In this new feature, Moolah Monday I am going to share my brainstorms on developing multiple income streams.There are two reasons why I am having this feature, first is to fulfill one of my 2010 Financial Goals. Second is fulfill one of my blog goals of posting more regularly and with better content. Hopefully, one of these brainstorms will fit your situation if not mine.
Money Brainstorm # 3
I thought of this on my way to work one morning. I've mentioned before that I work in a mixed use neighborhood. It is mainly residential one block over, then a block of businesses, the more homes. Parking is very tight and enforcement is even tighter.
Most homes have a one car garage or designated covered parking space. If I lived in this neighborhood, I would be renting out my parking space or garage to those who work in the neighborhood.
Why would a homeowner be interested in doing this? Small amounts of cash add up. Let's say you rent your space for $25 a week. That comes to $100 a month and $1200 a year.
Why would an employee in the neighborhood be willing to rent your space? Guaranteed safety for vehicle, avoidance of tickets (the minimum ticket issued is $30) and better work productivity.
My previous boss had her car vandalized when she worked late. One co-worker amassed a huge amount in parking tickets. Then there are the pings and dings you avoid from parking on the street. Lastly, you never have to worry about change for the meter or running out every couple of hours to move your car.
What other ways can you let others use your space? The Hubbster's friend is between homes. He, 'O' has his stuff stored in our garage and basement. If the Hubbster had asked me I would have said to charge 'O' a modest fee. O's stuff has been here many months now and doesn't look like it is about to leave anytime soon.
I think if there was a fee attached to allowing him to keep his stuff here he would be in more of a hurry to find a place. Even if we had charged O $35 a month for the last six months that would be $210. A great bump as we are rebuilding our Emergency Fund and Life Happens Fund.
Lastly, the big one. Rent out a room. Taking in a boarder or lodger is a long standing traditional to get income.
Renting out your space doesn't have to be long term. It could be for a week, a month or any amount of time you want.
If you live in a tourist area, you can rent to a tourist as they come to enjoy your city.
If you live near a college campus, you can rent to a student or a visiting professor. Colorado State has a great pdf that can be downloaded that gives helpful hints about renting to a student.