How to Expand Your Household Budget and Raise Extra Money

Families across Canada are struggling with the high cost of living. Over the past several years, costs have risen to the point that 80% of Canadians have cut back spending in one area of life or another, and 56% are struggling to keep up with the combined effects of rising grocery costs and high housing costs for both rent and mortgage payments.

Raising extra money in your spare time or selling things you no longer want can help you fight the financial crunch and extend your household budget. Here are five ideas that can help you earn extra cash.

Trade-In Old Gold and Silver Jewellery

Any valuables made from precious metal could be worth a surprising amount of money, especially jewelry made from gold. Gold prices have been hovering above $2,000 USD per ounce in 2024, meaning that even small quantities of the metal could earn you hundreds of dollars.

When you’re ready to part ways with old jewelry, take it to a bullion buyer with a physical location like Muzeum. You can save more money by selling jewelry in person.

Sell Vintage Video Games

You may not have much gold and silver jewelry hanging around, but if you have old video games from your childhood, you’re almost certainly sitting on extra cash. The market for vintage video games is robust, with collectors and gamers alike seeking out both used and boxed consoles and games.

A Super Nintendo in a clean box with all of the accessories can sell for as much as $260, while an untouched SNES in the box can go for $850. There’s also a robust market for other consoles and games that are in good condition.

Start a Side Hustle with Your Free Time

Do you want to add a consistent new stream of revenue to your budget? Making use of your free time to start a side hustle has never been easier, thanks to a number of online platforms that facilitate freelancing. Leverage your core professional skills to do all kinds of work for paying customers.

Even if there’s not much of a market for those skills, you can also turn to things like Uber and delivery app services to earn some extra money on evenings and weekends.

Rent Out Spare Bedrooms

You don’t necessarily need spare time to earn extra cash.

Extra bedrooms or a finished basement can be an opportunity to earn some extra money by renting it out on vacation property apps. Renting out a bedroom or a basement is a great way for budget travelers to visit new cities.

Start an Online Store

If you’ve always had a passion for making things, now may be the time to see if there’s a market for your weird and wonderful creations. Whether you’re an arts-and-crafts creative or a woodworking wonder, see if there are people out in the world who would pay for your creations.

Sites like Etsy have made it easier than ever to create your own online store, enabling you to connect with markets around the world to sell your wares. It can be a great way to turn a fun pastime into an active stream of income.

Earning extra cash can make meeting the high cost of living that much easier. These are just five ways you can get started.