A debt to income ratio is the percentage of a monthly income that goes toward paying debts like taxes, fees, insurance premiums, mortgage and other recurring debt payments.

How to calculate debt to income ratio.

Calculate all your housing debts, mortgage expense, home insurance, taxes and other housing related expenses. Once you have the total housing expense calculated, divide it by the amount of your gross monthly income.

Residual income

What is residual income
The amount of income that you have after all your personal debts have been paid. After the monthly bills and debts, including mortgage are paid entirety, the income that you have left is residual income.

Extra income

There are many efficient ways to generate extra income.

Here are some methods for extra income:

If you have no significant professional skills, you may still consider some of the low profile opportunities required minimal efforts:

Provide a child care services

There are many families who need quality child care. So you could generate some extra income by caring for other children.

Freelance job

There are a lot of freelance jobs that can be done from your own home at your own schedule. Consider a part time writing, translating or editing.

House cleaning

By providing a house cleaning service few hours per week, you could earn an extra income.

Pet sitting job

Pet sitting is another popular opportunity that can help you to generate some extra income.

If you are professional in any sector, you can easily become a freelance consultant or start your very own adventure to generate significant income.

Just evaluate your knowledge and experience.

However there are many solutions available this days for extra income.

INCOME