Get Extra Cash by Renting out Rooms
As many people are strapped for cash these days it might be worthwhile to consider renting out a room in your house to help with the mortgage payments. Most people who rent rooms in a house are looking for short term rentals but it is possible to find a longer rental if you are in the right location.
If you live in a college town this is a great way to get some extra money during the fall and spring semesters when students are in the market for housing. You can rent the room on a weekly or monthly basis. Sometimes the rentals I have seen include utilities and furnishings and other times they don’t include either. It just depends on the area and your preferences.
People considering this type of rental should first determine what type of tenant they are looking for and how much they can realistically get for renting the room. They also need to determine whether they are ok with allowing the person to work in the kitchen and assess the bathroom situation. However, if you are flexible this can be a great way to generate some cash to help pay the bills.
To find a person to rent to, you can post an ad with your local newspaper. Another great option is to post an ad on craigslist.org. This website allows you to post and also to check out others who have posted saying that they need a place. As an added bonus, it is free to post and respond to people on craigslist. There are also plenty of roommate websites available that allow you to search for a person based on preferences such as age, gender, whether they smoke, drink, have pets, etc. These sites do charge a fee though.
There are plenty of people looking for a place to stay so renting out a room in your house or condo can be a great way to make some extra cash to put towards bills or to increase your savings, however, you need to be flexible and don’t be afraid to turn a couple of people down until you find the person that will best fit your personality, after all, you need to find a person you can actually live with!
Saving Money on Regular Monthly Bills
Saving money doesn’t have to be a dreaded task. Start with looking at your regular monthly bills for utilities and services.
Make a list of monthly bills such as electric, gas, water, phone, etc. With each item, give thought to how you can reduce that bill.
Examples:
Electricity: Turn off what isn’t being used. Sounds simple, but if you aren’t using something, there’s no use paying for the electricity that it costs to generate that item. Wash full loads of clothing. Use cold, instead of hot water. Close off all drafts and insulate your home.
Phone: Phone companies offer appealing packages, but do you use or “need” all of the features? How much are those features worth to you in comparison to being able to save? Cutting down to the basics can save a substantial amount. Also, is a cell phone truly necessary? Sure, they are convenient to have, but you once lived without them and can do it again. I know people who are paying $200 - $300 (sometimes more) a month just for phone service. That’s a pretty big chunk of money each month and most of the time more for convenience than necessity.
Water: Check for leaks. I had a leak coming from my kitchen faucet and when that was repaired, my water bill was cut in half. Be conservative. Two showers a day per family member might feel great, but it runs the water bill up quite a bit. Don’t leave the water running while brushing your teeth, shaving, etc. Turn it on as needed.
TV: Do you really need or watch 500 different tv channels? Sure, they are nice to have “just in case”, but you are paying a lot of money to have these channels. Call your cable company and compare packages. Pay for only what you will use. Better yet…get the basic service and find other things to do in the time you usually watch tv.
Internet: Think about your usage. If you only browse the internet on occasion, you may want to try dial-up. Sure, it isn’t as pleasant as DSL or cable, but you’ll be saving a good bit of money. If you use the internet a lot, call around and compare prices for what is available in your area.
These are some examples. You may have other services I haven’t listed, but the main point is to break each item down and be fully aware of your personal usage, how much you are paying and what you can do without. Remember…the objective is to save money!