If you are trying to pay down your mortgage this year, summer time is a great season to make some extra money. The summer season is an optimal time to take advantage of several ways to raise extra capital that can be used towards your mortgage principle, especially because the children are out of school and can help. Here are a few methods you may want to consider:
1. Have a Community Rummage Sale
Summer time is a great time to organize community rummage sales. The weather is beautiful, people are interested in getting their homes cleaned out, and the children are home to give you a hand. Go through your entire house and sell anything that you know you aren’t using. Even if it is something you think no one would every buy, put it in your sale anyway. Your trash may be another person’s treasure.
2. Get a Part-Time Job
Many businesses begin hiring part-time help during the summer months, especially in retail and food service. Try to find a small part-time job you can do two or three evenings a week. The money you earn will quickly add up to a nice boost to your mortgage payment.
3. Use Alternative Transportation
Summer is notorious for its beautiful weather, so why not take advantage of it? If you are within walking distance to any of your regular stops, ditch the car keys and walk instead. The less you use your vehicle, the more money you save in gasoline and car maintenance. Not to mention it is great exercise.
4. Start a Side Business
If you have a special talent that someone will pay for, you may want to start your own side business to make extra money for your mortgage. If you play piano, offer lessons to local children in your area. If you are a teacher, offer your tutoring services during the summer. If you enjoy baking, you may want to sell cakes and pastries for all of the summer events that are coming up. Think about some things you enjoy doing and figure out a way to get paid for them.
These are only a few ways you can raise some extra money this summer to put towards your mortgage. Even if you only raise a few hundred dollars, you will be that much closer to paying off your home. Make a little extra effort to be frugal and you will notice that you may be able to get your house paid off in no time. To learn more about paying off your mortgage, contact Commonfund; Mortgage Corp.