Top tips on how to boost your income without incurring any extra costs
With the economy still struggling to get out of first gear and unemployment resolutely high, finding ways to make money has never been more important to the thousands of homeowners with mortgage payments to make each month. Insolvency body R3 notes that despite a curb in spending, households are struggling to make ends meet.
But there are ways for you to make money without even leaving your home.
Rent a room to a lodger
According to figures seen by the Mirror, there has been a huge surge in the number of lodgers this year, as more people rent out their spare room. The newspaper notes that with room rents in the UK averaging £398 a month, up to £677 in London, there is a huge earning potential for homeowners.
Under the government’s rent-a-room scheme, you can earn up to £4,250 a year tax-free if you get a lodger, as long as you provide them with a furnished room.
However, if you do not want a long-term lodger, consider a short-term homestay instead. Language schools, for example, are often looking for places for exchange students to reside.
Rent out your drive or parking space
A parking space let agreement could be a great money-spinning tool. Debbie Creed has managed to increase her income by £257 a month since October by renting out space on her driveway. “This is a great way to make use of the extra space,” she tells the Mirror. “I can fit four cars on my drive, so can still park my own car there. I can’t believe how simple it is.”
Rent out your garage
Research consistently shows that most people do not use their garage for housing a vehicle. Instead, homeowners use their garage as a dumping ground for junk. Clear out this rubbish, get a garage let agreement and find someone who needs the space.
Host a Tupperware party
The 1970s is all the rage at the moment, so why not go the whole hog and embrace the decade completely? “It’s kitsch but it could be fun, and you’ll earn a bit of money every time someone buys from you,” says the Guardian’s Huma Qureshi.
Rather than wasting your time on Facebook, use all those hours spent online to fill in surveys for cash.
- Lodgers: useful tips for beginner landlords
- Top tips for taking in a lodger
- How to rent out a parking space
- How to rent our your garage
Published on: April 19, 2012