If you’re the boss of the family, it’s important that you crack down and save some money where you can, as you never know when you’re going to need it for an emergency. It’s also important to try and top up the family budget occasionally by doing extra work or by cutting down on how much you spend, as that will increase the family budget considerably, so you have more money for family holidays. If you’re looking for innovative ways to try and top up the family budget, check out some of the following ideas.
1. Rent Out a Spare Room
If you have a big family the chances of having a spare room could be slim, but even a spare box-sized room could be worth renting your spare room to a lodger. Depending on where you reside will depend on how much you can get for renting out a small room, but in general, you can expect a few hundred per month extra if you find the right lodger. The government also has a very handy Rent a Room scheme, meaning that you can earn £7,500 a year tax-free when you rent out a spare room in the property where you live.
2. Rent Out Attic Space for Storage
A lot of people use attic space as a dumping ground for old items when in fact it can be used and rented out as storage. The attic doesn’t offer easy access, but if you were to invest in a good ladder, you could easily make some money by renting your attic space to people looking to store their old items. Many people hire garages or professional self-storage units to store old items, but it could benefit both parties if you had attic space you don’t use yourself.
3. De-clutter and Sell Your Unused Possessions
We all have a huge number of unused goods cluttering up our home, and if we’re honest some of these products have never even been taken out of the packaging. There’s a huge market for selling second-hand products online. It’s quick and easy to do. Someone local to you will then pick up the items and give you the money on the spot, meaning that you don’t need to worry about organising postage. It’s a great way to de-clutter and earn money for items you no longer use.
4. Rent Out an Unused Parking Space
If you don’t use the parking that comes with your property or you have an extra space on your driveway, it’s very easy to rent out your parking space to a neighbour or someone that commutes to work every day. It’ll help a local commuter find more affordable parking close to where they work, and in return, you will get cash every month for doing nothing.
5. Use a Cashback Website for Online Purchases
If you spend a lot of money online, you will be happy to know you’ll be able to claim cashback on most of your spending. Whether you shop online for groceries or you regularly buy new clothes, simply have a look at one of the many cashback websites to see if you are entitled to cashback on some of the items you purchase. A surprising number of people still don’t use these websites, perhaps because they’re unsure how they work, but it really is a simple, hassle-free way to receive cashback on online purchases that you were going to make anyway.
These are just some of the many ways you can start topping up your family budget. If you have a spare room, attic, parking space, or household possessions, or simply regularly shop online, then now’s the time to take advantage of at least one of the above tips.