Saving for a mortgage in the current economy is increasingly more difficult by the day. With the huge increase in the cost of goods, and services with little pay increase is making the buyers market ever more difficult. Many are looking for ways to earn extra money for that all so important deposit or just to pay their regular monthly mortgage payment.
If you’re looking for ways to earn extra money to help with your mortgage deposit, or payments, there are some very valid avenues you can explore in which could well give you the income you need to gain, or sustain a mortgage, some desperately trying to avoid repossession.
If you’re facing the prospect of repossession contact us immediately
Take on a part-time job
Consider finding a part-time job in addition to your regular employment. It could be a weekend job, evening job, or freelance work that aligns with your skills and interests. This extra income can be put towards your mortgage payments.
Start a side business
If you have a marketable skill or a hobby that can generate income, consider starting a small business on the side. It could involve selling handmade crafts, offering freelance services, tutoring, or providing consulting in your area of expertise.
Rent out a room or property
If you have an extra room in your home or separate property, consider renting it out to generate additional income. Platforms like Airbnb can help you find short-term renters, or you can look for long-term tenants through local classifieds or real estate websites.
Monetize your skills or hobbies
Explore ways to monetize your skills or hobbies. For example, if you’re good at photography, you could offer your services for events or stock photo websites. If you’re skilled in graphic design, you could take on freelance design projects. Look for opportunities to turn your passions into income streams.
Take on gig work
Platforms like Uber, Fiverr, People Per Hour and Upwork offer opportunities for gig work. You can drive for ride-sharing services, complete small tasks or odd jobs, or offer your services as a freelancer in various fields. These flexible options can allow you to earn extra money on your own schedule.
Rent out storage space
If you have extra storage space, such as a garage or basement, consider renting it out to individuals or businesses in need of storage. Websites like Neighbor and SpareFoot can help you connect with potential renters.
Get involved in the sharing economy
Explore sharing economy platforms like Turo (car-sharing), Getaround (peer-to-peer car rental), or Rover (pet sitting and dog walking). These platforms allow you to earn money by renting out your car or offering pet care services.
Take online surveys or participate in market research
There are websites that pay you for taking online surveys or participating in market research studies. While the income may not be substantial, it can be a simple way to earn some extra money in your spare time.
Rent out your belongings
If you have items that are in demand but not regularly used, consider renting them out. For example, you could rent out tools, equipment, or even your recreational gear like bikes, kayaks, or camping gear. Websites like Fat Llama and RentNotBuy can help you get started.
Clear out the clutter
Most of us have items we never use causing clutter. If you’re not using it or can’t foresee a reasonable use for it in the future then sell it! old furniture, clothing, and trainers can all be turned into potential cash. There is an abundance of platforms offering a free listing of sale items such as Facebook Marketplace, GumTree, and Schpock.