How to Get Out of Debt with Debt Snowballing and Side Hustles

There are 2 powerful ways of eliminating debt. With an aggressive combination of using the debt snowball strategy and side hustles, you’ll be debt free in no time.  

These strategies require some tenacity. It also assumes that you’ve created a budget where you’re paying minimum payments on all of your debt and have extra to start paying it down.  

Debt Snowball

The debt snowball is where you take all of your debts and start paying down your lowest balance first regardless of the interest rate. You would still make the minimum payments on all of the other loans.  

Then you take any extra money that comes in and surplus left over after expenses to pay down your lowest balance loan.

Of course, the math people would normally say, “doesn’t it make more sense to pay the high-interest loan first?”. From a pure numbers perspective, yes, that would make the most sense. But we’re not robots.

 The power behind the debt snowball is the psychological effect of completely paying off a debt. The idea is that would motivate you and give you the emotional fuel to keep going.  

Most people fail to pay off debt, not because they can’t do the math, but it’s because they get demoralized. By getting some quick wins, it’ll get you motivated to knock out the rest.  

Once you pay off the lowest balance loan, you take everything you were paying toward that loan and you put it toward the next smallest loan. Eventually, all of those payments will stack up on each other and the rest of your debts will get easier to pay down. The key is to not take the payments from the lowest balance and start spending it once that debt is paid off.

Side Hustle

In addition to the debt snowball, getting a side hustle to make extra cash can accelerate your debt snowball strategy. There are many ways to do a side hustle like Uber, Lyft or freelancing to make extra income above your full-time job.

Again, the trick is to not spend that extra cash. It’ll be tempting at first, but once you start to see your debt chip away, it’ll fuel you to not only work more but to not spend that cash. It’ll become a fun game, and that’ll lead to financial freedom.

I’ve already mentioned driving for Uber and Lyft. There are many other side gigs you can do without leaving your home.

Affiliate Marketing 

Many people make additional income via affiliate marketing. You can use your existing social media following to do this.

You simply sign up for a program like Amazon Associates and post links for certain products. If people use that link to get to Amazon, you’ll get a commission for whatever they spend while on the site, even if it wasn’t that particular product.

Doing product reviews is the best way to maximize this approach. Take a product you already own. Then create a video review or write a blog post talking about the product. Then out an affiliate link in the post.

eCommerce Business 

If you want to go a step further, you can sell products yourself. You can even list products on Amazon as a seller.

Most eCommerce merchants started their business as a side hustle and it actually grew to become a full-time business.

There are platforms that can get you started selling online virtually overnight. You have to figure out what you’re selling and how you’re sourcing it first, but these platforms like Magento Enterprise and Shopify Plus can get you on places like Amazon relatively quickly.


It’s highly likely that you could freelance with the skills you currently have. You may have everything you need to do contract work on the side.

Do you like to write? You can find clients to write for.

Are you a marketing manager by day? Why not moonlight and get some small business clients to occupy your evenings?

A great additional advantage to a side hustle is that you’ll have less time to spend money. If you’re occupied making money, you’ll have less time to spend it.  

Power Combo 

By using these 2 techniques, you can pay down your debt and become financially free in no time. Just imagine what you could do with those monthly payments not having to go to the credit card companies anymore.

You may even discover a business or job that you want to keep doing after your debt has been paid down. There are many stories of people finding their dream business or dream job because they needed to get a second income to eliminate their debt.

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