Inflation is on the rise, so many homeowners are understandably expressing concern over keeping up with their mortgage payments and other homeownership costs
Get a second job, take on additional shifts/hours at your current job, or sign up with a freelance marketplace to earn a little cash doing odd jobs. It could be something as simple as getting paid to assemble Ikea furniture, do yard work that’s too much for a senior, proofread a resumé or help students learn English. It’s easy cash when matched with your skills and abilities. Just be sure that yourThis advertisement has not loaded yet, but your article continues below.
Then look around your home to see what you can do without. For example, supplies and tools for a craft or hobby you’re no longer doing. Go through your closets, the garage and storage areas. Collect what you don’t need and have a garage sale. Bonus points if you sell something that also has payments attached, such as a car or recreational vehicle. Just be sure to sell it for more than what is owed on the loan before counting your cash.
By now, you might be thinking that doing a little of each — increasing your income and decreasing your expenses — might work best, and you’d be right. A balanced approach is best for most people. The mortgage payment isn’t always the real culprit when we think we can’t afford our house. Become mindful of your spending choices and really watch your expenses. Check in with an accountant or tax professional about what to expect come tax time with extra income and/or expenses.
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