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Boosting your household income from home

Boosting your household income, even by a small amount, can be enough to help you enjoy the luxuries in life, such as an annual holiday, or give you a bit more breathing room if you are living paycheque to paycheque. 

You can do this from the comfort of your own home in ways that you may not have previously thought of or realised – for example, that empty room could be a prime revenue source. Here are six methods for topping up your income.

managing your money

Forex trading

Traders buying and selling currency pairs on the foreign exchange market can make thousands of pounds per day when making the right moves. To get started, take a few free courses to learn the basics, organise your initial trading capital, and then check Alpari reviews before selecting a reliable broker on a comparison service like TrustedBrokers.com. Forex markets are open 24 hours a day, five days a week, so you can fit your trading activities in and around your current work situation. 

List a room on Airbnb

Your home itself may already be a potential income source. Listing a single room on an online lodging online marketplace such as Airbnb can bring in a steady stream of money. To get started, just download the app, create a listing and upload a few professional-looking photos. Take a look at a few similar properties to gauge a price and then complete the verification process by uploading ID such as a passport or driving licence.

Fulltime lodger

If you want something more permanent, the UK government runs the Rent a Room Scheme. Bringing in a lodger can pay as much as £7,500 each year without tax, though you will have to complete a tax return with HMRC if your annual rent exceeds a certain threshold. Classified ad platforms are the best way to advertise for lodgers online.

Rent your parking space

You can turn an unused driveway into an annual income of around £1,000 per year by renting it out on a daily or weekly basis on websites such as JustPark and Park OnMy Drive. People are always on the lookout for a convenient parking spot, whether for work or whetherthey are visiting from elsewhere in the UK. Just make sure that you contact your home insurance company as this form of rental could affect your premiums.

Home as movie set

TV and movie productions regularly use UK homes as sets for key scenes. Those located in and around the M25 are best placed to take advantage of the demand from the entertainment business, but you may find interest elsewhere. Fees can run up to £2,000 per day, making it a very lucrative revenue generator. You will need to register your property with a location agency to get started.

Set up a side business

Setting up a part-time, home-based business can boost your income significantly. This could take the form of an eBay store where you sell second-hand goods or craft items that you have created at home. Or if you are looking to sell Richard Mille watches or have a collection of items gathering dust but might be worth a pretty penny, working with jewellers or independent specialists could start you off down the road of becoming a trader of expensive items in your own right! If you have digital skills, you could also become a freelance graphic designer or web developer in your spare time.