In the current economic climate, families are increasingly looking to spend less and save more in case the worst should happen. Luckily, there is a sneaky way to not only make money but to save it too – by hiring out your own goods and services and by hiring goods and services instead of buying them. Making new products uses a huge amount of resources and if we borrowed something we need every now and then instead of buying it, we could also significantly reduce our environmental impact on the planet. Virtually everything in your home is worth something, from the contents of your attic to your garden shed.
Got a tool kit shoved away at the back of your garden shed? Bought a plant strimmer only to leave it languishing in the garage? You’re not the only one. According to studies, the average power tool is only used for 30 minutes in its entire lifetime which makes it quite an expensive purchase! Make your power tools work for you by hiring them out, or think about renting tools or hardware next time you’re planning a bit of DIY – you could save up to 80% by hiring instead of buying so it’s definitely worthwhile.
A new car is one of the most expensive purchases you’ll make during your lifetime, and if you only use the car at weekends or to nip to the supermarket, the cost of a new car could add up to a couple of hundreds of pounds per car journey. Save money by hiring a car instead of buying a new one, or, think about hiring a spot in someone else’s car. More and more people are renting out seats in their car if they’re going in the same direction as you and usually, you only need to pay enough money to cover the fuel costs. Another option is to hire your own car out during the days you don’t use it. You don’t have to stop there, though – you can even rent out your parking space and garage, which could be a nice little earner if you live in a commuter belt, in a city centre or close to a rail or bus station.
If no-one wants to hire out your garage to park their car, they might want to hire it out to use as storage space. But your garage isn’t the only spot that you could hire out as storage space – if you have an empty garden shed, garage, attic or bedroom that you don’t use, someone will be willing to pay you for the privilege of storing their stuff, especially if your rates are cheaper or if you’re nearer than the local storage unit.
Another way to make money from that spare bedroom is to rent it out to a lodger – or, if you have a big house with lots of spare bedrooms, consider renting some of the rooms out to a family. A lodger or lodgers can bring in some valuable extra income that’ll help you pay the mortgage, as well as shared bills like energy, water, internet and television services. You could also think about renting to a student, as you’ll only need to rent to them during term time which will give you time alone throughout the summer and over Christmas.
Another option is to rent your whole home out. You could use the money gained from renting to rent somewhere smaller, or you might prefer to live with friends and family. This is a great way to get yourself back in the black if you’re struggling to keep up with mortgage repayments, but it’s also a great idea for generating a little extra cash if you’re going on holiday for longer than a fortnight. Finally, if you live in a particularly large or interesting house, you could even hire your house out as a film set… just imagine your family home on the silver screen!
If you have a wardrobe full of designer clobber that you never wear, such as dresses, accessories, handbags, shoes, jewellery or even designer suitcases, why not make some of your money back by hiring out the items that other people might like to borrow? Even if much of your wardrobe comes from the high street, you might still be able to hire some of your clothes out – and for that special occasion, instead of buying something new, why not think about hiring an item instead? You’ll be able to hire something really special for a fraction of the price that it’d cost you to buy new.
From the must-have to the never-used, statistics show that we spend up to £800 each year on technology – and some of those electronics will never even get taken out of the box. If you’re guilty of buying that must-have chunky kitchen gadget, the latest generation of games console or the computer with the highest spec, get some of your money back by hiring out your technology and electronics. You can even hire tech instead of buying it, which is a great way to test-drive an item before you commit to forking out lots of money for it.
Love to throw a good party? Low on storage space? Find yourself struggling to find space for your plates and glasses? Think about hiring them instead. Instead of spending hundreds of pounds on place settings, martini glasses, silverware, extra tables and chairs and other bits and pieces, such as decorations and entertainment, hire them instead. Alternatively, if you have plenty of storage space – and plenty of party supplies – think about making a little bit of money by hiring your supplies out.
If you can play an instrument, speak a foreign language or if you’re proficient in a particular subject, such as English, maths, science or even something like arts and crafts, think about hiring out your services as a teacher or mentor. You get to do something you love and that you’re talented at whilst also making money and helping someone else – what could be better? Keep in mind that if you want to be a tutor to children in primary school or secondary school, you might need to have a university degree. A TEFL (teach English as a foreign language) qualification will also help if you want to teach English to foreign students.
Winter sports fans are probably familiar with the idea of hiring ski or snowboard equipment as this makes much more sense than buying, particularly if you only use the equipment once a year or if you live in a warmer climate. Hiring sports equipment also saves on storage and transportation fees and it makes it easy to get access to the most up-to-date equipment, and you can hire virtually any type of sports equipment at any time of the year. Hiring is also a good way to dip your toe into a sport without spending hundreds of pounds investing in it. If you have sports equipment that you don’t use, such as a treadmill or cross trainer, you could also think about hiring it out to make some extra cash on the side.
Hire Things You Never Thought You Could Hire
These days, you can hire or hire out virtually anything. Got a clock you don’t use? Hire it out. Not using that industrial strength meat mincer? Hire it out. You can even hire cats and dogs, and although it sounds a bit strange, hiring pets is an excellent way to see how your family interacts with a certain animal or to test if a breed triggers your allergies. It’s also a lovely way to just spend time with an animal – you can hire therapeutically trained animals for a few hours a week and you can even make some extra money hiring your animals to care homes and schools.
An Ottawa-based company even “hires” wives to male clients, offering services in cleaning, organizing, preparing, cooking and more. You can also hire caskets, using a fancy casket for the ceremony and something cheaper for the burial – and if you’re feeling particularly flush with cash, you can even rent a celebrity for upwards of £100,000-£200,000 for one hours’ worth of services.
Why not try some of the tips above to see how much money you could make by hiring out goods and services? You might not make £100,000 in an hour, but you can definitely significantly boost your income – and if you’re looking to hire instead of buy, you’ll save a packet too.