We all need somewhere to live, but that somewhere is costing us more and more!
For some families, it is over half the household income which causes financial stress.
We wrote about how to make your home pay for itself here..
Today, look at how you can either save money on your accommodation or make money from it. Here are a few tips:
1. Look for Somewhere Else to Live
If you can move, would it work out cheaper? Don’t base the decision solely on the cost of rent.
There is a massive housing crisis so this can be difficult.
If you are not tied to where you live, consider other locations.
Another option, share housing e.g. single mothers renting together, multigenerational living, etc.
2. Try free accommodation
House sitting, pet sitting, being the caretaker in a caravan park, couchsurfing, the super popular vanlife and farm work are all options for free accommodation.
Some occupations come with housing such as caravan parks, some motels, FIFO jobs, rural teaching and similar.
Free accommodation is often easier for singles or couples, but it’s doable.
3. Refinance your mortgage
Too many people get their mortgage then don’t think about it for years.
This can cost you thousands over just those few years.
Look into refinancing. Work with a professional to discuss your needs and options available to you.
Your circumstances might have changed and mortgage options change often so comparing and refinancing can be a good option.
Please do NOT reduce your payments if you can help it. Keep paying whatever you are paying now instead of adjusting to the lower rate of a new 30 year mortgage.
By keeping it the same, you pay more off your mortgage each time and reduce the interest longterm.
4. Make money from your home
You can either make money by renting out a room, your garage and space in your home or find ways to make money from home e.g. 24 ways to make money on the side.
Find tips for renting a room on Airbnb here.
Alternatively, rent a room to a boarder (read these tips first).
To make money from home you could look at online surveys such as Swagbucks or try the ones here where you can earn over $1,000 a year.
You might also want to check out:
How to afford a home when the average Australian home costs over $600,000
How will you make your home more affordable?
For more ways to make and save money follow us on social media:
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