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The Most Effective Way to Manage Debt

Let’s kick debt’s a$$.

Hey y’all.

Exciting things this week.

Featured Opportunities

6 new gigs this week! Want to see a specific type of work? Just let us know.

For more jobs like these, check out a full list here.

Looking for someone to create 1 to 2 blogs per week.

SLICE is looking for editors, motion GFX designers/animators, and “a great place for an old fashioned.” Send the poster an email if you’re interested in any of the above.

Looking for someone to create a landing page in Framer for a custom design and development agency. Must have knowledge in Framer, especially with using advanced animation, scroll, and zoom effects. $1,000 to $5,000 budget.

A startup in the health and chronic disease space is looking for someone to help in the day-to-day tasks of running their marketplace. $20 to $35 per hour budget.

Storetasker is a place for developers, designers, and marketers to connect with Shopify brands. You have to apply, but if you get in, the average member earns around “$2,000 to $35,000 per month” according to their website. 🤯

VIPKid is a learning platform for children. As a teacher, you’ll earn $14 to $22 per hour working on your own schedule, and you won’t have to make lesson plans (they’re provided for you).

The Most Effective Way to Manage Debt

77% of Americans have some form of debt. And the debt totals are insane — $986 billion in credit card debt, $1.78 trillion in student debt, and $88 billion in medical debt. This leaves the average American with around $90,000 of debt.

We created our app, Boost, to help you gain control of your finances and optimize your debt payoff strategy so you can build wealth.

Here’s the strategy we recommend implementing to pay off debt effectively:

List Your Debts Out, Ranked by Interest Rate

Get your debts written out somewhere. You need to have an idea of how much debt you have, what the interest rates are, and what your monthly payments are. Without this, you could wind up throwing cash at debt randomly, which isn’t the most effective method.

Pick Your Debt Payoff Strategy

There are two main debt payoff strategies: The Debt Snowball and the Debt Avalanche. Pick the one that works best for you and that you’re confident you can stick with. Being consistent with whichever method you choose is key.

Optimize Your Budget/Spending

Adding extra payments to your debt is key, regardless of the debt payoff method you choose. If you already have room in your budget for these extra payments, great. If not, do an audit of your spending.

How much are you spending each month? Anything you can scale back a bit, even temporarily, while you focus on debt payoff? Any subscriptions you don’t use? Friends that forgot to pay you back?

If there’s no wiggle room in your budget, consider taking on a side hustle for some extra cash. We’ve got a massive list of gigs available here.

Stick With It

Your debt won’t be gone overnight, but if you stick to your debt payoff strategy, it will be paid off eventually. We won’t sugarcoat it — it’s a journey — but we know you’re capable of getting to the finish line.

Helpful Resources

One thing to remember: Debt is morally neutral. You aren’t better or worse of a person because you have debt. If you need a boost on your mindset around debt, follow Lexa, a personal finance creator — she shares her thoughts on debt neutrality often.

The book Get Good with Money also gets rave reviews for the way it breaks down getting out of debt. It’s on my list to read soon, but I know a few people who swear by it.

And of course, sign up for our free app Boost. The app will help optimize your debt payoff strategy without having to do most of the leg work yourself.

Ask the Sidepiece Team

We’re introducing a new section this week — a Q&A opportunity. Each week, we’ll answer one audience question with thoughts and insights from our team of six-figure freelancers, startup founders, and side hustlers. Drop your questions into this Google Form.

See ya next week,