According to 60 percent of American families, the consensus seems to be that it truly benefits children to have one parent at home. But the financial consequences can certainly be a struggle. The good news is that there are reasonable strategies to make money from your home.
Maximize Your Home
Using your property to maximize earnings can offer a variety of opportunities for increasing your bank balance. While not everyone likes the idea of sharing their home as a rental, alternatives can include renting a spare space to use as storage or leasing out your driveway for parking. Maybe you’re an older parent and need to find the cash to put a child through college or meet loan payments. Since the paycheck you bring home each month is your most powerful source of income, consider refinancing your home to lower payments and increase your cash flow. Before refinancing, however, always check to make sure you’re going to get a better interest rate and don’t add years to your term, or it will be a setback.
Capitalize on your lawn and garden
If you love gardening and it produces well, there’s more than just the cash you can make from selling produce and cut flowers. There are also possibilities of renting out your garden for photo shoots, tea parties, or even as a mini-campsite, depending on what facilities you can incorporate. Skilled gardeners can also charge for workshops and tours. For those who have a big outdoor area, why not look into money makers like bee hives, Christmas tree lots, dog sitting/boarding, and backyard poultry (organic, free range eggs fetch a high price in urban markets).
Monetize Your Hobby
Not everyone wants to turn their hobby into a money-maker, but it’s definitely something to try. And it makes a lot of financial sense. If you’re already putting time and money into a craft, why not monetize it?
Every single day, people are turning their hobbies or skills into a lucrative work from home business. Anything from baking, crafting, writing, carpentry or photographing can all contribute towards extra income. I love that you can start small, without a lot of overhead, just to see what kind of response you get. Offer services to neighbors and friends, and if it becomes a success, you can transition to a thriving business in your local community.
Sell Your Stuff…and Someone Else’s
A consignment business can be very profitable as long as you have a good pulse on trends, and are relatively internet savvy. My former neighbor holds huge garage sales at regular intervals that are highly anticipated. In between sales, you can bring in more cash with Ebay and Facebook transactions. Your inventory is the stuff that people bring to you, and items you pick up at bargain prices from yard sales to resell. Take a reasonable fee to cover your time in curating and conducting sales.+
Short of starting an actual business, though, we can all make extra cash now and then by taking stock of what we own and selling what isn’t needed. To make the most money, try to sell larger items OR group things into lots. I recently made $150 by bundling a lot of my extra cloth diapers.
This is sponsored content courtesy of Verticem that I have republished with permission.