How Can You Get Your Finances Under Control Using Your Home?

by - Thursday, July 19, 2018


It's a sad fact of life that there's a pretty good chance that you will, at some point, probably run into some financial difficulty. It's nothing to be ashamed of, and it's actually far more common than you might think, but it can be a serious source of anxiety for a lot of people. After all, for the vast majority of people, your life pretty much has to revolve around money. Without it, most of us wouldn't have a roof over our heads or the ability to get from place to place. This means that if you find yourself in some financial trouble then you will probably want to fix that problem as quickly as possible. Fortunately, there are always ways to do that. Here are just a couple of simple, fast and easy ways to get your finances back on track.

Downsize
There's a decent chance that the cost of your home is the biggest outgoing that you have. One of the fastest ways to balance your finances is to reduce the cost of your home by downsizing. Figure out how much space you really need. Be brutally honest and decide which luxury elements of your home you can live without. By doing this, you can often cut the cost of your home by as much as half, which is an amazingly effective way to pull yourself out of any financial problems. You don't even need to look at this as a permanent solution, if your money problems are more temporary, then there's a good chance that, once your finances are balanced again, you'll be able to go back to the kind of home you were in before. If downsizing your home is an option then you'll probably want to do it quickly. Fortunately, there are companies out there who can help you sell your home very quickly for a fair price.

Release some equity
If you’ve been paying into a mortgage for some time then you could well be in the very fortunate position of having some equity tucked away that you’re not currently using. Sure, you might have previously decided that you wanted to keep that money aside for moving again or for something else significant. However, if you’re really struggling financially then responsible equity release could well be the solution that you’re looking for. That way you’re going to be able to deal with your debts or any other financial obligations without having to make any serious changes to your lifestyle. And if you manage to keep your finances under control then over time you’ll be able to build up some equity again and get yourself back to the way things were before.

Rent out a room
Whether it's as an AirBnB or as a longer let to a student or working person, if you have a spare room in your home you have the potential to make money from it. You get a chunk of money towards your rent or mortgage and help with the bills which can really help when you're struggling for money. If you're renting yourself, make sure you check that you're allowed to sublet as some landlords won't agree to this. 

It can be terrifying when you’re stuck in a position where your finances are suffering, it’s easy to end up feeling as though there’s no way out. However, the important thing to remember is that, when it comes to your finances, it really is never too late.

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