Is the Economy Forcing You to Rent Space in Your Home?

The present economy is hitting folks pretty hard. Even our animal friends are feeling the crunch. This is Bailey's (the Golden Retriever) favorite spot in the house, her 'home'. The door is always open and you can find her in there lounging just as much as you find her elsewhere in the house. But does she really want the Jack Russell invading her territory?

People are finding different ways to generate income since their money is going faster than ever with increased food costs, gasoline prices continually rising, higher utility bills, and many other price hikes. Renting space in our homes is one option. It helps the homeowner bring in extra money, and it helps the renter keep his or her living expenses at a manageable level.

Some families rent primarily to tourists so it is more of a short term income generator unless they do this year round. Others agree to have college students or recent graduates stay in their home, or they rent a room (or two) year-round.

There are options if you don't like the idea of renting space in your home. We are still not sure how Bailey feels about Daisy's frequent visits to her home. This is a fairly recent happening so the verdict is still out.

One way to have more money available for most everything that is currently carrying a higher price tag is to buy less things. That strategy can add up to significant savings. I have practiced this personally for the past year or so and have to admit that I don't miss all of the extra 'stuff' I used to buy. In fact, now I am at the other end of the spectrum and want to clean house and sell or donate the 'old stuff' I had. There is something to be said about that liberating feeling people talk about when getting rid of things they don't really need.

Cleaning house is actually another way to generate much needed extra money. If you look around your house you are most likely to find lots of items that you don't really need anymore. From clothes to household items to gadgets and collectibles, the list goes on and on. Services like Craigslist or Ebay are creating not only extra money but part and full time incomes for many folks.

Family money managers are also looking at their daily, weekly, and monthly regular expenses to see where cuts can be made. It is very helpful to keep a log for about a week, and write down where your smaller amounts of money go each day. These small amounts can add up to big dollars and will most definitely put more money in your budget.

Yet another option is to start a home business. I was surprised to find that statistics show many home businesses are started in tough economic times. Those businesses grow in hard times and continue to grow when the economy gets better. Plus, immediately when you start that home business, you gain tax advantages that have you keeping more of your present income. Items that were not previously tax deductible become so and that means extra money before your business even starts to make money.

Today, there are home business choices with very low start up costs and that target the new home business owner starting to make money right away. When you own your own business, you are in control of how much money you can make. Businesses that were started with a couple hundred dollars can grow to million dollar businesses. That may seem like a lot of money to someone who is struggling with making ends meet right now, but if the desire is there, home business can be a lucrative benefit to anyone.

If the economy has had an impact on your finances, the good news is that you have options. The reality is that you have to act on those options. If you do, there is no limit to what you can achieve.

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