Think Outside The Box And Make Easy Money
We all dream about making easy money although some of us just dream while others make it happen. This comes back to my favorite topic of those who want it and those who need it. You see those that want easy money would like it but not enough to do something about it. Whilst there are those that need it with go and get it today and they will do whatever they have to do to get what they want. Today I have an easy money solution for those that can be bothered to earn some tax free money for a little inconvenience.
The First Easy Money Solution
Most homeowners have a garage but don’t store their cars in it. Our garages are now nothing more than glorified store rooms filled with goods we have purchased and now don’t use or want any more. We are a nation of hoarders and our garages are full of goods that we have bought and then lost interest in or have no need for any more. We could make some easy money by swapping, recycle or sell these unwanted goods through eBay, at a car boot sale or by advertising them in the classified section of our local newspaper.
All too often I hear people say they are short of money and yet within their garages there lurks hundreds if not thousands of pounds of unwanted goods that could be sold or swapped on the internet fro easy money. There are always people out there looking for your unwanted items. It is estimated that householders have goods stored in their garages worth between £2.5 billion to £5.1 billion. This means that the average family is storing goods valued at between £500 and to £1000 in their garage – this is easy money waiting to be cashed in..
This recession is now in its fourth year and there is no big light at the end of the tunnel yet. There is plenty of doom and gloom merchants running around telling that the end is neigh. We see people rioting in the streets of Athens and towns in Spain as they protest about the austerity measures their governments have been forced to introduce. So with this short overview of the state of the world it would be a good idea if we all tried to help ourselves
So it would be prudent for anyone with a garage to turn their garage junk into some nice hard cash to supplement our own individual financial circumstances, like paying off a credit card debt, paying outstanding bills, maybe having a holiday or use it to help buy presents for the children this Christmas. It’s easy to turn your junk into easy money; all you need to do is list the goods you have on eBay, one of the internet swap sites or advertise them in the classified section of your local newspaper, and then answer the calls and take the easy money.
The Second Tax Free Easy Money Solution
Once your garage is empty you might wish to continue the momentum and convert your garage into rentable room or a one bed room which could increase the value of your home. The conversion of your garage into another room would cost around £5,000 and it could add up to 6% onto the value of your home.
Alternatively, you could turn your garage into an extra source of easy money by turning your garage into a bedroom and take in a lodger. As long as you don’t charge a lodger more than £81.73 per week you should not be liable for any income tax under current legislation, this would net you £4,250 per annum. Nice little earner if you don’t mind sharing your home with a stranger or a friend and it’s easy money. The extra money earned could help fund your mortgage repayments or it could help you pay your interest-only mortgage in your retirement.
It seems that ‘Raise the roof’ is campaigning to get a fairer deal for homeowners who rent a bedroom out in their home. As we speak they are campaigning the government treasury for an increase to £9,000 per year tax free. Renting a room out is considered to be one of the biggest steps to avoiding mortgage arrears and repossession and it’s easy money.
You could of course rent out your garage to a local business that is looking for a small storage unit if you do not want a lodger. In some of the larger cities off road parking is at a premium and you could try renting out your garage for a couple of hundred pounds per month. What ever you decide make sure you inform your home insurance company about any changes in your circumstance otherwise you could find your home insurance null and void.
Money saving is not just about getting a cash discount,finding easy money or being frugal with your money; it is about making sure that you are maximising the potential of your assets. There is a financial solution out there for everyone’s problems no matter whether it’s a quick loan, easy money or a long term financial solution – there is a solution.
Your thoughts and experiences about finding easy money can be left below