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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Most Common Bitcoin Trading Blunders – You Must Avoid

The bitcoin market is easily accessible to anyone who has a computer with an internet connection or a smartphone or tab and some starting capital. Many beginners are fascinated by the process and want to be a part of this trade but often fail to do well in this trade. It is very sad that many of the beginners do start with the trade but end up being broke due to tack of the knowledge of bitcoin trading. Here we have mentioned some of the most common bitcoin trading blunders that one must avoid while dealing with bitcoins. Bitcoin Trading Blunders If you are new to the business of bitcoin trading, then you must surely avoid making some mistakes. Here we will discuss the pointers of which one must avoid while doing bitcoin trading. Money: The beginners will not have to use real money when there is already innumerable availability of paper money on different platforms. A beginner who is actually passionate about being a professional trader must first step in with a system that sets guidelines for their entries, exits and risk management. Trading: Freshers usually tend to trade with emotions which makes them fail to accept the loss that is created to them. The most important capability of the trader must be the fact that he/she must be able to take the loss or accept the loss to run healthily in the future. You must set a stop loss guideline and do not move if all the guidelines are violated already. Balance: Experienced traders tend to balance their trade which the freshers might fail at. Balancing and rebalancing of your bitcoin are important to keep a balanced portfolio for yourself. Balancing will also help you to make less loss in your bitcoin trading. Trading Journal: Investment and trade are very different from each other, one must first be aware of this. If you have a plan for your trade then you would consider yourself responsible for your action and the result of your action. Keep a journal to follow and make a note of all the changes that you make in your trade and you can also follow it back for future references. Risk: Many young ones believe that they can earn life-changing money through bitcoin trading and by the bar of which it takes a lot of risks targetting to earn that amount. Undercapitalized: You must know that money is the mantra. You need money to make more money. Many think that through bitcoin trading one can make money sitting in the comfort of the couch but that is a sheer lie. If making money would have been so easy then no one would have worked day and night to earn money. A trader who wants to run his entire life earning money through bitcoin must also have enough money for investment. Being undercapitalized can ruin their dream and career of earing through bitcoin trading. Conclusion It is a hard job to earn money and especially if it bitcoin money. Even if you know all the hacks, you must be aware of the risk management in bitcoin trading because that would be majorly the factor in this trade. Read Also: A Beginner’s Guide In Using MT4 On A Mac How To Make Money From Bitcoins In 2019

What Embracing Crypto-Backed Lending Means for the Finance Industry

You probably know that cryptocurrency is becoming more in-demand with each passing year. Bitcoin is extremely popular, but other forms, such as Ethereum, are also making a splash. However, some financial institutions are reluctant to fully embrace cryptocurrency, thinking it’s just a flash in the pan. In time, they may want to change their tune since the finance industry seems poised to allow companies and individuals to use cryptocurrency for more mainstream transactions. Once they do so, they can take on new clients in a variety of industries and niches. The LQD Business Finance company is one that recently started embracing crypto-backed lending. Let’s look at what they have to gain by doing so and what this strategy means in the larger finance industry context. The First Bitcoin-as-Currency Commercial Lending Platform: For LQD Finance, transforming the finance industry is nothing new. They periodically use emerging technology as it becomes available if they feel it will benefit their would-be clients. By setting up the first Bitcoin-as-currency lending platform, they can take away the mindset that it’s strictly a digital asset. If you’re a business owner, and you have invested in Bitcoin heavily, as so many have, this is probably what you have anticipated. Now, you can utilize that cryptocurrency for buying and selling various business assets that your company needs. There are three particular ways this step by the LQD Business Finance company will alter the financial industry’s cryptocurrency outlook. Let’s go over each one. Broader and More Wide-Ranging International Applications: Many businesses want to take their sales to the next level, which means going international. US-based companies often take this approach at a certain point, but so do foreign ones. Either way, these businesses can face logistical challenges. For instance, they might generally utilize their own country’s currency, and they find that foreign suppliers are reluctant to accept it. They can use banks or finance companies to exchange their currency, but that’s time-consuming and potentially frustrating since they must pay fees if they go this route. Cryptocurrency like Bitcoin is an international monetary form. When a well-known company like LQD Business Finance says they’re setting up a lending platform using it, many businesses are likely to want to jump on that opportunity. They know they can use Bitcoin in any market because the world decides its worth. Customer Satisfaction is More Likely: The second way this decision will shake up the finance industry is that customer satisfaction with this type of lending platform is highly likely. Cryptocurrency investors have certainly made plenty of money off trading this commodity up to this point, but they have more ambitious plans for it. This is the first huge sign their patience is paying off. Bitcoin reaching the mainstream market through a lending platform in this way means the larger and more prominent lending companies are starting to come around. Many small and mid-sized businesses that own Bitcoin and have waited for this day are going to move aggressively within their niche because they know they have a reputable financial institution backing them. Individuals Can Diversify Their Portfolios Like Never Before: The third shakeup that’s likely to occur is that investment-minded individuals can diversify their portfolios more aggressively than they could previously. A major commercial lender treating Bitcoin as actual currency instead of a mere niche investment means that clients can completely rethink their investment strategies. For instance, someone who would not sink any real money into Bitcoin up to this point might make their move now and buy up quite a bit of it. Cryptocurrency mainstream success is something that serious investors can’t ignore. You might have an individual investor or day trader who buys Bitcoin aggressively now. You may have a hedge fund manager who has hundreds or thousands of clients in tow, and they decide Bitcoin is the new must-have. Either way, a diverse portfolio from this point forward is almost always going to be the one that includes Bitcoin. This is probably far from the last lending company that will accept Bitcoin in this broader way. It was likely to happen at some juncture, and the moment has come. It will certainly be fascinating to see which other cryptocurrencies will reach this favored status. Some seem to be on the mainstream success borderline, but watching lending companies like LQD Business Finance will always be a strong indicator. You know they would not make this move unless they were certain of Bitcoin’s newfound legitimacy. Read Also: How To Become A Successful Cryptocurrency Trader In 5 Easy Steps The Profit Revolution: The Best Bitcoin Trading And Investing Platform Most Common Bitcoin Trading Blunders – You Must Avoid

Financial Plan For Your FIRST Small Business – Low Budget Plan

One of the common reasons why small businesses fail is the lack of working capital. Poor financial decision-making can be detrimental to your small business. This will not scare you or put you off the idea of starting your very first business. However, it is to convince you how important it is to draft a financial plan for your small business. The importance of predicting your financial health is not just to maintain a steady cash flow but also... Understand how lucrative your business is in the long run. How long will your business be at break-even (no profit, no loss)? When can your business start making a profit? Most importantly, what is the contingency plan of any financial hurdle? In this blog post below, we will be discussing the following: Importance of a financial plan for your small business. Elements of a financial plan for your small business. A template to create a small business plan (for any business). Importance Of A Financial Plan Here is why you should begin creating your very first-ever financial plan for your small business. 1. A Business GPS? Imagine yourself driving to a new destination without knowing where you are or in which direction you should proceed. This is what it is like to open a business without having a financial plan. A financial plan will give you a clear roadmap to your business journey, and determine how much to spend on each destination. 2. Where Is The Goal Post? We all have a vague idea of what a startup goal should be. However, getting overwhelmed is common without a clear picture. A financial plan will provide you with a clear goalpost. I am talking about tangible, measurable, and achievable goals. Whether you want to expand your business, increase profits, or reduce costs, a financial plan gives you a clear path. 3. What Ifs & Risks! It is given that your business won’t be smooth sailing forever! Businesses often face unexpected expenses. It could be something as simple as equipment breakdowns or sudden major market changes! As a business owner, being financially ready is a crucial step! A financial plan can help you set aside emergency funds, so you're prepared for these surprises. 4. A Long-Lasting Impression Want investors early on for your business? Then, it would help if you offered them a steady financial plan. Remember, lenders and investors want to see a well-thought-out financial plan before they commit their money. Therefore, having a solid plan shows them that you understand your business's financial health, its cash flow, and the potential profit opportunity. Hence, we are serious about making your business a success. 5. Improves Financial Decision-Making With a financial plan, you better understand your cash flow, revenue, and expenses. This knowledge helps you make informed decisions, like when to invest in new equipment or whether to cut costs. Important Elements Of The Financial Plan Of A Small Business Before you begin your financial planning, you should be aware of the different financial jargon for a business. 1. Cash Flow Projection This includes predicting the market, what effect your product will have on the market, and how much you can earn from it. Now, taking the potential amount you create capital expenditure for each month. The function of a cash flow projection is to ensure you have enough (at the end of the month) in terms of expansion. It is common for a business to live month by month with no profit for the first six to eight months of the business. Essentially you are establishing your business. However, if it crosses the one-year mark with just a break-evens, the following could be the reason: Your business is not making money because of the lack of demand. The expenditure is way over your income. You must start some cost-cutting methods. There is a lack of marketing, and your small business is not reaching the target audience. You do not have enough investment for the small business you are starting. Keep these points in mind when starting your cash flow! 2. Balance Sheet A balance sheet is a financial estimation of your small business’s current state. Here are some of the important items your balance sheet will have: Income & Expenditure Total owning & total owing (personal debts or small business loans). Assets that are currently under collateral. Upon reading it might sound simple. However, when it comes to a balanced business sheet, you will require a finance professional to craft one. 3. Personnel Expense This brings us to the next point in any financial plan for a small business. The personnel expense, or the amount you are spending on hired personnel. It doesn’t always have to be your employees. In fact, the number of employees for a small business will hardly reach 15 in the very first year. A personnel expense includes individuals working as consultants for the business, and the different professionals you hire to help with the internal work (e.g. Finance officer to create the balance sheet). Some of the common elements of a personnel expense are: Cost is based on the positions each professional is holding. Personal insurance plans for your workers (at least medical insurance). Expenses are spared for other professionals working externally with the business. 4. Assets The tangible assets that your small business owns: Current Assets: What the business currently owns. These include inventories, machinery & tech devices, prepaid expenses (for example, digital tools), and other office supplies. Tangible Assets: The one that physically exists under the name of your small business. Real estate (This will not include rented warehouses or offices. These will go under the expenditure section), land inventory, tangible investment (gold & bonds), and saleable merchandise. Non-Tangible Assets: These are assets that are not in a physical form. Intellectual property, pre-paid tools, investments (stocks, Cryptocurrency, mutual funds). Non-Operable Asset: Assets under your small business but from which you are not getting any income. For example, land you have an investment in but not yet open for any business-related functions. Operable Asset: Assets that your business owns currently, and that are bringing some income. For example: produced goods, factory space, warehouses, and office space. 5. Products & Services The products and services you are planning to offer will also come into the financial planning for small businesses. These include the following: The raw materials are required to create the goods. Factory costing. Warehouse costing. Transport & Drop shipping costing. Worker’s salary & insurance. Contingency management funding. (In case of any accident or unpredictable situation). The summation will give you the total cost of production. With which you can create and understand the market value of your product. This step is very important to assess the profit and loss of each item. 6. Income Projections Another crucial part of small business finance planning is prediction. This is how you can predict whether your income will have any substantial income. Here is how you can protect your business income (before starting it): Check business income projections of competitors through several data analyses. Is your small business subject matter trending in the market? What is the current market share of such companies? Are investors willing to invest in a business venture as such? In fact, check some of the Shark Tank successes, and analyze which business venture seems more profiting by investors themselves. The inflation rate of the past decade regarding the product or service you are about to sell also matters. 7. Marketing You cannot spend everything on logistics and not worry about marketing. One cannot ignore this matter, especially in today’s day and age when small businesses are reaching new milestones by a simple influencer shoutout, or social media virality! Here are some of the factors in which you will need to spend in marketing: Social media marketing tools. Influencer marketing. Small ad-films over YouTube. Website building and digital marketing (Website domain and SEO tools). 8. Risk Management No business is protected from the risks that come to every business in its lifespan. However, the contingency plan is not getting ambushed by a sudden change. Here are some of the financial risks/uncertainties your new business could face: Market Risk: The ups and downs of the current & dynamic economy. In fact, after the pandemic, things have become a little less predictable. Reputation Risk: Social media is indeed bringing customers and businesses closer. However, the downside of such connectivity is the risk of a tampered reputation, especially when audiences jump to conclusions upon hearing anything on the internet. Competition Risk: This is a common risk every business faces. When your competitors launch something new & exciting, there could be a significant shift in sales numbers for you. Environmental Risk: One good example of environmental risk that has previously impacted businesses majorly is the pandemic. Political Risks: The political scenario of your country can have a considerable effect on your business, especially in terms of export-import & business expansion. This is one of the reasons why having a financial contingency plan for managing sudden risk is one of the crucial components of a business financial plan. Business Template For A Startup As promised, we have a business template that will help you take that very first step for your startup. Financial Plan For Startup (Template) Table of Contents 1. Financial Overview: A Financial Overview will consist of a financial overview of your business’s current state. Also, please provide the key points and takeaways of the financial data that you will provide. 4. Assumptions – Market Research: This is the step for market research and predicting the business’s profit potential. 5. Break-Even Analysis: A table or graph which provides information on the number of units your business needs, and how much you need to sell to make a profit. 6. Financial Statements: This will include the following charts. - Profit & Loss (Optional if you have a startup) - Cash Flow Statement (How the monthly cash flow will look) - Balance Sheet (Monthly/Quarterly/Yearly Income & Expenditure) Elements For Your Balance Sheet The following is what your balance sheets should include based on items required: monthly, quarterly, and yearly income & expenditure. Operational Financial Plan Business Location and Facilities Technology and Equipment Key Operational Processes Supply Chain and Inventory Management Management and Organization Financial Plan Organizational Structure Key Management Team Roles and Responsibilities Hiring and Training Plan Financial Plan Start-up Costs (for new businesses like loans, downpayment; collateral, and personal investments) Revenue Projections Expense Projections Cash Flow Statement Profit and Loss Statement Break-even Analysis Funding Requirements and Strategy Funding Needed Purpose of Funds Potential Funding Sources Funding Timeline Key Risks Risk Mitigation Strategies Financial Tools to Ease Your Job In the modern age of technology, you can always lean on tools to automate some of the financial tasks. So, if you need that digital assistance when Begin Your Journey! This is a sign for you to begin your journey as a first-time business owner. Yes, it is overwhelming, and yes it can be intimidating (hence the long procrastinating period!). Creating a financial plan for even a startup can be intimidating. Here is how you can make this journey a little easier. Start with defining your business first. The executive plan is a must. You should know what your business is all about. Then, move through the basic income and expenditures. Take help from professionals in tax advice and create a detailed balance sheet. Finally, consider seeing your whole financial plan in a timely manner. It is important to take one step at a time. Hopefully, we can give you enough answers about a business financial plan. How is your journey going? Please let us know in the comment section below. Read Also: Tax Implications For Independent Event Planners Use Online Event Payment To Streamline Your Payment Process Everything you Need to Know About Term Insurance Plan Premium Financial Planning For Contractors: Ensuring Project Viability

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!

What Is NFT Art And How Does It Work

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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5 Easy Ways To Make Extra Rent Money

Utilize Your Space

Rent Out Storage

Rent Your Parking Space

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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

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