By Mary Sauer
When you bought your home, you probably took a good hard look at your budget to determine how much house you could afford. Most finance experts recommend delegating no more than 30 percent of your budget to your housing related expenses, including homeowner’s insurance, mortgage or rent, utilities, furnishings, and any expenses associated with the upkeep and care of your home.
Even when you follow this advice to the letter of the law, circumstances change everyday. Perhaps your family is growing or you are temporarily unemployed and need to add some extra income to your budget to cover your changing expenses. Here are some helpful ways to make extra cash, increasing your income and offsetting your mortgage expenses.
Turn a Hobby Into a Side Business
If you are already working a full-time job, you may not have the time in your schedule to pick up a part-time job or even squeeze in overtime at your day-time job. Take a creative look at how you are already spending your time. Could one of your hobbies have potential for creating supplemental income for your family?
Thanks to the growing popularity of social media, it is easier than ever to market your unique skills or hobby to friends, family, or even a stranger across the country. Handmade goods and crafts can be sold online through websites like Etsy, and Craigslist is a great way to market skills like home and car repairs. If you a great with words or graphic design, websites like Upwork or Fiverr allow you to market your unique writing, editing, or designs skills.
List Your Guest Room or Basement Apartment on AirBNB
If you are struggling to make ends meet, especially when the due date for your mortgage rolls around each month, why not utilize your home as a way to create extra income? AirBNB connects homeowners and apartment dwellers with vacationers who are looking for alternative accommodations instead of renting a hotel room.
If you have extra space in your home, and enjoy hosting others in your home, you can list your spare room, basement apartment, or even your living room couch on AirBNB and make some extra cash to throw at your mortgage or other household expenses.
Throw a Garage Sale or Sell Unwanted Belongings Online
Spring is finally here and you have probably been doing a little spring cleaning. Instead of donating your excess clutter or throwing it away, why not host a garage sale or use Craigslist as a way to sell your unwanted belongings online? Sort through the clothes you are not wearing anymore and drag out unwanted furniture. You will be surprised to find how much extra money you can make selling the stuff you aren’t even using anymore.
Whether your budget is tighter temporarily or you’re just looking for a way to offset your mortgage for the long term, there is no reason you can’t find creative ways to make a little extra cash each month. At Modernize, we believe that your home should never feel like a burden, but rather a sanctuary to rest and retreat. If your mortgage has become a little more than you can handle, you don’t have to stress about looking for another outside job. In fact, all of these can be done right from the comfort of your own home!
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