How to get out of debt with a part-time job

Search online for advice on how to get out of debt and you’ll hear the same tip again and again: get a part-time job. It’s not advice anyone wants to hear. You’re busy. You already work full-time. You need a break, not a second shift.

But the truth is, there’s no better way to get out of debt than to get a part-time job. You can cancel cable, subsist on spaghetti and still need extra money to pay your bills—and it’s not going to magically materialize in your wallet.

Read these four tips to help you succeed in getting out of debt with a part-time job. Then start your part-time job search with SnagAJob.com.

1. Be aware of your triggers. You’ve just gotten paid at your part-time retail job and you’re about to go home and pay some bills—but you really need a new pair of boots. There’s a huge clearance sale going on. And you can use your employee discount to save even more…

Before taking a part-time job to pay off debt, think about your spending triggers. Did you pile up bills building a fabulous wardrobe? Then don’t tempt yourself by working in a clothing store—especially if it’s one that requires you to buy the latest styles to wear on the job. Are gadgets your weakness? Work in a bookstore.

2. Multitask. The lunchtime waitress at a local Mexican restaurant brings her nursing textbooks to work each day. Whenever she’s not slinging salsa or making margaritas, she’s sitting at a corner table studying. (She still notices whenever anyone needs a refill.)

Put this strategy to work for you. Look for a part-time job that allows you to accomplish something else you need to do. Get some exercise with recreation/fitness jobs, cleaning jobs or restaurant jobs. Find time to read or study with a job as a late-night hotel clerk or library attendant.

3. Commit your paycheck to your bills. It’s easy to fall into the trap of thinking that your part-time paycheck is really “extra” money you can use to treat yourself. We’re sorry to have to tell you this: it’s not.

If you’re deep in debt, the money you earn with your part-time job doesn’t belong to you. You already spent that cash and now it belongs to your creditors. But guess what? Keep that second job once you’re out of debt, and it will be your money. Woo-hoo!

4. Have a snowball fight. Mathematically, it makes sense to pay off your highest-interest debt first. But many people get a greater sense of accomplishment by knocking out their smallest debt first while paying the minimums on the others.

Once that first debt is gone, tackle the next smallest account, and so on. It’s called the snowball method because as your debts disappear, the amount you’re able to pay grows larger and larger, just like a snowball rolling downhill. Keep at it and your efforts will turn into an avalanche that wipes out all your debt.