Free earning methods

 

Earning, on its own, has a definition in Act of Parliament (1923) i.e.

“Money earned by employees under their own labour.

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This definition is expanded further to include any extra money earned through remuneration, or benefits or pension/ royalty payable to an employee.

Steps to income generating

Flexible Spending accounts

Sales tax refund

Stop people for cars. Consider employer-provided cars. A new car you purchase will offset against any losses you may have made from a comparable vehicle to your loan repayments.

Pay yourself extra for work done overtime

It may seem somewhat strange, but getting a formal allowance may be better. Allowances, pay packets or performance pay would mean you don’t qualify for the Parent Bonus.

Wherever you earn money, get a tax return up to date. This may well be the best method of earning the maximum, but you do have the alternative of declaring income.

What to consider when renting out a home for economy

There are some things you need to consider before you decide to rent out your property for a few months. They may seem a bit strange, so we look at a few of the tips to hopefully help you:

Question your tenant’s financial ability

For example, someone may need to have a part-time job so the cost of maintenance will be low. At this stage, any repairs or upgrades may be just a bit inconvenient, but it will not have a large impact on the general cost of living. If you’re charging a little more for rent, they may need a bit more of a budget (unless you’re charging a small amount).

Ask yourself why you want the property rented out?

If there’s a good reason for why you want the property out, ask yourself how long your property will be out-of-use.

Don’t put it on the market

Maybe you’re not getting a year’s worth of rent for the same investment that might be lost, but whether you’re renting it out a few months a year or three months a year it’s worth checking some of the return rates. Make sure that the return rate you get is the equivalent of the additional capital that might have been spent when it was first purchased.

On a side note, while renting your home, you don’t have to be active in order to make your profit. Most property marketing platforms will require you to be active on the site in order to collect rental money, but having the property’s profile up for a few months could mean you have potential customers, rather than tenants.

Working from home: Income generating options

There are several possibilities as you may be working from home, so you don’t have to take a move to move into a new property. However, there are always ways you can still earn a little extra money.

Play around with the hours you’re working

Don’t get discouraged by taking part in their overtime plans.

You may also want to look at your working hours in order to get the most out of them. For example, you may need to take a day off the job each week.

Once you have the correct income generating ideas, you can look at other income earning opportunities you can explore.