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In order to meet our goal of paying off nearly $20,000 in debt and saving $12,000 in 2006, it was clear that we would have to earn more money.
To bring in more money, we can earn more per hour, work more hours, or sell something. We plan on utilizing all three strategies during the next year.
For three years I was a paralegal with a home-based business preparing divorces and bankruptcies for my clients. I found the work depressing, so last year I started a different business, an online vintage clothing store. As much as I love my store, I can earn at least twice as much money per hour as a paralegal, so I've hung my shingle back out again. I can do anything for a year, right?
Kevin already works at a fairly high-paying casino on the Las Vegas strip. There are a small handful of very-high-paying and hard-to-get-into casinos in Las Vegas, and he will apply for work at this year. In the meantime he's taken a part-time second job.
We will also be selling my vintage clothing stock and a collection of memorabilia that is a throw-back to Kevin's bachelor days. By using these strategies, we'll be able to raise our income from $45,000 to about $60,000 in 2006.
I get a lot of email from people who want to get out of debt quickly, but don't want to do what they have to do to raise their income. While it is certainly possible to get out of debt on whatever your current income is, you probably won't be able to do it very quickly.
Get in the habit of reminding yourself that you can do anything for a year. When the year is over, your life will go back to normal. Except that you'll be debt free and have substantial savings, so suddenly even your one job is now optional.
By Shaunta Alburger
http://www.pennywisejournal.com
About The Author: Shaunta Alburger publishes The Penny-Wise Journal, a print newsletter for those who want to use a short period of very intense thrift as a means of getting out of debt and building savings.
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