Q: I've tried as many saving strategies as possible, but it's just not doing the job. How can I earn more money to help me with debt payments?

Yesterday I wrote about the steps to take to get out of debt problems. It essentially revolves around using money sparingly, getting rid of non-essential purchases and putting the extra money towards paying off debt.

Having a budget in place to control your spending is great, but sometimes the solution is simply to make more money. You can’t pump a dry well, and if you’re savings plan is getting a bit ridiculous then think about ways you can earn some extra income which can go straight into paying off the debt.

When Libby and I were starting a family, we decided that I would be the breadwinner and she’s take care of your most important investments: our kids. This was our decision, it’s not for everyone but that’s what we decided.

We soon realised it was tough to raise a family on one income and we had to find extra cash. Thankfully being a journalist gives some flexibility.

So while working for the Australian newspaper I was also the Australian columnist for the Economist magazine in London. While at BRW magazine I provided finance reports for radio breakfast shows and hosted a nightly radio investment program while working at Personal Investment magazine. I wrote books and did freelance work.

The extra income can be vital for managing the family budget and getting out of debt, but it also brings with it a lot of opportunities, for your career or for the possibility of starting a family business.

So there are three ways to earn more money: getting a pay rise, getting a second job, or starting a moonlight business.

I’ve written before on tips for getting a pay rise. Lots of people are too afraid to approach their boss and present them with an argument for a pay rise. But if you believe you provide more value than you’re being credited for, or have a plan to make yourself more valuable, then talk it over with your employer.

Starting a business part-time is the first and most secure route to turning that dream of becoming your own boss in to a reality. It means entrepreneurs can get a taste without the sink or swim risks of diving in with big upfront costs to sustain. It can often provide you with some much-needed funds while being fun and an adventure.

For some ideas on moonlighting opportunities, read this New idea article I wrote on the topic . You’ve got to think creatively, outside the square about what opportunities are around you.

It is a difficult balancing act although today’s technology certainly helps.

The growth of the internet, social media, smart phones, online P.A services, and home offices can give customers the impression of a fully-fledged operation.

The secret is to become a time-management expert. Family life can suffer and the risk of divorce increases. Weigh up these sacrifices before making your decision.

It isn’t easy, but it can be done if you follow some simple rules.

. Talk to the family. It is essential that you have the support of your family before starting a part-time venture. Discuss the idea with them and explain the pressures it will create on family life and free time.

. Give family members tasks. The best way to involve the family is to make them part of the venture. Give them tasks which make them feel as though they are contributing.

. Be a time manager. Juggling the hours in the day for full-time work and a part-time dream means you have to take advantage of every minute of the day. Use lunch hours and free time to work on the business but do it in a disciplined way.

. Forget the luxuries. Quiet nights in front of television, going out to the movies and restaurants could be sacrificed initially to spend time on the business. You must be prepared for this.

. Confine business to one room. The last thing you want is for a part-time venture to disrupt the whole household. Try and limit your office equipment and storage to just one room, otherwise you'll be constantly in turmoil and unable to escape the pressures.

. Don’t let the day job slip. The performance at your full-time job is critical. It must not deteriorate. Remember the job is providing that all-important financial security to allow you to try a new business.

. Don’t make business calls during your day job. The number one reason: you will get fired.

. Tell the boss. There is no reason why you should tell your employer about the part-time business but if you have a good relationship it would do no harm. You never know they may become a customer.

. Never compete with the boss. Apart from being unethical, you can be accused of fraud by pinching ideas and systems. Start a totally different business or a completely separate niche.

. Don’t use company equipment. Unless you have permission from your employer and offer to pay for anything used, do not use the boss’s photocopier or PCs for your business.