We often see money making as a solo venture, or something you only do with professional colleagues, but why not make money with your family?
Apart from getting the opportunity to spend time together, your family unit can offer something that a lone individual can’t. Instead of seeing children as drain on your finances, bring them in to help make some money while having fun.
Here are some ways for families to make extra money and save for the future.
- How to approach making money as a family
- Come up with a plan
- Make money from your junk
- Get baking
- Make things to sell
- Serve your neighbourhood
- Put on some events and sell tickets
- Rent out a room
- Offer an Airbnb Experience
- Host a family-friendly supper club
A united family can be a serious force for good in all areas, including wealth creation.
If you combine your individual strengths, including the little ones, you could be as competitive as a small business. In fact, you could BE a small business!
There are a few ways you can approach it:
1. As a family you have a financial goal you want to reach. It may be a nice big holiday, a new car or a refurbished kitchen. Having this to aim at can really help. Work out how much it’s going to cost, write that amount on a piece of card and stick it up in the kitchen. You could even create a chart, like Blue Peter does, to show how much you have made towards that goal. Turning it into a game will encourage the children to come up with ideas of their own.
2. One or more of you could have a great idea for a business, but need some help executing it. Maybe you’re doing well baking cakes, but want to expand your offering. Or your teenage daughter sells her homemade make-up online, but can’t keep up with all the orders. These are perfect opportunities for the whole family to work together to help your businesses grow.
3. Perhaps the family is in debt or just isn’t able to cover it’s costs. Have a family council, looking at the figures openly, and come up with ways to make money together. Paying off a debt, even bit by bit, can create a goal for everyone and give impetus to your work.
The important thing is to do everything as a family, including:
- Looking at the situation clearly and openly
- Making sure every member of the family understands what is needed and what they can contribute
- Having a brainstorming session – or several – where everyone comes up with ideas for making money
- Picking one or more ways to bring in the cash
- Making a plan of action with a clear set of instructions for each member of the family. Even if there are just two of you!
- Having regular get-togethers to to keep track of your plans and work out the next steps
Everyone is different and every family is different, so what works for your family won’t necessarily work for others. The important thing is that you find a way/s to make money that works for your family situation.
Here are a few ideas top pitch at your first family ‘council’:
Most families accumulate a lot of possessions which eventually just become junk clogging up the house. Kids, in particular, outgrow their belongings. So, it only makes sense to make so money from things the family no longer uses.
If you’ve got old books, CDs, DVDs, video games and even VHS, plenty of sites will pay to take them off your hands. Ziffit allows you to enter the barcode of these items to see how much you’ll get for it. For more information, read our article on how to make money selling old books, CDs, DVDs and video games.
You can recycle all your old gadgets as well. Sites like Empty Cartridge, for example, pay you for empty ink cartridges! See how much you could get for your old mobile here.
eBay will let you sell pretty much anything as long as you are honest about what you are selling. So, it’s a great way to get rid of things you don’t need. If something is beyond repair, think about selling its parts. Sell any cables you no longer need and don’t be put off if you fear something is too large to ship. You can simply select ‘collection in person.’ For more information, read our full article on how to sell things on eBay.
As social media continues to evolve, there are an increasing number of ways to sell on Facebook, Twitter and Instagram. There are often advantages to not taking the obvious route – such as no-one taking a cut of your profits.
A variety of apps, such as Snaply, provide a platform for you to sell items locally. Download them on your iPhone or Android for free and upload pictures of outgrown clothes or long-forgotten toys. Much like eBay, you have a chance to value the items yourself and individuals in your area will then bid on them. The uploading process takes a matter of minutes and notifications alert you when someone expresses their interest. Everyone in the family can pitch in, as their unwanted goods help create a source of additional income.
Car boot sales
If you like to do things the old-fashioned way, however, why not sell your stuff at a car boot sale? It’s a fun outing and a great opportunity to teach the youngsters how to make money selling old stuff. Helping your kids become ‘business savvy’ at an early age is something they’ll thank you for later! Just make sure you research the location, offer reasonable prices, operate within the law and enjoy stretching those selling muscles. For more information read our full article on how to sell at car boot sales.
MoneyMagpie’s own marketplace
We’ve partnered up with the selling and swapping marketplace, Paperclip, which will allow all MoneyMagpie visitors to upload and sell anything they don’t need, as well as giving you the chance to browse and buy items from fellow users at a bargain price!
The Paperclip platform gives online shoppers the chance to save money by bartering and swapping within a trusted, local community. It’s completely free and there are no set prices, so every amount paid and every item traded is agreed as fair by both the buyer and the seller.
Cake and cookies needn’t only be made for your kid’s school events. Holding a bake sale is a fun way to make some money on the side while enjoying quality time with the family.
To keep the whole family entertained, bake something everyone will enjoy, such as cakes and biscuits. There’s no harm in holding one or two back as a little treat for everyone after all the hard work is done!
Keep it simple, so everyone can play a part and make sure everyone is having fun. You might just inspire a lifetime love of baking in your children.
Just be careful when buying ingredients to make sure it’s not too expensive, since the aim is to make a profit. Shop around for cheaper prices and tell the kids why you’re doing it, because it’s a good lesson for future life. Find the best possible spot to sell your baked goods – from car boot sales to country markets – and determine how much it will cost, as well as what the clientele is like. For more information read our full article on making money selling cakes, jams and sweets.
Activities are a big part of entertaining children, so why not use that family time to create something that could contribute some funds towards this year’s holiday? Whether it’s a lamp jar light, painted wrapping paper or a delicious granola concoction, you can all help in its creation and packaging.
Once you’ve made the goods, head down to the local market with your merchandise or use friends to spread the word. Alternatively, set up a website to showcase your items and invite people to buy your products there. Don’t forget the marketing power of sites like Facebook, Twitter, Instagram and Pinterest.
There are also sites set up specifically for people to buy and sell handmade goods. Sites like folksy, Coriandr and Not Mass Produced.com all allow you to sell your goods via their website for a small commission. There really are no limits on your creativity – make home decorations, jewelry, greeting cards or whatever else you and the family can think of! Organise yourselves effectively and you might be able to get a nice little profit while working together as a family.
Look around your neighbourhood and see if there is demand for something your family could deliver. If you live in an areas where everyone has a garden, perhaps your family could offer a weekend gardening service. Or why not offer to wash a few people’s cars? It’s a great way to get out in the sunshine while making money and you’re likely to win the affection of your neighbours (assuming your prices aren’t too steep!)
Or, if most of the neighbours have a dog, you could bring in some cash by walking them. Walking dogs as a family can earn you roughly £10-£15 per dog per hour. The more of you there are, the more dogs you will be safely be able to take and, therefore, the more money you can earn. Dog walking isn’t just work, it’s a great way to spend time with the family, to get exercise and to enjoy the company of man’s best friend (and don’t forget, they’ll appreciate it too!) You can promote your services on Gumtree, at your local pet shop, vet surgery or even register with an agency. For more information read our article on making money as a dog walker.
If you have the means to accommodate a pet, dog sitting can be another way to bring in some cash while spending time as a family. Put up flyers in local hangouts and spread the news through word of mouth. You can make around £6-£15 per dog, so there is real money to be made. It’s also great if, for whatever reason, you can’t have a dog full time as it gives you and your kids the opportunity to look after and enjoy the company of a dog. Plus it’s much nicer for the dog to be looked after by a loving family rather than locked in a kennel or stuck at home alone. Read our full article on making money from pet sitting here.
One for the more extroverted family perhaps, but nonetheless, putting on a show for the neighbourhood could be a great way to make some cash on the side. Invite some local children to get involved and help build up each other’s confidence as performers.
Sell tickets to the show to your neighbours and who will show up to support their kids and see what they’ve been working on. So, whether you’re working on the choreography for the new local dance crew or that of the dramatic Wicked production, you have found to a way to contribute to the household kitty while also spending memorable moments as a family… just make sure the neighbours are having as much fun as you are!
If you don’t mind sharing your space with strangers, renting out a room in your home is an excellent way to make some extra cash.
Teach your children all about hospitality, by involving them in preparations and welcoming of guests. There are various sites and platforms you can make use of to advertise your space, but Airbnb is by far the most popular and simple to use.
What’s also great about Airbnb, is the fact that it could offer your family the opportunity to make connections with people from all corners of the globe. You never know which of these connections might result in life-long friendships.
f you’re based in a big city, like London, you’d be able to charge anything from £29 to £300 per night, depending on the space you’re renting out.
Just take note: since Airbnb has become so popular over the past few years there are strict rules and regulations in place. It’s worth familiarising yourself with them before making any hasty decisions.
Find out more by reading our article on making and saving money by renting.
Another way to jump on the Airbnb trend, is to offer a memorable experience to guests.
Airbnb Experiences is a platform that is open to anyone who has great idea for giving visitors to their city/town a little insight into something quirky and enjoyable.
Does your family have something that sets you apart? Maybe you love hiking or perhaps you have a flourishing veggie garden that you use for home cooking. Invite other people into your magical world and get paid in the process when you advertise your unique experience on the site.
Once again, this is a really great way to introduce your kids to people they may never encounter otherwise and give them the opportunity to share their love for a certain hobby with a wider audience.
Does your family love experimenting in the kitchen together? Well, you can actually make money from that in more ways than just baking cakes, mentioned above!
Supper clubs aka home restaurants are making a comeback as affordable alternatives to fancy restaurants and opportunities for diners to connect more authentically.
While many of the supper clubs currently operating in the UK cater to a slightly more exclusive market, you could open your doors to other ‘foodie’ families. By doing this your kids will not only learn more about cooking, but also about hospitality and hosting events – all talents that will be well-received in the future.
Find out more about starting your own supper club.
More great reading
- Make money selling old books, CDs, DVDs and video games
- Make money recycling your old gadgets
- How to make money on eBay
- Car boot sales: turn your trash into cash
- Make money selling cakes, sweets and jams
- Make £60 an hour by dog walking