Whether you are you are new to parenting or are soon to be an empty nester, household finances will likely be the forefront of your mind. Debt in America is at an all-time high – $13 trillion last year – so now is the time to use your home to help you boost your personal savings account. How can you make the most of your home to help boost your income?
Are you a keen artist or crafter? Handmade products are increasingly popular as more and more people are looking for more unique gifts for their loved ones. It takes a few minutes to set up an online shop to sell your work. Many of the sites enable you to create a shop for free but will charge for listing items and perhaps a small fee when you make a sale. This is a great opportunity to showcase your creative handy work and make a few extra dollars to pay for your next creative project.
Your opinion matters
If you have a few spare minutes in the day, you could spend that working from home online. There are lots of survey websites that are always looking for new members. There are also companies that pay you to test products – examples include a website, app on your smartphone or even physical products that they will send you for free. You could also become a researcher – turn your screen time into a money maker and you might even learn something interesting!
Have your home pay you
Is your home worth more than you paid? Many homes in America are now worth up to 6% more than they were a year ago as the demand for property pushes prices up. Perhaps you are able to release equity in your property and use this to pay for an upcoming home project or clear some other debt. If you are close to paying off your home, a reverse mortgage (or home equity conversion mortgage) will enable you to keep living in your home and give you an income from it at the same time. Another option if you have a spare room is to rent this out to holidaymakers or as a short-term rental. Taking in a student or traveling business person is a great way to make money from your unused space at home.
As a parent, you can never have enough money. Be it paying the daily bills or wanting to help out your children financially as they get older. It is possible to use your home as a source of income or even as an office to help give you extra financial security while providing for your family.