Money is tight and all you can see are your costs rising? We’ve got some ideas on how you can make some extra cash if you want to ease the pressure on your purse strings.

Are you feeling a little stretched for cash? Like you’ve got way more month left than money? With many costs rising faster than salaries, you’re not alone. We’ve got three suggestions about how you can ease the financial pressure at home and hopefully give yourself a little more breathing room:

  • Manage the money you do have, better*
  • Cut whatever costs you can
  • Make more money

Making more money in the current job market can be tricky. And job-hopping simply to earn a bit more money is never a good idea. So where does that leave you then, if you’re needing more moola?  We suggest getting creative to supplement your income outside of your salary:

  • Rent out your spare room

If you haven’t yet heard of Airbnb then you need to take a look at http://www.airbnb.com. It’s a safe, easy-to-use platform for you to rent out your home – or even a room inside your home – to people for cash. Simply search for places in your area to get an idea as to how much money you could make by listing your property on there whilst you crash at your folks for a bit ;) You could also use the income to fund a holiday whilst you’re away anyway or alternatively, clean out that room where you’ve dumped your golf clubs or surfboard that you never use anymore and use it to make you money. Brigid Prinsloo is a Capetonian who has done just that and she shares her tips on how she built up this income stream of hers.

  • Hire out your car

Having your car sitting in your garage – or even the office car park – while you go away for work or leisure, is simply a waste of an asset you could be making money from.

A new South African start-up called Rent My Ride is aiming to change just that by offering you a trusted marketplace to rent your car out to businesses or tourists in need of a car for two weeks or longer. Click here for more info on how you can use your car to make you money when you’re not using it.

  • Sell your stuff

The surfboard you last used when you were in varsity? Sell it. There’s a thriving market for pre-loved goods, clothes, furniture and appliances on sites like www.gumtree.co.za and www.olx.co.za. Not only will you bring in some cash, chances are you’ll love your clutter-free spot when you’re done spring cleaning too.

The other way you can use sites like those, or even your network of friends and family on Facebook, is to sell your time and expertise. If you spend your day optimizing your company’s SEO or running their social media accounts, you could easily offer a weekday class or webinar teaching small business owners how to do the same.

Similarly, you could use your hobby to generate an additional income too. Good at woodwork? Scrapbooking? Making customized photo-album books, birthday cakes or frozen meals for your family? Why not offer your products or services to others for a fee and supplement your income that way?

 

Author: Hayley Parry, Money Coach™ at The Money School

*The Truth About Money is an initiative powered by 1Life, providing South Africans with a Financial Education at Boston City Campus valued at R2,500 – for free. The education was created by The Money School and it’ll teach you how to manage your money, get out of debt and build wealth. All you have to do is apply here: www.truthaboutmoney.co.za