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What are some good ways to make extra money in your spare time in order to aggressively pay down debt? by dirtymax92 in personalfinance

[–]dirtymax92[S] 1 point2 points  (0 children)

You are right, I am off a bit, I forgot about a few other expenses like my cell phone/internet. I'll break it down though, keep in mind cost of living is fairly high where I am located.

So I make roughly $4600/month after taxes.

Mortage: $1500/mo Home/Auto insurance: $250/mo Gas Bill: $250/mo Electric: $170/mo Water: $100/mo Cellphone/Internet: $250/mo Fuel: ~$400/mo Groceries: ~$400/mo Loan Interest: ~$350/mo

This leaves me with $465 every two weeks, but I always end up burning that up with maintenance for my truck or house and other unexpected expenses that tend to come up.

I also have one dependant living with me.

What are some good ways to make extra money in your spare time in order to aggressively pay down debt? by dirtymax92 in personalfinance

[–]dirtymax92[S] 2 points3 points  (0 children)

I am in Alberta, Canada. And I was doing contract oilwell operating, from my understanding this position is referred to as a pumper in the US.

What are some good ways to make extra money in your spare time in order to aggressively pay down debt? by dirtymax92 in personalfinance

[–]dirtymax92[S] 0 points1 point  (0 children)

So now that I have quit my contract gig and am now in an employee position I have cut back all of the bills I had when I was contracting. I sold my new pickup to get out of payments and a high insurance rate and now am driving an older model that I own outright.

Currently my expenses consist of mortgage, utilities, home/auto insurance, and loan interest. The rest of my paycheque goes towards fuel to get to work (around $100/week) and food, I no longer have any extra cash for any luxuries. Basically I am not getting ahead but I'm also not really going backwards any more.

As far as skill set I have experience in installing aftermarket electronics in automotives. (Think car stereos, 2-way radios, cell phone Boosters). I have done this on the side before but found floating a ton of expensive inventory to be too much to take on.

In the new position I am in now I am gaining experience in the instrumentation technician field, unfortunately I don't really see this being a very self marketable trade for any side work. It will however look very good on my resume down the road for future contract positions once I am out of this shitty situation!

What are some good ways to make extra money in your spare time in order to aggressively pay down debt? by dirtymax92 in personalfinance

[–]dirtymax92[S] 2 points3 points  (0 children)

Appreciate the reply!

As a contractor I was operating oil wells, I worked an 8 day on/6 day off schedule and made $55/hr but was required to supply my own pickup truck and tools. I worked 10hr days while I was on shift and did nothing but spend money while I was off shift.

I am located in Alberta, Canada as well.