BEDROOM DECORATING IDEAS | 7 Strategies to Make Room for Money

7 Strategies to Make Room For Money

Laws of the Attraction notwithstanding, there are several external ways that you can make room for more money in your life.Before you decide to rent out a room in your home ask yourself these seven questions to makethe best decision and the most money.

Yes, there are those of you who can manifest whateveryou want, whenever you want. This article is forthose of you who may need just a few extra tools.First, it is vital to create a space that can be filled
with what you really want.

Start by going through your closets. Remove every articleof clothing, shoes, and purses you have not worn in at least a year.

How do you know what to get rid of?

Use the following as a guide:

1. Use your intuition. Trust it.
2. Ask yourself if you love it.
3. Does it fit?
4. Do you use it?
5. Do you need it?
6. What memories does it bring up?
7. Again, use your intuition.

Take all of these clothes, shoes and purses to your local resalestore. You will start receiving money immediately.Bonus feature: The space you have created will now be filledwith what you really want. Be patient.

Second, go through every drawer in your home and removeall the junk.

You know what junk is.

Plastic forks from takeout; rubber bands and plastic bagsyou are saving for some reason.Men (and women!) go to the garage.

- How many screwdrivers do you really need?

- How many cans of old, unused paint are taking up space?

Clean out the garage and only put back in what you use.Sell the rest at a garage sale or give to the Goodwill.There, you have a tax credit as well as money.Clean out your office desk. Throw away any document that isunnecessary.

I know, you are afraid you will throw something awayyou may need in the future.Well, I understand.

This particular article you are reading was originally writtenin 1986. I did not throw it out. In 1986, I did not have a computer, so here we are. Boy, am I glad I saved this.The information still holds up.

Okay, back on track.

Create as much order as possible in your home, garage andoffice. If you are a creative individual, this may bedifficult as creative types are visual and like to seethings. Make it work for you.

As you eliminate all this junk, you will start feeling asense of satisfaction, accomplishment and freedom.If you do not have these feelings, you are not yet readyto make room for money I your life.

Your desire and your feelings must be in alignment

You may also have feelings of fear and doubt. Learn totrust yourself and allow the process to work for you.

Third, sit down and make a list of all the peopleyou do not have a great relationship with.

This list includes people you have judged, blamed or criticized. This same list includes people who have judgedblamed or criticized you!

Visualize each individual, and, as you do, forgive them.

Forgiveness is one of the most important tools for makingmoney in your life. Generate appreciation towards theseindividuals in order to heal yourself.Eliminate grudges. Grudges contract the body, mind andspirit. Release and let go. Step by step, expansion is on the way.

Fourth, pay your bills on time. It is very important to keepyour money agreements, so pay your bills graciously.If you avoid paying certain obligations because you haveinsuffieienct funds, or are displeased with the service of someone whom you owe money, use visualization.

Bring these people into your minds eye. Allow your body toexperience negative feelings you may be holding on to.Breathe deeply and look at your resistance. Generateappreciation and love towards these vendors.

You certainly were grateful when you used the card, sobring back that gratitude!

Keep breathing until all discomfort is released; until youcan visualize this person with little emotion or reaction.If you do not currently have the money for a specific obligation,phone the vendor and explain the situation.

Remember, it is only temporary!

Even the U.S. government will negotiate.

Fifth, act as if you have all the money you want. Notice,I use the word want, as opposed to need. You have allthat you need. In order to attract what you want --the Universal Law of Attraction says it is already there, but the rational mind sometimes butts in-- you must act as if you have all you want.

If you had all the money you wanted, what would yoube doing for work, if anything? If you are not doing whatyou love, what brings you joy, money may appear as a slow leak, instead of a gusher.

Present as prosperous a picture as possible. That does notmean you have to spend money.

- Appropriate grooming is cheap.
- Smile more often.
- Indulge yourself with long luxurious baths.
- Create a candle light dinner, even if for one person.
- Look in the mirror and say, " Hey, I like you!."

These simple tools will help you feel and look better. The Universe will look at you and say, "Alright, youve got it! Lets give you a little more."

Sixth, give some money away. Give away what you want more of it really works. Tithe clothing items in lieu ofmoney if that feels better. Dont purchase anything newunless you eliminate one item form your home or office.

Give willingly and unconditionally, without expecting toreceive anything in return.

Do it because you can.

Seven, call up your parents. Tell them you love all they have done for you. If you cannot get as far as the love word, express your appreciation. Let them know how youfeel in a positive way. If your parents have passed on, write them a letter telling them about all the things andcircumstances you appreciated them for but never hadthe chance to share.

They will see this letter, no matter where they are.

Remember, the Law of Attractions is powerful. It providesyou with whatever you think about, both wanted andunwanted.

Let these seven strategies help you think more clearlyabout how to make room for money in your life.

Should I Rent Out An Extra Room To Make More Money?

You know plentyof people who haveside hustles or work seasonaljobs to supplement their income. And you want to boost your bank account balance too.

Whether you want more money to paydown debt, build anemergency fund, or investmore for your future, you’re considering rentingout a spare room in your home.

You’ve heard that people makehundreds of dollars amonth (or more!) by renting outextra rooms on Airbnb. And now you’re seeingdollar signs when you walkthrough your home each day.

Since you are in charge of your short-term rental, you don’t have toworry about work-from-home job scamsor freelancing and not getting paid. You canlist your spareroom and sit back and wait for reservations to come in.

In no time, you’ll be makingmore money by renting out extraspace in your home. Or will you?

Let’s take a look atsome questions you shouldask yourself before deciding whetheryou should list that spare room and start inviting people to stay in your home.

Your home is your greatestasset – make it work foryou foronce!

7 Questions To Answer Before Renting a Room In Your Home

When it comes tomoney, you can’t discount youremotions. Even people whoseem to have rock-solid financial plans can sometimesalter course when theysense there’s easy money to be made.

While rentingout an extra room to earnadditional money might not be a bigdeal for some people, others end up regretting their decision becausethey haven’t thought through the details orconsidered other options.

Renting out aroom might bemore complicated than youthink. It could also beillegal and cost you alot of cash, time, and energy.

Before you take pictures ofyour space and write an ad toattract renters, answer the seven questions below.

Be as objective as you can, and toget another perspective, consider reviewing your responses with an interested family member or friend.

1. Do you really need to earn more money?

We all want moremoney. But make sureyou consider whether renting out a room to generate income is a need vs. a want at this time.

Think about how this extra job will impact your life if you want more money. If you need money to pay your monthly bills, consider more options.

Are you tracking your expenses and using a budget? Maybe you can cut spending, work over-time, do contract work, or even ask for a raise to grow your income. You might even be able to do a few of those and skip renting out your extra space.
For most of the options above, remember that you’ll still be trading time for money – including short-term room rentals. Consider what would really work best for you before you start inviting people into your home.

2. Is it legal to use part of your home as a short-term rental?

If you’ve decided to look further into Airbnb’ing your space, make sure it’s legal to rent it out. In some areas of the country, it is now illegal to have short-term rentals unless you meet strict requirements.

Owning a property that’s in a Homeowners Association (HOA) can also create problems for people who want to rent out rooms.

Many HOA’s have changed association rules to ban Airbnb-type rentals in recent years. If you ignore regulations and rent out a room breaking HOA rules, you may have to pay extra taxes and daily fines.

Some tenants decide they’ll rent out extra space in their apartments on Airbnb to make money. That can also cause legal problems, including eviction if you violate your lease.

Most landlords include strict subletting language and rules limiting guest stays. While you might not think it’s a problem to have someone stay in your apartment to make extra money, your landlord and neighbors might disagree.

3. How much work will it be?

People who want to have short-term rentals have more work ahead of them than many realize.
In addition to preparing and maintaining the rental room and any other parts of your home that guests will have access to, you have to advertise and keep up with bookings.

You’ll need to determine how guests can contact you if they have questions and how they will gain access to their space. While they are visiting, they may also have maintenance requests you’ll need to address. Will you be home to meet all their needs?

When your guests leave, you’ll need to clean and restock your rental space or pay someone to do it. You may also have to answer comments or concerns if guests leave poor online reviews of your home.

4. Would people want to rent your room and what would they pay?

It’s time to really think about the space you’re renting and who would be interested in renting it. Be honest with yourself about the size of the space, quality of furnishings, and amenities you’re offering to renters. Spend time on short-term rental sites and look for comparable properties. If you have a private in-law suite set-up with a separate bathroom, it might be really easy to rent out your space for a great price.

But do you live in a location where you’ll be able to attract guests? Is there already competition for renters? If you live in a high demand area, people might not be that picky. Your small spare bedroom with a shared bath might be all someone needs for an overnight stay. You might even be able to charge a premium due to location. Our best advice is to not make assumptions about whether your room could be a good rental or what you can charge. Instead, research listings and ask someone you trust what they would pay to stay in your extra room for a night.

5. How do you feel about strangers staying in your home?

While it might seem like someone staying in your place overnight isn’t a big deal, your privacy and safety have to be a serious concern.If you have a partner, spouse, or family, make sure they are comfortable with any decision to rent out space in your home.Consider your specific space and how much you will have to interact with guests.

If you’re going to share your living space, are you comfortable spending time with other people? Or are you going to be stuck in your bedroom while people use your house?Are you going to be able to enforce “house rules” if a guest breaks them?Reflect on your current living situation and envision how your life will change if you start allowing strangers into it. Some guests may be wonderful company and others may really try your patience.

6. What expenses will you have to consider when renting out a room?

Unless your guest room is already furnished and ready, it may cost hundreds of dollars (or more) to prepare it before you book your first renter.Do you need to freshen up the paint or put up blackout curtains? What condition is the bathroom in?

Modern bedding, new(er) towels, and a flat-screen TV are basic furnishings in many rooms for rent. And don’t forget that the more your sheets and towels are used, the faster you’ll have to replace them.
Your utilities may go up quite a bit if your guests can control the heat or air conditioning. Your water use can also be an issue if you host frequent guests.

Don’t forget that you’ll need to increase your budget for consumable household items such as paper products and soap. And budget for any special items you plan to leave for each of your guests, including bottled water, coffee, or local treats.If you don’t plan to manage the listing or do the cleaning and maintenance of the unit, make sure you account for every service that someone else will provide.Also, you should be prepared to set aside some money to cover any damage done to your property.Expenses and costs you may not have considered include fees charged by sites like Airbnb, taxes you have to pay on earnings, increases in insurance, or needing to add an umbrella policy because of short-term rentals.You’ll be able to write off many expenses, but you still need to come up with the money up front to take care of your rental space.

7. Does renting out your extra space long-term make more sense?

When you look at potential profits from a short-term rental, you might ignore an option that could make more sense – renting out the room to a long-term tenant or roommate.While your profits might be reduced, the upfront costs and workload involved may be minimized.You’ll still make some money each month, and you might even build a good relationship with the person who rents a room.

You’ll still need to think seriously about this option before committing.If you rent out your room to a tenant, you should have a legal lease and collect a security deposit according to your state’s laws.Long-term rentals are good options, but you can stop your short-term rental a lot faster than you can quit renting to someone with a lease.

Final Thoughts on Renting Out Extra Space in Your Home

If you live in a location with a demand for short-term guest rentals and you have unused space in your home to rent out, it can be a great way to make some extra cash.Boost your income with ease and security. When you share your space on Airbnb, you’re covered by their $1 Million Host Guarantee.But you need to be sure you really have the desire to take on a new job in “hospitality” (or have a plan to hire it out). And that it’s legal to rent out your extra space.While many people are quick to share their “money wins” from Airbnb’ing a space in their home, there are plenty of untold stories of people who quit renting out rooms for all kinds of reasons.

If you aren’t careful, renting out a room can end up costing you money and time you could have used to do something else – including working a second job or starting a different business.In worst-case scenarios, it can affect your mental health and safety.We hope that taking the time to answer the seven questions above will help you make the right decision for you.Your financial health is important!But renting out a room to earn extra money isn’t the right move for everyone.