For the American family, household expenses consume the majority of the average budget. The biggest expense? Paying the mortgage or rent is the number one line item for the majority of the households in the United States.
While most homeowners don’t intend to agree to a mortgage they cannot afford, things change over time. Perhaps your budget is tight because of negative experiences in your life—you lost a job or had unexpected medical expenses. Or maybe something more positive is forcing you to tighten the budget—you had a baby or decided to go back to school.
To lower the stress of paying your monthly mortgage and to begin building your savings for use in case of an emergency, we have put together a list of 4 tips and tricks to help offset the cost of your mortgage.
Rent Your Spare Room On AirBNB
AirBNB is an online service that allows homeowners to rent out a spare room or their entire home to travelers coming to their area. If you have a spare room, you can create a home away from home for visitors—and pull in a part-time income on the side.
Through their website, you can post pictures of your space online and check out ratings on potential guests to ensure they are the type of people you would feel comfortable welcoming in your home.
Start A Side Hustle
If you have a full-time job you are committed to, making more money may seem to be out of the question. Still, there may be a way to use the same skills you use at your full-time gig, or to develop a new skills set, to make extra money when you are away from the office.
A side hustle is a way to make extra money on the side doing something you love. Many side hustlers are freelance writers, accountants, photographers, or bloggers. Some jump into multi-level marketing to sell wraps or oils. Whatever peaks your interest, you can squeeze extra work into early mornings and late evenings to create extra income to offset the financial burden a mortgage can create.
Sell Your Oddball Skills on Fiverr
The online marketplace Fiverr allows users to advertise their unique skills online for $5. While you can typically find freelance writing or edit gigs all over the web, Fiverr offers opportunity for entrepreneurs with a unique skills.
Do you have a secret talent for voice overs or sketching caricatures? Plan an ad on Fiverr and generate as much or as little extra income as you want in $5 increments.
Empty Out Your Storage and Sell Household Items Online
Chances are high that most homeowners have household items, clothing, and gadgets in storage that they haven’t used for ages. Take the time to sort through these items, donating well worn items and setting aside the items you can’t stand to say goodbye to. Use Craigslist or social media swap shops and sell anything that still has plenty of life left.
While this option won’t give you a monthly income stream, it is a great way to get a little extra money put away to use during particularly difficult months.
Whatever the reason behind your budget limitations, a mortgage is a huge expense and can create stress in the home when you aren’t sure how you will pay the bill each month. With a few creative ways to make extra money, you can offset your mortgage and create more wiggle room in your budget for unexpected or emergency expenses.
This has been a guest post from Modernize. Modernize is where you come to get inspired, see what’s possible, and connect with a professional who will make your dream home a reality.