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Getting a seasonal job is an excellent way to make an extra income that you can use to pay down your debt. When people set their mind to paying off their bills, they often focus on cutting expenses. However, what they forget about is the opportunity to get more income from part-time work to attack their debt head on. Although a seasonal job is not for everyone, it might be the right option for you. It could, in fact, allow you to pay much more than your minimum payments every month to start quickly whittling away your debt. If this sounds like something that may interest you then read on.
Can Help You Avoid Extreme Budgeting
When it comes to paying off debt, often time people go to extreme measures to do it. However, getting a seasonal job can allow you to maintain the lifestyle that you are used to while still chipping away at your payments. The most important thing is to put the money you make from your seasonal job towards your debt right away so that you are not tempted to spend it elsewhere.
Avoid The Commitment and Get Higher Pay
A seasonal job means that you do not have to commit to working for the entire year. This can be a great benefit to you if you do not want to deal with a year-round gig. Additionally, many seasonal jobs pay better than their year-round counterpart, which means you can make more than minimum wages. This is because seasonal jobs require that you work during the busiest time of the year. However, you must prepare for potentially working late and long hours and on weekends, though this can actually be a plus as it means you can keep your day job while working a seasonal gig on your off-hours.
Halloween Season Means a Padded Wallet
Halloween time means that many seasonal jobs open up in entertainment and agriculture. Autumn is the harvesting season for grapes, tree nuts, pumpkins, and other vegetables and fruits. During this time of year, many temp gigs open up at farms, orchards, and wineries where they need an extra hand to bring in the year’s harvest. Additionally, workers are in high demand at pumpkin patches, costume stores, and corn mazes.
Holiday Season Means Time to Get to Work
The autumn and winter seasons are filled with holidays and festivities. These celebrations create thousands of seasonal jobs for caterers, valet drivers, wait staff, and bartenders. From October through to New Year’s Day, it is a safe bet that you’ll be able to find work in the celebration business, no matter if you have previous experience or not. Additionally, this type of seasonal work often generates a substantial amount of cash tips, which can go towards paying off your debt.
Retail Work is an Easy Grab
Seasonal holiday work creates a broad range of jobs in boutiques and department stores. However, that does not mean that your seasonal job search should be limited to retail stores. Craft, liquor and grocery stores are all good places to look as well, as their business typically picks up around the holidays too.
Using the Snowball Effect to Pay off Your Debt
Many personal finance experts say that using the “debt snowball method” is the most efficient way to get out of debt. Instead of spreading your income out across all of your varying debts, pick one debt to pay off first. Put every penny you can towards that one single debt, and make minimum payments on the remaining bills. When the debt is paid off, find the next debt to focus on and use your extra cash flow to pay it down. Go through this process over and over again, putting all the money that you were paying towards debts that are paid off towards your next focus. With this method, you’ll find yourself debt-free before you know it.