might be so serious about getting this debt paid off that I might even consider going to the trouble of selling some stuff.  Of course the added benefit of cleaning out the house would be a bonus.  Putting together a garage sale is a lot of work, but I am sure that I could get several hundred additional dollars to put toward credit card debt.  I have also read many things about selling books on Amazon or selling on EBay which might be worth a try as well.

These are just the ways that would work for me in order to make some extra cash for debt repayment.  I am sure there are other ideas and would love to hear any suggestions you might have, things that others have done or you have done yourself.  Help me out with a little brainstorming session in the comments.  Thanks for reading.

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20 comments - What do you think?  Posted by Cash Flow Mantra - March 2, 2012 at 5:12 am

Categories: Earning, Credit/Debt   Tags: , , , , , , , , , , ,

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