Renovating your home is practically an essential activity, especially if you have just bought a house and are hoping to instil it with a sense of your own identity. In Australia, home renovations have seen a marked increase in investment from citizens, largely as a by-product of the Covid pandemic and resulting restrictions. In 2021, spending on renovations shot up 33% to $12 billion!
Getting the tradies in can be expensive, especially in an economic landscape where costs are unavoidably rising. Still, your dreams of a perfect, renovated home shouldn’t be stopped in their tracks by a such a simple thing as money. There are many ways in which you can generate a little extra cash, on top of your day job, in order to budget for a larger home renovation project. But which ways might be the most useful to you?
Retail trading has become much more common in recent years, with retail platforms allowing the average consumer to interact with stock and asset markets directly. For someone with a bit of worldly knowledge and a finger on the pulse of current affairs, the foreign exchange market could prove a particularly lucrative way to earn a little extra moolah.
Forex traders purchase and exchange currencies on a minute-by-minute basis, reacting to world events and profiting from marginal increases or decreases in the value of certain currencies. They do this on an international basis, via different domestic markets that amount, essentially, to one global 24/7 exchange. As such, you can trade at a time that suits you, allowing you the freedom to work trading around your work.
If you have even a smattering of business nous, you can use your talents to start a side hustle in a business of your choosing. The internet is a great leveller when it comes to access to business resources, and there are many ways you can leverage digital innovation to create your own little money-maker.
E-commerce is perhaps the easiest industry to enter as a side-hustle. Drop-shipping, for example, is the practice of matching wholesales with individual retail customers via a web shop. You get commission on sales without needing staff, warehouse space or logistics measures. For a more casual affair, you could simply monetise a hobby and sell the products of your craft on e-commerce sites!
Perhaps the single easiest way for you to drum up a little extra cash for your upcoming renovations is to sell off unwanted items. This is an endeavour that serves dual purposes; in selling off things you no longer want, you are also freeing up more space in your home and making the renovations a much easier process! After selling your items on local marketplaces or second-hand websites, you’ll have a cleaner home and a wad of cash with which to improve it.