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4 Ways To Turn Your Apartment Into A Money Maker

4 Ways To Turn Your Apartment Into A Money Maker

These days it’s become the norm for people to have more than one source of income. There are so many unique money-making opportunities possible that people are realizing that they can earn a few extra hundred dollars a month by thinking outside the box.

Even though the economy seems to be on the mend, many of us are still living on a tight budget. A potentially lucrative but often overlooked place to make bank is your most valuable asset, your home. It’s a goldmine waiting to be excavated and a great place to boost your income. In the past, this may have meant re-mortgaging to release additional cash, but we have all the basics to be a bit more imaginative.

Besides having a junk-yard sale where one’s trash is another’s treasure, there are several unconventional ways to make a few extra pennies from the comfort of your home.

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1. Rent it out

Whether you have a spare room or an entire house to rent out to travelers, students or even temporary subletters, both options can help you to hone in on the big bucks. Some find it uncomfortable ‘living’ with a stranger, so the other option is to rent out your whole place. Think about taking that vacation you have been day-dreaming about at your office desk, which could possibly be covered by the guests in your home.

Airbnb make the process stress-free. It’s a great way for you to monetize your extra space and advertise it all over the world. If you still feel a little weary and have a fear of not being in control of your precious home, there are services who offer to take care of managing all the logistics remotely for you, such as Guesty, who clean and are available 24/7 for your guests’ needs.

2. See your home in lights

You can have your 15 minutes of fame by opening up your home to film crews or photographers. Many magazine and television companies are always looking for new and different places to shoot or film. If your home is well designed and immaculate, it could be perfect for a magazine. Family homes are often in high demand by television companies. Here’s a few tips to get started.

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This isn’t a surefire way to earn cash, but many agencies have a free registration so there’s no harm in applying. The film crew generally starts early and ends before you’re back from work. If they are a reputable company they will restore the home to the order it was found, paying for repairs and all. If you are not too house-proud this could be a jackpot if your home is picked, but be prepared to have your place turned upside-down as they may move furniture or paint the walls.

3. Lease out your garage or driveway

If you feel that the other options are home-invasions, there’s another alternative – how about letting people park in your drive? There’s plenty of money to be made, especially if you are located near the airport or a sports stadium. The idea is so simple and there are many websites that offer the service to business people traveling abroad who need a place to store their car.

 4. Freelance from your sofa

For some, renting out their home can be uncomfortable, the other option is to ‘sell’ your talents. Instead of spending your free time browsing Facebook, these hours could be used to make some cash on the side at the end of the month. If you are talented in writing, computer skills or even design, you can freelance these skills remotely. Sign up for a freelancing site, such as Upwork, where you can offer your services and get paid in return for your work.

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Freelancing offers consistent opportunities, no matter what the general job role. When companies are cash heavy, they have extra work that requires freelance help or when they’re cash-strapped and they can’t afford to hire full-timers, so they bring on more affordable freelance workers.

These options are just a taste of how you can earn money from your own home. Employment opportunities are becoming rare and it’s good to know that you have the ability to take things into your own hands.

Do you make money working from home? Share your experiences with us!

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Featured photo credit: ApartmentMoney via gratisography.com

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Yoav Vilner

CEO at Ranky

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Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

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