54 Ways On How To Increase Family Income in 2023
Are you tired of all the “make money from home with affiliate marketing”? Do you want to know REAL ways on how to increase your family’s income in 2022 then this guide is for you! When everything is getting more and more expensive in the world, the time to earn extra income has never been bigger.
So is there ways to find out how to increase family income from renting, crafting or selling items.
Short answer: Yes it is, there are lots of easy ways to increase family income and I am going to discuss them all in this article.
How To Increase Family Income in 2022
When it comes down to making that extra income you do not need to jump online and become a virtual assistant, start a blog or go hard and make a podcast. Yes these things will surely work but it takes time, money and it is really hard to make it. These things are what everyone is recommending and it is what everyone is trying to achieve, especially young people who want to be their own bosses and succeed on the internet.
But let me tell you nothing is easy nowadays and that is why the more traditional stuff is working. You start your side hustle business renting, crafting or selling your stuff and money will come in fast. In this article I am going to explain different ways to earn money so that you and your family can get those extra bucks.
How To Increase Household Income by Renting Out Your Stuff
Renting out your own items is actually something most households never think about when they want to earn money and increase their earning potential. The thing with renting is that most people feel that it is wrong to rent out your own house or vacation home. But most people do not have to, rent out your other things instead and do it locally.
I bet that the big issue is that you do not want people you do not know using your things right? But if you switch the mindset and think; who could I rent out my things to? I bet that you are thinking that you could rent out your things to friends, family and neighbors right?
So there is your market, use social media like facebook, instagram, twitter or just talk to your friends if they have anyone who would like to rent your things.
Boat is a great asset that most people have but never realize that they rent out to make money. Most people value the experience more than owning the actual thing and going on a boat ride, going fishing or just being out on the water all day swimming and tanning certainly is one of those things people would pay for.
Potential Profit: From $50 for a small boat to $2800 for a powerboat a day.
Similar to the boat the canoe offers a lot of possibilities on the water and possibly even more. People who are into the outdoors find canoes more adventurous and connect you to nature in a different way. Renting a canoe is also cheaper than a boat and you do not need a trailer to come and pick it up. It is a great day activity for both young and adults. So if you do own one do not hesitate to rent it out.
Potential Profit: From $30 a day for a canoe up to $55 for a tandem kayak.
Renting out your car is a great way to increase your income but it might be a scary thing to do. You could try to rent it out to friends and family first or join one of many sites that offers great ways to rent out your car. They have insurance and a complete system for you to feel safe.
There might be high competition but it still is a viable way to earn money.
Potential Profit: From $5 a day up to $38 for a big SUV.
Did you know that your garage is one of the most unused spaces on a property? So why not take advantage of that and rent it out to people who want to have a garage for their car/motorbike. Renting out your garage is getting more and more popular and people are actually making garages on their yard to be able to rent out space to more people.
Potential Profit: From $50 a month up to $150 a month in the more popular areas.
The cash cow, the king of rental businesses. Your house is a cash cow sitting there unused, money opportunities wasted every time you are not home. There is a reason that AirBnB is doing so great and that is the rental business is exploding. So do not miss out on this and check out the possibilities to rent out your house. This could be a great way to pay off some debt or get money for your family trip to Disneyland.
Potential Profit: From $50 a day to $1,000 USD depending on location and what kind of luxury your house offers.
Land for Farming or Gardening
Do you own land or a big yard, are you looking for ways to earn money without feeling that you are letting people into your personal space? Well this could be a good middle way of doing things and earning money. People who have a house or a farm usually have some space in the garden that they are not using, so if you have a garden plot that you feel you do not need, why not rent it out?
Now is the best time because people are getting more and more environmentally conscious than ever and eating eco plant based food that you planted and harvested yourself is something most people dream about. That is why renting out a gardening plot is something that is getting more and more popular.
Potential Profit: From $40 per acre to $300 per year depending on location.
People love motorcycles but most people can’t afford one, but if they did they would have to pay to buy the bike and pay for the insurance. So one great way to make this possible is to rent out your bike to get that extra income to get your expenses covered. You could even rent it out on a level that you could earn money and pay off the bike at a faster pace than you planned.
Potential Profit: From $80 a day to $350 per day depending on the bike.
Most people might not afford to rent your whole house, but many people are looking after rooms to rent. With insane prices on apartments and houses people are looking more and more into the possibility of renting a room while saving money to buy something for themselves. So this is a great business opportunity and it is really easy to start by joining AirBnB for example and rent it out from there.
Potential Profit: From $200 a month to $850 depending on location and size.
RV or Camper
Most people have a dream of owning a RV or a Camper. Some people already own one and some people are looking into buying one. But did you know that if you calculate that you would rent it out a few weeks a year you could actually pay off your RV at a greater pace than you planned. So why not take this chance and make some extra money to increase your family’s income.
Potential Profit: From $40 a day to $350 for a bigger RV.
Renting out a shed might not be the first thing one would think about but it is a new business idea that has gotten quite popular. People are always looking for rentable space for storage to be able to save important things. Why do you think these big garage sales are taking place, because there are so many people having these as storage and forget about them. So why shouldn’t you dive into this business and earn money?
Potential Profit: From $80 to a stunning $160 a month.
The demand for trailers and trucks is huge nowadays. Prices are going up on cars and gas in general so most people can’t afford cars in this size and if you don’t have a car this size how are you going to be able to transport a trailer? When you are moving from your home to a new home you need to either hire a company to move your stuff or you move them yourself, for that you need a trailer. But trailers are quite hard to come buy and this is where your trailer comes in hand and gets rented out! This is something you could easily market on Facebook or Facebook Marketplace.
Potential Profit: From $50 for a small trailer to $275 for a big trailer.
Best Things To Craft And Sell To Increase Family Income
If renting is something that feels out of question for your family you should definitely look into what you can craft and create. You could have a lot of wooden tools laying around, or are you passionate about making clothes, you might be good at making fishing lures?
People have been more and more aware of the effects spending has on the environment and many are looking into alternatives like homemade furniture, buying second hand or even buying locally produced crafts like pottery, candles etc. So there are loads of ways to craft things to sell and with facebook marketplace and local sales groups it doesn’t have to cost a fortune to send your items and get some extra cash.
What items can you craft to increase your family’s income, here are a few tips!
Baby items (crafts)
Making baby items is not something new but it is something that is a goldmine. New babies are born every day and the demand for new smart solutions for babies is huge! If you could find a product that solves the problem for the user you have discovered a gold mine. But you don’t have to do that. Try making caps, bibs, sun protection caps for strollers, pillow cases, clothes etc you will have a market either way because it is organic and people love to have unique stuff for their kids.
Your product could be the new fashion brand for kids?
Clothes are also something that is getting more and more popular because people want to stand out, have their own look. If you are good at making clothes this could be the next thing for you to make to gain that extra income. Not only can you sell your clothes on Ebay, Etsy, Amazon, you could also sell them locally. So find a product that you think people would want to buy and find a cheap way of making them and sell for profit.
This might be a great hobby to involve the rest of the family in.
Are you or your partner into wood carving or maybe you are really good at painting. Either way you could make different crafts in wood like a cutting board, wooden clock, wooden box, wooden photo frames. But you could also change direction and buy unpainted items and spice them up and make a collection like accessories for school, a craft box with tools for paper crafting. The possibilities are endless so get creative and try it out!
What if you are not the typical handyman and do not like to make things, what can you do? Well maybe you are a person who is deeply interested in your hobby, let’s say fishing for example. You might make your own lure if you are good at it so why not sell your fishing lures? This is an undiscovered money making niche that most people do not think about. So you could start making fly fishing lures really cheap and if you find it fun and rewarding you could make your own molds and try selling your own jigs.
So are you looking to put even more hours in then just making the small stuff? Then making wooden furniture is one of the best things you could make now. People love the outdoors and people are making their outdoor spaces more comfy and family friendly so if you could provide a wooden frame for a fireplace, sitting benches or why not a big table for the porch you are good to go.
Lawn or Garden Equipment
Not many people think about this when they hear about garden equipment but with the right mindset or knowledge you could start making forks, spades, rakes or why not garden hoes?
Maybe you have a welding machine at home so you could start welding your own designs and sell them on facebook marketplace or Amazon. So do not be afraid to try your wings!
Let’s say you do not want to create stuff that takes forever to finish or demands a lot of personal skill but you still want to sell something. You should start baking sweets or any kind of products that you think you could sell. Make a big load and pack it up in smaller bags and tell your kids to knock on the neighbors around the area. Market it on facebook and make things that are for the season you are in and you could easily pull $100 of USD each month.
Things To Sell To Increase Family Income
The thing is that we are humans and we spend money on buying things right? So that steals away from our monthly income but what we usually forget is that the things we buy we can sell after we do not use them any more. So let’s dig through and see what kind of times we have on this list that are great for selling when we are done with them.
Are you collecting or have a lot of old things in your house? Are they just sitting there in the attic collecting dust? If you have these could be a great way to get some extra cash and help your family to increase family income. You could have a hidden gold mine so do not be afraid to check the value on your items.
Baby items (sell your)
In most cases when you have children you buy a little too much and you get that extra pair of shoes that you might not need and when your kids outgrow it they end up in a bag in the closet somewhere. So check through your children’s clothes and items and start selling them on eBay or your local Facebook marketplace. There is a lot of money hidden in children’s clothes and children items.
Books are actually great at keeping their value compared to other products. Some books might even be worth more than you bought them for and there are many sites online that help you with book valuation so dig through your book library and see what you can sell!
Or you could start making your own books and sell them online.
Similar to baby clothes many people buy extra items when they are on sale and many people have a love for buying branded clothes. So if you are one of them, selling clothes from your closet can be lucrative and give some extra cash each month. So start digging in your wardrobe and sell off those old rags!
Kids and adults love dolls and most dolls are mostly used for a short time so the condition can be in really great shape. Because of the price tags on some dolls lots of parents are looking for cheaper used dolls for their kids so you could easily make $100 of USD from a few sales.
Are you a great cook and love making food for people? With the prices going through the roof and living becoming more and more expensive people are looking into alternatives for eating out. If you could provide a lunch box and easily sell them you could make money right off the bat. With the mindset of meal prepping not only will you earn money on selling lunch boxes you will save money making meals for your family.
Do you have a big garden and you have flowers growing everywhere? You could start selling flowers to peoples weddings, parties, celebrations or just for valentines day. Cut down the price so you are better than the stores and you could make a huge amount of money.
You might be hoarding old cars and different kinds of metal items. Why not look into what you can scrap and recycle for money? There is a big market right now and people are paying alot for different kinds of metals so start exploring the possibilities now!
Best Ways to Earn Money According to Experts
If you still haven’t figured out what you could do to increase your family’s income you could take a look at one of these opportunities. These might work for you but it will take time and hard work if you want to succeed. Most online “gurus” recommend these ways to earn money so the market is hard to get into. But if you have knowledge, work really hard, put your time into it and strive to be better everyday this could certainly work out for you.
28 Ways To Increase Your Household Income
- Ask a Brand To Be a Customer Service Representative
- Become a Product Tester For Companies
- Become a Social Media Star
- Become a Virtual Assistant
- Become an Entrepreneur
- Buy and Sell Website Domains
- Create and Sell Your Own Printables
- Freelance Your Skills on Fiverr or Upwork
- Get a Cashback Credit Card And Earn Cashback
- Help With Resume Writing
- Make Money Doing Online Surveys
- Make Money Off SkillShare
- Offer Pet Sitting Services
- Offer Your Followers Products and Earn Affiliate Money
- Play Online Games And Sell Ingame Items
- Print T-Shirts And Sell Online
- Proofread for Cash
- Refurbish Furniture and Sell Them
- Sell Tutoring Services
- Sell Your Stock Images Online
- Sell YourI Unused Items on eBay or Amazon
- Start a Blog And Earn Money
- Start a Kids YouTube Toy Channel Or a Channel For Yourself
- Start a Podcast And Make Money From Ads
- Start a Traveling Agency In Your Area
- Start An Online Community Around Your Products
- Start Investing on The Stock Market
- Teach Online Music Lessons
What Are The 5 Sources of Family Income?
I would actually want to state that there are 7 sources of family income but I will explain the five main sources and two extra that people forget to mention.
Earned Income (working for salary)
Earned income is the money that you make by working for someone else, also known as working for a salary. This is where you have to give up your time for doing something you might not like to be able to prove for yourself or your family. This is where your quality of life will suffer the most because you will trade your valuable time for money.
Profit Income (selling products for profit)
This is when you switch your mindset into an entrepreneur mindset. You start producing products for a cost, calculating your time you put into making this product and sell it for profit.
So the amount of money you need to invest depends on the goal but you should always start small and work your way up so you learn how things work.
Interest Income (lending and getting paid with interest)
Interest income is what you get from lending your money to someone else like putting it in the bank, lending it out to a company or just getting it back with some kind of interest. Basically this is a great source of income and you do not need to be active for the money to generate cash back.
It is the most risk free way of investing but also the one that might not yield the most.But it is still better than option 1 and option 2.
Dividend Income (payouts from owning shares in a company)
This income is even better than interest income. It is equally passive and not only that, but it also makes you a shareholder of a company. This is the money you get as a return on investment from the company shares that you own. It’s one of the best income streams, yet one of the most ignored and neglected.
Rental Income (money from renting out assets)
This is the money you get from renting out an asset that you own, like a house or any type of building. This way can bring in alot of cash if you have low debt and a facility in good condition. One of the biggest drawbacks with renting out assets is that you have to have a lot of money when investing so it will take a long time for the first asset to pay off itself.
Capital Gains (selling asset after it increased in value)
Capital gains is the money you earn when your assets increase in value. So for example you buy an Apple stock for $100 and one year later sell it for $150. That is a capital gain of $50 and you could reinvest it to make even more money. But it could be a house that you sell for 20-30% profit and that money is what generated the capital gains.
Royalty Income (royalty from your products, name, company)
This is the money you get as a result of letting a company or person use your products. Let’s say you own a company name like Starbucks and someone wants to open a Starbucks in another country. You would sell them the rights to use that name and they have to pay a fee each month for using that name.
The biggest challenge here is to make something that is popular that enough people want to use the name in their business or company.
What is The Biggest Source Of Income For The family?
Salary is the biggest source of income for most families.
What Is a Good Income To Start a Family?
According to research, making between $75,000 and $105,000 per individual in North America would be enough to keep you happy.
How To Increase Household Income?
Start looking into what you can rent out, what you can craft and sell and what items you have that you don’t need and sell those.
What Can You Do To Help Increase The Income Of The Family?
If low income is a problem you should look into crafting, renting, services or selling items.
It might feel impossible to make money outside of work but actually there are a lot of ways when you start thinking in the right direction. It took me over 6 months before I decided on what was the best way for me and what I wanted to chase after. There is no specific science behind all these ideas, the only thing you have to do is start and try what works for you.
Time is the thing that makes us successful and there are no shortcuts.