How you can use What you Already Have to Make Money

When you’re looking to make some extra cash, your first thoughts are likely to be about taking on a second job or even launching a business. However, you shouldn’t overlooked what you already have at your fingertips – especially when it comes to assets.

If you need to make cash it pays to step back and take stock of those things you have that could be worth selling.

Trade your junk

Sell your car

Cars can be expensive machines to run, so if you need cash in a hurry selling your motor can be a great way of making cash straight away, as well as saving you money each month.

You will no longer need to pay for MOTs, road tax, insurance and spiralling fuel costs and the second-hand car market is quite buoyant at the moment. You should be able to sell your car quickly online or at a local dealer.

However, a direct sale to another car driver via an online advert means you cut out the middle man and get all the profit yourself.

If you sell for slightly cheaper than your local car dealers, you’ll have more chance of attracting interest and passing on a bit of a saving to your buyer at the same time.

Rent a room

If you have a spare room in your home that you don’t really use for much you can make extra money by opening up your home to a lodger.

Many people might find this strange at first; however, there are lots of ways to make sure you decide on the right person to live with – one who is trustworthy and will pay the rent on time.

Look online for students, young professionals and mature people looking for a room to rent and make sure you meet them personally before you invite them into your home.

Remortgage your home

If you own your own home your biggest asset will be that very thing. While house prices have slowed down ever-so-slightly since the recession kicked the property boom of the early-mid noughties into touch, you might still find that the value of your home has increased since you bought it.

If so, you might want to approach your mortgage company to see if you qualify for a remortgage on your home. If you do, the company will effectively be giving you money in exchange for an increase in the monthly mortgage payments you pay them.

So you’ll have ready access to cash, but will have to pay more in the long run as the lender will charge interest. This rate of interest can be much lower than other forms of borrowing, such as  credit cards, so it really can pay to consider this option.