One of the best ways to pay off student loans early is to earn more money, but people with full-time jobs often feel like they don’t have enough time to pick up a side gig.
However, with modern technologies and a growing freelance economy, starting a freelance side hustle is easier than you might realize. In fact, I was able to build a side income of $40,000 in 2015 while holding down a full-time job.
These are the steps I used to build my own freelance success.
1. Eliminate distractions
Freelance work requires distraction-free work hours, so removing unprofitable distractions from your life is step one.
When I started freelancing on the side, my productivity skyrocketed after I cut cable. Getting rid of that single distraction opened up several hours each week to start earning enough to cover my bar tabs, freeing up precious dollars for student loan payments.
Once I realized I could easily make $50-$100 per week in only a few hours freelancing, I reorganized my schedule to focus my time exclusively on what I valued most. I eliminated wasted time to focus on building freelance income outside of my eight-to-five “day job.”
Remember that freelancing on the side is not going to take forty hours per week. If you can budget an hour or two each day, or block off a big chunk of time on the weekend, you have plenty of time to build up a substantial side income.
2. Hone your skills
When I was figuring out how to freelance, I knew that I was coming in at entry-level for both writing and WordPress support projects. As my freelance work progressed, I practiced as much as possible by writing daily on my own blog and taking courses on Udemy to expand my skills.
With a fresh writing portfolio and updated HTML and CSS skills, I have been able to increase my rates substantially, giving me more freelance income for each hour I dedicate to client projects.
My highest paying gig paid 50 times what my first one did. That took years of work, but anything is possible with the growing demand for freelance work from startups and large businesses.
3. Practice on a friend
If you are brand new to freelance work, one of the best places to start is with your friends and family. After learning current HTML5 and CSS3 standards, I helped about a half dozen friends build and improve their websites to get better experience and build a portfolio of successful projects.
When it came time to find my first paying client, I looked to my own network and offered projects at a discount while building a reputation as an expert freelancer.
In freelancing, your reputation is critical. Meeting deadlines and promises and delivering the highest quality product possible will earn your repeat clients and new clients.
4. Start with your first dollar
Freelance work can be intimidating. While learning how to freelance and searching out new clients, create small goals and milestones that you know you can reach. Just like your first job, it all begins with your first dollar.
Head to job boards like UpWork or Freelance.com for general gigs, or find industry specific sites for your specialty. As a writer, I frequent the ProBlogger Job Board and Media Bistro when looking for potential gigs. You can find other freelance resources at this guide to freelancing.
Earning your first dollar is the most difficult milestone. Once you have that first paying client, finding new clients and repeat business becomes much easier.
Track your clients in a new freelance portfolio and resume, and keep your credentials and the projects you are proudest of handy so you can send out a resume and work examples quickly when an opportunity arises.
5. Build an online presence
Whether you are planning to work online or offer offline services, building a website for your freelance business is an essential step. Your freelance website should be modern, professional, and easy to navigate.
In just a few seconds, visitors should know what services you offer, be able to find examples of your freelance work, and have an easy way to contact you.
More advanced websites include contact forms, booking systems, and invoicing and payment systems. However, you do not need anything fancy. You can create a simple website with your own “.com” in just a few minutes. Self-hosted WordPress sites offer the most flexibility at the lowest cost, but solutions like Weebly and SquareSpace are the easiest to get started.
Plan for the long-term when building your website. Moving between platforms is challenging, and can be expensive if you have to hire a web developer to handle it for you. Do plenty of research and pick the right platform to meet your long-term needs.
6. Keep your budget under control
As your freelance work grows, do not be afraid to invest some of your earnings to further develop your skills and build a larger presence. However, keep in mind that you are in business to make money, so don’t go overboard.
Additionally, avoid lifestyle inflation from your new income by keeping yourself on a budget. If you don’t have one already, learn more about budgeting from these experts, and check out these tips to avoid overspending.
7. Make extra student loan payments (and repeat)
Now that you are earning more, but keeping your living expenses under control, you should have enough income to make extra student loan payments each month. While paying off my $90,000 private school MBA, I made a full monthly payment each payday, giving me two to three full payments each month.
Even if you can’t pay quite that much, every extra dollar you can put into your loans today saves you more than a dollar down the road. Extra payments lower your current principle, which lowers your interest cost for the entire life of your loan. Check out the Student Loan Hero prepayment calculator to find out how much you can save.
It starts with action
Student loan payments may make you feel miserable, but you really do have the power to pay them off early. Take action today to earn your first dollar on the side, and you will find yourself debt-free before you know it.
So what are you waiting for? Go forth and freelance!
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.57% – 6.97%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.50% – 7.24%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|