If money’s tight in your household, you might be looking at ways you can generate some extra income. Family holidays, treats, birthdays and other occasions can be an extra drain on your resources, making some extra income essential.
While you could consider taking on an extra job or opting for some freelance work – taking on too much can leave you stressed, while also eating into your free time. So how else could you make some extra money? The answer could be much closer to home!
Having a spare bedroom offers a range of possibilities for making extra money, both in the short-term and long-term. Take a look at some of the ways you can make money from your spare room and help stretch your income further!
Rent it out on Airbnb
Airbnb is a great way to make some extra income from a spare room or even your whole house! It’s easy to rent your property on Airbnb, and it can be a great little earner to pay for family trips or home improvements. The great thing about Airbnb is that you can choose when you rent your property or rooms out – if there are times during the year where you’re going to be away or there’s a popular event happening in your area, it could be a great opportunity without disrupting your family.
Offer it as a short-term let
Short-term lets, Monday-Friday lets, etc. are popular with commuters and those who work in temporary roles, like film or TV production staff and location workers. London short lets and other big cities have a lot of demand, so if you live in a big city, this is something you might want to consider. Monday-Friday lets are a simple way to make some extra money, without having to share your home on weekends when you want to relax.
Host a student
The UK attracts a lot of international students both at college age and university level, many of whom need somewhere to stay while they study. Being away from home for the first time can be daunting, so staying in a family environment can be a nice way to ease into a new country. When hosting a student, you’ll be paid by either the student’s family or the institution managing the hosting which can generate some extra income or help to pay your bills. Hosting a student can be a great way for you and your family to learn other languages as well as welcome someone new into your family.
While making use of your spare room can be a great solution for earning extra income, it might not be a permanent fix for your financial worries. If you’re struggling with debt, then it’s important that you get the help you need to get your finances back on track and improve your family’s future. In the long-term, making money from your spare room can be something that offers you a nice bonus that will help cover life’s little luxuries.
*This is a collaborative post.