Making Extra Cash From The Family Home

The economy is booming right now but that isn’t reflected in the family home. According to surveyors Urban Institute, 40% of Americans struggle to meet at least one of their basic needs – and that’s families included. The need for a bit of extra money in the bank is widespread and no mom is alone in that.  

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It may also simply be the case that you have big purchases on the horizon and want to save a little extra. Whatever the reason, more money is always a positive in the family home and can go on luxuries if not necessities. Your family home and your interests can help you to achieve this.

Releasing home equity
If you fit the mould of the average American homeowner, chances are that you’re enjoying the highest levels of equity ever recorded. As CNBC have reported, 42 million mortgaged homeowners have between them $5.5tn in ‘tappable’ equity. Releasing equity is a great way to raise money, but it’s important that you can ensure you will be able to meet payments. Alternatively, it’s possible to dip into savings and retirement funds with the guarantee that you will be able to release equity later on through products like the reverse mortgage. For the hard-at-work mom, equity is often the most straightforward way to generate some extra money, though it is a serious decision to undertake.

Stretching out cents from your daily habits
Another straightforward method – if not easy – is changing your spending habits. Sticking to rules such as buying in bulk, planning a budget and going for off-brand products is a great start. The off-brands part is crucial – according to Michigan State University, most products are 25% cheaper when unbranded. When taken across the whole shopping list, this can save you a lot of money.
It’s also really important to look at coupons and vouchers. A positive offshoot of the internet advertising frenzy is great deals – many website really will chop prices to make you the customer. Whenever you shop online, take a long look around to see if you can shave the price off. Gift cards, for example, can often be bought for a few dollars less on reselling websites.

Turning a hobby or craft into cash
While most time intensive, turning your interests into cash is one way of making a cash stream. The time lost is the biggest barrier here, but if you’re having fun with your hobby then it’s a moot point. Furthermore, web services have made the process easier in certain professions. For example, creatives can turn to shirt-making, and Amazon have a fully automated process that requires your designs only. Via enthusiast websites, some followers have cited earnings of over $10,000. Those with a hand at writing can tender their services with little to no setup cost, and with voice recognition, this can be done far more easily than in the past.

There are other ways, but releasing equity, finding savings and looking for ‘passive’ income are the best ways for busy stay-at-home moms to make some extra cash. Done properly, you will find yourself a little easier with the bills, or with further milestones towards your big purchase.