The cost of living is rising every day so as a Mom, household finances will be at the forefront of your mind. Are you lucky enough to be in a similar position to 34% of American Households in having enough savings to cover an unexpected emergency payout of $1000? If you are one of the other 66%, is your home a viable source of income to help you boost your personal savings account?
Working from home?
On the rare occasion that you find yourself with a few spare minutes in the day, there are work from home opportunities online that you could use to make a few extra dollars. These range from survey websites to websites that help you sell your handmade crafts. There are also opportunities to sell your unwanted items or even do research online for other people.
Got a spare room?
For some Moms, your children may have flown the nest leaving you with an empty room in your home. If this is the case, or you have a spare room set aside for visiting family, it is possible to rent these out to holidaymakers or even as short-term rentals. Perhaps you could take in a student or visiting business person and earn a few dollars from your empty space. Of course, you do want to be careful about who you let into your home and make sure your rental is in line with local laws.
Can you release equity?
Could your home be worth more than you think? Many homes across America are now worth around 6% more than they were a year ago thanks to a demand for property pushing the prices up. It is worth checking if you can take advantage of any equity in your property that you have built up. If you are close to paying off your home, a reverse mortgage (or home equity conversion mortgage) will enable you to keep living in the family home and supplement your income.
As a mom, you can never have enough money, whether it is to pay for living costs now or you want help your child out financially as they are getting older. The most important thing is being able to provide for your family and plan for the future.
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