5 creative money hacks to boost your household budget

dubai - You can generate some extra cash and save more, without compromising on your standard of living

Do you find yourself struggling to stay within the strict confines of your household budget month after month? The Souqalmal.com team has shortlisted five innovative ways to help you generate some extra cash and save more, without compromising on your standard of living.

Guilty of hoarding 'stuff'? Sell what you don't need
If you have a crib your little one has outgrown or an unused bookshelf that's just gathering dust, why not turn it into some cash? Simply visit a classifieds website and list your item with clear pictures and a catchy description. For instance, the Classifieds section on dubizzle is huge, offering you the option to list and sell items ranging from furniture, electronics and home appliances to baby items, toys and books.

Have clothes that you've never worn before? Own a handbag or accessories that were an impulse purchase? You could sell them on Shedd, a popular online marketplace in the UAE for pre-owned fashion. For your high-end designer goodies, you can hop on to The Luxury Closet, an online boutique for preloved luxury designer items.

Travel a lot? Rent out your home while you're away
If you own a house in Dubai and find yourself travelling abroad frequently, why not grab this opportunity to make some extra cash on the side? Did you know you could list your home on Airbnb under a short-term rental arrangement? But first, make sure you check and comply with the legal requirements to do so.

You will have to register your residential property as a holiday home with the DTCM (Department of Tourism and Commerce Marketing). The list of requirements is stated on the DTCM website, along with terms, conditions and house rules, as well as classification criteria (rental accommodation can either be classified as 'standard' or 'deluxe').

Downgrade a subscription or switch to a wallet-friendly one
Downgrading your existing TV package or switching to a new telecom plan could translate into big savings for you. Assess your family's requirements to ensure you're not paying for something you're not really making use of, and make sure you keep abreast of the ongoing deals on such subscriptions.

The Souqalmal.com team spoke to Leanne, a Dubai-based expat, who used this simple trick to cut her telecom bill in half: "I've been stuck with a business mobile plan that costs me Dh200 per month ever since I came to Dubai. The plan included freebies like 250 international minutes and 250MB data. I recently found out about an alternative plan offered by the same provider that could get me 6.5GB data and a partially reduced 200 international minutes for free. All of this comes at only half the cost - Dh100, and making the switch has helped slash my annual spend on mobile bills by 50 per cent."

Make use of free time or capitalise on your hobbies
Have free time on your hands? How about you put it to good use. You could work part-time as a freelancer. For instance, you could register with Nabbesh, a Dubai-based online community that helps freelancers connect with companies to find them work projects that match their specific skills.

And if you have a hobby that you've kept under wraps, how about you make it public and cash in on it? For example, if you write a blog that has a steady or growing readership, you can monetise it and earn money through advertisements. Or you could tap into social media to turn your love for baking into something that helps generate revenue. The options are endless.

Reap the rewards of using that credit card
If you've been making most of your purchases on a credit card, make it a point to keep track of the credit card rewards you've earned. These rewards could come in different shapes and sizes, ranging from cashback to air miles to loyalty reward points that can be redeemed for a bunch of freebies.

For example, if you spend about Dh3,000 per month on supermarket purchases, a credit card that offers four per cent cashback on supermarket spend can help you save over Dh1,400 annually. Similarly if you've accumulated enough miles on your credit card, you could redeem them for a free flight back home.

The writer is the founder and CEO of souqalmal.com. Views expressed are her own and do not reflect the newspaper's policy.