5 Easy Ways To Make Extra Rent Money

23 January 2024

Times are tough. With inflation and the cost of groceries on the rise, many Americans are feeling deflated when a quick trip to the grocery store for a few basic items can cost upwards of $75. With the cost of goods, utilities, and services on the rise, this puts many people in the increasingly difficult position of struggling to make ends meet with non-negotiable expenses. People need a place to live, and your monthly rent expense is arguably the most important debit coming out of your account. However, more and more people are finding the rising cost of rent impossible to keep up with.

According to the U.S. Bureau of Labor Statistics, in recent years, the cost of rent has accelerated for both new tenants and returning tenants. Furthermore, new data from the Census Bureau found that more than half of all renter households have reported struggling to make ends meet and pay their monthly rent. If you feel like you can’t handle your rent or even groceries, you are not alone. Many people are in your shoes and are likely searching for easy ways to make extra rent money.

If you need a simple way to pad your wallet, keep reading for some tips and tricks that can help to give you some breathing room with your rent.

Utilize Your Space

One way to earn extra rent money is to get smart with the space that you already have! Simply stated, housing costs are more affordable when they are split in half. If you have an extra room, consider advertising your spare room on a roommate search site like Roomster or RoomMatch. You can set your preferences and requirements when searching for a roommate, such as age, gender, life habits, and other personal preferences.

Both sites have a background check option, where you can ask a person you are considering moving in with to complete a basic background check. Remember to keep safety in mind, and make sure you meet up with any potential roommates in a public space. It is also wise to never send any money electronically without first seeing a property in person.

Rent Out Storage

As the saying goes, one man’s trash is another man’s treasure. If you are uncomfortable taking on an additional person in your living space, perhaps you would feel more comfortable taking on some inanimate objects. If you have a garage, attic, or other space where you can safely store belongings, many people will pay for a safe and secure place to store their extra belongings.

Rent Your Parking Space

If you have a parking space included in your rental, this is something else you can capitalize on! Your rental spot could mean extra cash in your pocket! This is an option to consider if you are in a situation where either you do not have a car, or you work remotely and don’t drive often.

Platforms such as SpotHero allow you to list your parking spot for rent. Rental options include short-term rentals for an event or a weekend or even long-term rentals. Just make sure you check your lease and make sure no language in your rental agreement prohibits this!

Become A Driver

If you do indeed use your car often and enjoy driving – you could make money on your daily commute! By driving for Uber or Lyft, you can earn extra cash and design a flexible work schedule that meets your personal preferences. If driving people is not your style, platforms such as Uber Eats or DoorDash are always in need of drivers, and you don’t need to make small talk with takeout!

Remote Work

Let your skills or creativity unlock extra cash! Are you a talented artist, writer, or graphic designer? Take advantage of this skill set! Advertise your work on a platform such as Etsy or eBay. Personalized gifts are trending – especially around the holiday season – and people will pay to have you create personalized items or designs! If creativity is not your strong suit – consider online or remote work.

Companies will often hire workers for tasks such as data entry or freelance writing. With these types of jobs, you can create your own work schedule and work from the comfort of your own home!

If you are looking for ways to make extra rent money, there are options available to you that require minimal disruption to your life! As the cost of living continues to skyrocket, these savvy tips can help you earn extra income to put towards your rent and provide you with a safety net of cash. If you’re still coming up short after following these tips, or these aren’t good options for you, contact LoanMart to learn about short-term options to get you through. Personal finance skills can only get you so far with the rising costs of living in recent years, so keep your options open.

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Abdul Aziz Mondol

Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

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Diving Into The Shiny World Of Precious Metal Investments

So, if you're wondering just how the world of precious metal, investing and teenagers get in the same sentence, stick around. Not many would think of precious metals when you're trying to find an investment spot for your birthday money or part-time job salary. But believe it or not, this shiny (literally!) investment avenue could lead you to financial security in the future. The A-B-Cs Of Precious Metal Investments From handing down family heirlooms of gold jewellery to simply stashing away some silver eagle coins, we're all familiar with the idea of precious metals. You know the ones: gold, silver, and their less well-known cousins, platinum, copper, and palladium. The way we used to think about these investments has seen quite a transformation, along with civilization. We’ve started diversifying beyond just gold and silver. Now you've got a whole ton of shiny options - IRAs based on precious metals, bullion trading (cause who doesn't want to feel like a pirate?), certificates, investment-grade coins, and even ETFs and stocks. Who knew investing could be this exciting? The New Gold Standard Talk precious metal, most minds dart straight to gold, which let's agree has an undeniable charm. It’s been highly sought after since time immemorial, due to its rarity and non-rusting nature. Plus, investing in gold has been a traditional choice for many, and they're not entirely wrong. Think about it – Gold’s stable price, easy liquidity and the fact that it can act as a cover during economic kerfuffles make it a sure winner in many investor’s books. I know right? But don't let that stop you from exploring the exciting slew of modern investment options, like digital gold, gold stocks, online jewellery accounts, and ETFs. And if you're an adrenaline junkie who quite fancies the stock market, shares in gold mining companies could be your next big adventure. What Are The Factors That Drive One's' Desire To Hoard The Shiny Yellow Metals Gold has always been a center of attraction for the people. The allure of the precious metal, through generations, has mesmerized people in such a way that people have followed gold madly. There are some factors that drive one to chase shiny yellow metals. Let's’ discuss it all here. Inflation When the economy is doldrums, it can use the metals to safeguard its economy from an imminent fall. The prices of the metal fall slowly. This is teh reason many people run madly after the metal. To save oneself, people go for gold as an asset. Thus, you can say that precious metal (like gold and silver) is a hedged against inflation. World Of Political Crisis War and the political upheaval district not only the order of a nation but also spread anarchy and unrest. Under this situation, people tend to run into a gold hoarding mode. It is considered that political upheavals and other issues like that do not affect the economy of a nation. Systematic Financial Concerns When some political events completely demolish the country's internal system, the economy receives the first blow. Therefore, the overall impact on the economy is quite strong with systematic financial concerns. What Are The Benefits Of Investing In Precious Metals There are the benefits and the inherent value of precious metals. Let us try to understand it here for the sake of your importance. Please keep in mind that fiat money has risks and uncertainty. The value of the modern paper currency fluctuates from time to time. But the metals are far more flexible. Rising Demand The demand for precious metals keeps on increasing. Consider the central banks and governments, the pirate banks, or the private investors; the tendency to invest in intelligent metals keeps on increasing. They all ratify the investments in gold. Remember, gold and silver are not the only essential to the financial sector; they come under manufacturing in modern times. The digital age can not exist without these metals. So you can say it is one of your advantages with precious metals. Scarcity Elevates The Value Of These Metals Precious metals like gold and silver are the rate resorces. There is a limit to the amount of gold present in the world. Only around 20% of the gold in the world remained to be minded. This is why the value of these metals keeps on increasing with time. Another study says that gold will no longer be there after around 20 years. This may be why the demand for hoarding such precious metals keeps increasing with time. No Single Government Controls It The precious metals are beyond the periphery of control of the central government. This independence from the government has made it immune to falling value. Gold and silver have their freedom, and one can easily take it from one corner of the globe to the other corner. The precious metals offer protection from government overreach. This is the reason the precious metals have their own value, that's for sure. The Pros And (Minimal) Cons – The Golden Skinny So why invest in shiny rocks, you might ask? Owning a physical piece of gold (or pieces, if you're lucky) comes with a sense of security that doesn't quite compare to anything else. The value stays stable and can be traded easily, almost like your very own emergency fund. Surprising? But like any investment, it does come with its cons. The returns from gold investments aren't immediate, you'll have to play the long game to really see a sizable profit. But patience is a virtue, right? Finding The Right Boat To Sail – The Best Gold Investment Company For those looking to get on board the gold investment ship, Augusta Precious Metals could be your first stop. This company promises a secure way to dip your toes into the golden waters. With their reputation, you're setting sail for a secure financial future. Conclusion Every financial decision should take into account the local economic framework to ensure sound and realistic planning. Explore the world of gold, silver, and palladium investments—your treasure chest awaits. Read Also: Investors Agree: Gold And Silver Is The Way To Go Massage Gold Coast: Feel Relaxed and Rejuvenate Yourself Make Your Savings Goals Come True with Gold

Delays In Tax Return Processing: Common Reasons And How To Resolve Them

Filing taxes is an annual obligation that individuals and businesses must fulfill. As tax season approaches, taxpayers eagerly anticipate their tax refunds, which can provide much-needed financial relief. However, delays in tax return processing can be frustrating and worrisome. This article aims to shed light on the common reasons behind tax return processing delays and provide practical solutions to resolve them. Understanding Tax Return Processing A tax return assessment includes assessing and computing income tax declarations submitted by individuals and businesses. The Internal Revenue Service (IRS) or relevant tax authorities review the information provided, verify the calculations, and determine the taxpayer's liability or refund amount. The processing time for tax returns varies depending on various factors, such as the complexity of the return, the accuracy of the information provided, and the volume of returns received by the tax authorities during peak season. Common Reasons for Delays in Tax Return Processing Incomplete or Incorrect Information One of the primary reasons for delays in tax return processing is the submission of incomplete or incorrect information. Mistakes in providing essential details, such as Social Security numbers, income figures, or deductions, can trigger a delay in the processing of the return. Missing Supporting Documents Taxpayers are required to attach supporting documents, such as W-2 forms, 1099s, and receipts, to validate their reported income and deductions. Failure to include these documents can lead to processing delays as tax authorities may request additional information. Filing Multiple Tax Returns Some taxpayers may unintentionally file multiple tax returns, especially if they have moved or changed their address. This duplication can confuse the tax authorities and result in delays. Complex Tax Situations Tax returns with complex financial situations, such as investment income, rental properties, or self-employment income, require meticulous examination. As a result, these returns often take longer to process. How to Resolve Delays in Tax Return Processing Double-Check Your Information To avoid delays caused by incomplete or incorrect information, carefully review your tax return before submitting it. Verify all personal details, income sources, deductions, and credits. Gather All Necessary Supporting Documents Before filing your taxes, ensure that you have all the required supporting documents. Organize your W-2s, 1099s, receipts, and other relevant records to provide a complete and accurate picture of your finances. Contact the IRS or Tax Authorities If you suspect a delay in your tax return processing, consider reaching out to the IRS or the relevant tax authorities. They can provide information on the status of your return and offer guidance on resolving any issues. Seek Professional Assistance In cases of complex tax situations or uncertainty, seeking help from a tax professional or accountant can be beneficial. These experts can navigate the complexities of tax laws, ensure accurate filings, and minimize processing delays. When it comes to finding the best assistance for your tax needs, companies such as Ideal Tax are a viable option. Checking the Status of Your Refund As a taxpayer, it’s always a relief to know when to expect your refund. Luckily, the IRS has made it easy to check the status of your tax refund through the “Where’s My Refund?” tool. This online tracker can be accessed simply through the IRS website or the IRS2Go app. To proceed, you will need to provide your Social Security Number or taxpayer identification number, along with information about your filing status and the exact refund amount that is listed on your tax return. Please note that these details are required. Whether you filed electronically or through the mail, this tool will update you on the progress of your refund. So, skip the stress and check on the status of your refund with this easy-to-use and essential tool. How Long Does it Take to Process a Tax Return? While there is no definite answer, there are some general guidelines to keep in mind. For electronic returns, the IRS typically processes them within 21 days. For those who choose to file their taxes on paper, the processing time may take a bit longer - usually around four weeks. However, these are just ballpark figures, and there may be extenuating circumstances that cause delays. In the end, it's always best to stay patient and keep tabs on your refund status through the IRS's online tracking tool. Avoiding Future Delays To prevent future delays in tax return processing, adopt the following practices: File your tax return early to avoid the peak season rush. Use reputable tax software or consult a tax professional for accuracy. Maintain well-organized financial records throughout the year. Keep track of tax law changes and updates that may impact your return. Conclusion Delays in tax return processing can be frustrating, but they are not uncommon. By understanding the common reasons behind these delays and taking proactive steps to resolve them, taxpayers can ensure a smoother and more efficient tax filing process. Remember to double-check all information, provide the necessary supporting documents, and seek professional help if needed. Read Also: Important Things You Need To Know Before Filing For Bankruptcy Raising Capital For Startups: How An LLC Structure Attracts Investors Glenn Sandler (CPA) of G.I. Tax Service: What to Do If You Can’t Pay Your Taxes

Ideal Retirement Age Planning: Strategies For Financial Freedom

When approaching retirement planning, it is widely recognized that starting early is a cornerstone of ensuring a secure and comfortable retirement. The notion of an ideal retirement age may vary individually, but there are certain age-related milestones that can guide individuals in maximizing their retirement benefits and minimizing penalties. Consistent saving from the beginning of one's career, coupled with a clear understanding of these milestones, is essential in laying a strong foundation for the future. Retirement planning is not a one-size-fits-all process; it involves a series of strategic decisions tailored to an individual's life stages and financial situation. Assessing how much do I need to retire on $100,000 a year in retirement is another critical component of the process. This involves not only saving but also making informed choices about retirement accounts and investments to ensure that the funds will grow adequately over time. Individuals must also be mindful of specific age benchmarks that impact retirement planning. For example, being aware of when they are eligible for certain government programs and the implications of withdrawing retirement funds at various ages can help in avoiding unnecessary fees and optimizing benefits. This strategic management of timing in relation to age is a key aspect of effective retirement planning. Determining Your Retirement Goals When planning for retirement, individuals must carefully assess their financial needs and health factors to establish a clear and realistic set of goals. Assessing Financial Needs A critical step in retirement planning is determining the amount of savings required to sustain one's desired lifestyle. Retirement calculators can be instrumental in estimating the necessary nest egg. These calculators assess current income, savings, and anticipated retirement age to provide a personalized savings goal. To tailor these estimates, individuals should consider: The proportion of current income they aim to replace during retirement is often recommended to be around 70-80%. Expected major expenses, such as housing and leisure activities. Potential sources of retirement income, including Social Security benefits, pensions, and annuities, which can reduce the reliance on personal savings. Evaluating Health and Life Expectancy Individuals' health status and life expectancy play a significant role in retirement planning. Those in good health may require a larger nest egg to support a potentially longer retirement period. Key considerations include: Life expectancy data to inform the duration of retirement savings should last. The cost of health care, generally rises as one ages, necessitates a larger reserve in the retirement fund. Long-term care insurance can mitigate the risk of high unexpected health-related expenses. By focusing on these aspects, individuals can establish a retirement plan that aligns with their unique circumstances and supports a financially secure and healthy retirement. Retirement Savings Strategies Optimal retirement savings strategies are centered on maximizing contributions to retirement accounts, understanding the significant effects of compounding over time, and balancing risk with investment choices. Maximizing 401(k) and IRA Contributions Individuals should aim to contribute the maximum allowed amounts to their 401(k) and IRA accounts each year. For 2024, the contribution limit for 401(k) plans is $20,500, with an additional $6,500 in catch-up contributions permitted for those aged 50 and over. IRAs offer a lower threshold, with a contribution limit of $6,000 and a $1,000 catch-up contribution. Taking advantage of these limits can significantly enhance one's retirement savings, especially when employers match a portion of 401(k) contributions. Understanding the Impact of Compounding The power of compounding cannot be overstated in the context of long-term investment. When returns are reinvested, they generate additional earnings over time. This effect is particularly potent for those who start investing early. For instance, investing just $100 a month starting at age 20 could lead to a substantial accumulation by retirement age, assuming a modest annual return. Balancing Risk and Investment A well-balanced investment portfolio blends various asset classes, such as stocks, bonds, and possibly other investments, to align with one's risk tolerance. Typically, stocks offer higher growth potential but come with increased risk, whereas bonds traditionally provide more stable, but often lower, returns. As individuals approach retirement age, they may consider shifting their investment focus towards more conservative options to preserve capital. Additionally, the use of a Roth IRA can be beneficial for tax-free growth and withdrawals in retirement, depending on an individual's tax situation. Navigating Government Benefits Government benefits for retirees hinge on correct timing and a thorough understanding of eligibility requirements. This section guides through Social Security and Medicare, two pivotal components of retirement planning. Optimizing Social Security Benefits To maximize Social Security benefits, individuals must consider their full retirement age (FRA), which varies from 65 to 67 depending on their birth year. Claiming benefits at the FRA ensures the full monthly benefit amount. However, one can begin receiving Social Security payments as early as age 62, but this results in permanently reduced benefits. Before FRA: Reduced benefits At FRA: Full benefits After FRA: Delayed retirement credits Strategically, delaying Social Security benefits beyond the FRA can increase the monthly payment by a certain percentage until the age of 70, offering one of the simplest ways to enhance one's retirement income. Planning for Medicare Eligibility Medicare eligibility begins at age 65, regardless of one's FRA for Social Security. Enrolling in Medicare on time is critical as late enrollment can result in penalties and gaps in coverage. Medicare includes several parts: Part A: Hospital insurance, usually premium-free if one has paid Medicare taxes for a sufficient number of years. Part B: Medical insurance, covering doctor's visits and outpatient services, which requires a monthly premium. Part D: Prescription drug coverage. Understanding the interplay between Medicare and other health benefits is also important, as it might affect decisions regarding employment benefits or Marketplace coverage. Individuals should review their options within the IEP or Initial Enrollment Period (IEP). It begins three months right before the month of their 65th birthday whereas it ends after three months. Conclusion: Preparing for the Unexpected In retirement planning, addressing potential risks and preparing for unforeseen healthcare expenses are crucial. They often advise individuals on incorporating health insurance and long-term care into their financial strategy and emphasizing the importance of an emergency fund and insurance options. Incorporating Health Insurance and Long-Term Care One must assess the risk of healthcare expenses and the necessity for long-term care. Health insurance is vital for managing costs associated with medical care during early retirement, especially prior to Medicare eligibility at age 65. Long-term care insurance can safeguard one's finances by covering expenses that traditional health insurance does not, such as in-home care or assisted living facilities. Assess Early Retirement Needs: Individuals retiring before age 65 should plan for their health insurance coverage to bridge the gap until Medicare. Long-Term Care Costs: Evaluate the potential need for long-term care services, which can quickly deplete retirement savings. Building an Emergency Fund and Considering Insurance Options An emergency fund is a backbone of financial security, acting as a buffer against unexpected expenses. They also stress considering various insurance options, such as life insurance, to mitigate financial risks to dependents. Furthermore, understanding penalty-free withdrawals from retirement accounts can provide greater financial flexibility in case of emergencies. Emergency Fund Size: Aim to save at least three to six months' worth of living expenses in an easily accessible account. Insurance as a Safety Net: Life Insurance: Provides financial support to beneficiaries in the event of the policyholder's death. Flexibility with Retirement Funds: Familiarize with conditions under which penalty-free withdrawals from retirement accounts are allowed, to avoid unnecessary financial strain during emergencies. Read Also: Smart Ways to Invest in Gold How To Start Your Investor Journey: 5 Credible Options To Explore What Investors Should Know about Investment in Gold and Silver Assets

5 Easy Ways To Make Extra Rent Money

Utilize Your Space

Rent Out Storage

Rent Your Parking Space

Become A Driver

Remote Work

Key Advantages Of Investing In A Preschool Franchise: The Comprehensive Guide!

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Abdul Aziz Mondol

Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

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Diving Into The Shiny World Of Precious Metal Investments

Delays In Tax Return Processing: Common Reasons And How To Resolve Them

Ideal Retirement Age Planning: Strategies For Financial Freedom

5 Easy Ways To Make Extra Rent Money

Utilize Your Space

Rent Out Storage

Rent Your Parking Space

Become A Driver

Remote Work

Share this Article

Key Advantages Of Investing In A Preschool Franchise: The Comprehensive Guide!

What Is NFT Art And How Does It Work

Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

Leave a Reply

Popular

Follow Us

Recent

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