The current financial crises have left many families struggling to make ends meet. Many people have even been made redundant. The need to make more money becomes more pressing. Here are some money making ideas that may work for many families.
Renting Out the Home
If there is a spare room in the house, consider renting it out to a tenant. However, make sure this arrangement sits well with other family members, as privacy will be affected in some ways. There are legal issues to consider too, as the rent received is considered income and needs to be declared for tax purposes. An alternative is not to charge any rent but to ask the tenant to contribute directly to the costs of running household such as paying some of the utility bills, doing housework, working in the garden, walking dogs or babysitting.
If the home is unique, it can also be rented out to studios for filming commercials, TV shows or even movies. The downside is that this option works only for very few home owners.
Get a Second Job
Try to get a second job to supplement the family income, if possible. It’s not an appealing option as it means being away from the family for longer hours, but it’s worth considering, at least in the short term and when times are really bad.
Think of a hobby that has money-making potential – photography, painting, playing music, making art and craft, floral arrangement as well as baking and cooking are all good second job ideas. Part-time jobs in the retail and food industries are good choices too. Many companies also pay extra money for casual workers who work on weekends or night shifts.
Find the Best Interest Rates
Find the best interest rates offered by banks and financial institutions to earn more money. Most families would have stashed some money in savings accounts but they may not be getting the best interest rates. Try looking at online savings accounts, term deposits and cash management accounts. In Australia, depositors can use websites such as RateCity and InfoChoice.com.au to make comparisons between products and banks easily.
Banks also tend to run special promotions with very good high interest rates regularly. So watch out for these as well. The newspaper and TV are often good sources of such promotions. Those with a substantial amount of savings can also directly negotiate a much better interest rate with the bank manager.
Sell Unwanted Items
If the family has outgrown some furniture, books, CDs, electrical items and clothes, consider selling them. The unwanted clutter will be gone and the family will have some extra cash. Just make sure these unwanted items are still in good and usable conditions. A garage sale is a good way to trade unwanted items off. The office too can be a sale venue. And of course, eBay is the ultimate online site to sell any item anywhere around the world.
Making more money isn’t all that hard. But it does take time, effort and patience. Families strapped for cash can rent out spare rooms in the family home, get a second job, find the best interest rates or sell unwanted items to earn extra cash.
Those who find this article useful may also like to read How to Reduce Debt, Low Income Living and Money Management for the Family.
References:
Bekiaris, Maria. “Five Ways to Make Extra Cash”, Money magazine. Australia: ACP Magazines, May 2008.
Wei Yin Wong - I started my working life as a reporter at an English daily called The Sun in Malaysia 16 years ago, writing health-related articles. ...
