There’s only so much you can put aside from your wages every week or month for savings, particularly when you factor in everyday expenses like rent, food and bills. Luckily there are plenty of other ways to save.
With a bit of creative thinking and some organisational skills, you can get your home to work for you and make you a bit of extra cash. We’ve put a list together of some easy suggestions which can help you make some extra money from your home.
Unplug Electrical Items Not in Use
Take a wander round your house and you may be surprised how many devices are left on standby or invisibly using power. Make a conscious effort to always turn them off either by the switch or better still at the plug socket as some items don’t even have an off switch.
Here’s just a few ideas: don’t use the remote to put your TV on standby, unplug the microwave when it’s not in use (you might only really use this for ten to fifteen minutes a day), remove laptop, mobile phone and toothbrush chargers from the wall socket as they consume power even when they are not charging a device.
Seal Gaps in Your Floorboards
In the winter, it’s worth insulating your house as much as possible so you’re not tempted to constantly crank up the heating. If there are any gaps in your floorboards that let in draughts, seal them up with plastic strips that you can pick up for cheap in any good DIY store.
Use Less Water
It might sound simple, but this is incredibly important for making big savings in your home. Focus on reducing your hot water use in particular.
Always Turn the Lights Off When you Leave a Room
Our parents were right! Get into the habit of flicking the switch whenever you leave the room, and make sure all the lights are off when you leave the house (in the day, that is; if you go out at night it might be worth leaving a light or two on for safety reasons).
Host a Foreign Student
If you have a spare room in your house that doesn’t really have a use, you’re missing out on a serious earning opportunity. Thousands of foreign students come to the UK every year to take advantage of our education system, and they all need affordable places to live.
If you offer lower rents than they’ll be charged elsewhere, your spare room is guaranteed to be in demand. Make sure to meet and get to know the student first, so you’re comfortable with the person who will be living in your house.
Host a Guest
Alternatively, think about hosting guests in your spare room via services like AirBnb. You just need a spare set of keys to your place, some photos of the room you’ll be renting out and some organisational skills and you’re away! You will probably meet some interesting people along the way.
If you are in need of extra cash on a short-term basis, consider a MYJAR loan as a solution. We’ve always worked a little differently to other short-term loan providers. We always do credit checks, have never given rollovers and promise to offer support when our customers tell us they need a helping hand.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk