If your parents are experiencing financial difficulties, it is only natural for you to want to assist them. Growing up, you can think of innovative ways to earn money with your parents or on your own Identifying ways to save money while living with your parents is also beneficial, such as reducing your use of electricity and taking advantage of coupons. If your parents are older and you are an adult, you may be able to assist them in a variety of ways, such as finding them a new place to live or paying their bills.
Method 1 Earning Money as a Kid
1. Consult with parents you know who have young children about possible babysitting opportunities. You’re probably acquainted with some adults who have young children. If they believe you are trustworthy, they may be able to provide you with babysitting opportunities. Inform them if you have previous experience working with younger children. For example, if you have taken care of your younger brother while your parents were away, that counts as volunteer work!
Consider becoming certified in first aid and CPR to alleviate some of their anxiety.
2. Inquire with your neighbours to see if they have any odd jobs you could do for some extra money. Every person has a few small tasks around the house that they would prefer someone else to complete for them. The only requirement is that you are willing to do whatever they ask! It’s possible that you’ll rake leaves, vacuum the carpets, clean out the gutters, mow the lawn, or assist them in cleaning out the garage, for example.
You could also wash their cars or clean the windows on the outside of their buildings.
3. Make a living as a dog walker or house sitter. You can assist people by walking their dogs when they do not have the time or energy to do so themselves. Establish a standard rate per dog or per outing, for example. In addition, you can offer to house sit for people when they are out of town, as many people do not want to leave their animals in an animal kennel while they are away from home.
When you house sit, you may be required to perform tasks such as watering your neighbours’ plants, bringing in their mail, and feeding their animals on a regular basis. You could also take their dogs for a walk.
4. Assist your parents with the organisation of a yard sale. Make a designated area in your home or garage where all of the sale items will be stored. Instruct each member of the family to go through their belongings and determine what they can put up for sale. On common rooms, you can collaborate as a family to complete your tasks. Sort the sale items into categories such as books, kitchenware, sports equipment, and clothing, and then assign prices to each category. Last but not least, choose a date for your sale!
To price items, either place stickers on everything or arrange them in sections that are all the same price as each other. Don’t get your hopes up too much! Many items will sell for less than $10 USD, though if you have furniture or electronics, the price of those items may be higher.
Advertise your sale by posting it on social media, Craigslist, and in the local classifieds, among other places. Also, on the day of the sale, put up a poster in your yard to attract attention.
5. Make crafts or products to sell at a craft fair. If you have a crafty family, you might be able to put those skills to good use in this project. For example, if you have the necessary skills, you could work together to build furniture to sell, or you could sell baked goods over the internet. You could make seasonal items such as wreaths or holiday decorations for different occasions.
Make a brainstorming session to come up with ideas for things you could make and sell as a group.
Always double-check your local laws before proceeding! For example, in some areas, you are allowed to sell baked goods from your home as long as you do not exceed a certain dollar amount in sales.
6. Provide companionship or assistance to elderly people who are lonely. Many elderly people require a little extra assistance or simply someone to sit with them for a couple of hours during the day on a regular basis. You can engage in conversation with them and assist them with minor tasks such as obtaining items that they cannot reach. Alternatively, you could assist them with things such as getting lunch together or making phone calls that they require assistance with.
Inquire with your parents if they know of anyone who has elderly relatives who require a little assistance.
7. Set up a lemonade or baked goods stand in your neighbourhood to make some extra money. You’ve probably heard of the concept of running a lemonade stand before, and you can make some extra money doing it too. It’s best if you can time it to coincide with other events in the area, such as a yard sale or neighbourhood activities. Make your lemonade, and then sell it for so much a glass that you’re making a profit. You can also make baked goods if you want.
Try a hot cocoa stand during the winter months!
Check your local laws to ensure that setting up a stand does not constitute a violation of them!
8. People in your community can benefit from your technology-related services. If you’re like the majority of today’s children, you grew up with technology and are familiar with how to use it. Other people who do not possess those abilities may be willing to compensate you for your assistance. For example, you can make minor adjustments to photographs, create photo albums, enter contact information into a person’s phone, or set up a computer for another person.
If you have the necessary skills, you could also build a website!
9. Together with your parents, start a car wash business. Gather car soap, buckets, sponges, and hoses and set up a makeshift car wash on your street to serve the community. Inviting the entire family to assist with car washing is a good idea; the more hands you have to assist, the better! You can charge a small fee for the car wash or simply ask people to donate what they believe the car wash is worth.
Put up signs and use social media to spread the word.
Don’t forget to bring towels for drying off the cars!
10. Produce is grown with the intention of selling it at a local farmer’s market. Growing fruits and vegetables does not necessitate a large amount of land. You can do it in most urban backyards or even in a small greenhouse if you have the right equipment. Decide on a location for a garden, and then decide what you want to grow in that space. Check out your local nurseries to see what kinds of plants thrive in your climate.
Tomatoes, cucumbers, beets, greens, and berries are among the most popular produce items at farmer’s markets. Think about cultivating unusual varieties, as people frequently visit farmer’s markets in search of something a little different.
In most areas, vending at the farmer’s market is either free or inexpensive. It’s simply a matter of harvesting your produce and setting up shop at the market each week.
Method 2 Saving Your Parents’ Money While Living with Them
1. Make use of money-saving applications to earn cash back. Some of these apps allow you to load coupons, while others require you to scan your receipts after you make a purchase to be considered active. Always check with your parents before scanning receipts, as they may not want them to be used in this manner.
With these apps, you typically scan your receipt and then receive points based on the items you purchased on the app. You can exchange your points for cash or gift cards at any time. Ibotta, Receipt Hog, ReceiptPal, and Fetch Rewards are just a few of the sites to check out.
2. With coupons, you can assist your parents in saving money at the grocery store. Coupons can be found in mailers and on the internet to assist your parents in saving money at the grocery store. It is critical to concentrate on items that you already purchase, as purchasing something extra with a coupon does not result in significant savings.
Some grocery store apps include coupons that can be redeemed in-store as well.
Keeping an eye on the weekly ads to see what’s on sale is another way to save money at the grocery store. Aside from that, always look for the cheapest brand, which is almost always the generic variety.
3. Purchase only the items that you require. You’ve probably heard people talk about what they want versus what they need. When you require something, you must have it in order to survive; for example, food, clothing, and shelter are all necessities. School supplies and other similar items are also generally considered to be necessities. But wants are things you’d like to have but are willing to give up in order to get them. When considering whether or not to purchase something, consider whether or not you actually require it.
Keep in mind that some wants can be mistaken for actual needs. As an example, you may require a new pair of shoes, but you do not necessarily need to purchase the most expensive brand-name shoes available, despite the fact that you may desire them. Choose a pair of shoes that is less expensive but still meets your requirements.
4. Pay attention to how much electricity you consume in order to reduce your bill. The majority of the things you use in your home require electricity, which means your parents have to pay for it. Try things like turning off lights and other electronic devices when you leave a room, and avoid turning the air conditioner or heat up or down when you leave a room altogether.
Also, make sure to take your clothes out of the dryer as soon as they are dry, rather than letting the dryer run on the “keep warm” setting, which will help to prevent wrinkles from occurring.
5. Purchase generic personal care products and use them in a responsible manner. Often, the generic version is just as good as the name brand version at a significantly lower price. Additionally, keep track of how much you’re consuming. Using a quarter-sized amount of shampoo when washing your hair, or a small squirt of hand soap when washing your hands, for example, will save you time and effort.
When doing dishes, use a small squirt of dishwashing liquid to fill the entire sink.
6. Reduce your water consumption. While the water bill is usually not the most expensive bill in the house, when you use hot water, your water usage contributes to the overall electricity bill as well. Take cooler, shorter showers instead of baths, and wash your clothes in cold water instead of hot water to help the environment.
Pour warm water and dish soap into one side of the sink while filling the other side with clean water when doing the dishes. Leaving the water running while you’re doing dishes is not a good idea.
Method 3 Assisting Your Parents as an Adult
1. If you are able to provide financial assistance, please do so, but first discuss the specifics. When money is involved, it is essential that everyone is on the same page. Despite the fact that it may be embarrassing, you and your friends must discuss what kind of financial arrangement you will have. For example, discuss issues such as whether the money is a loan, how frequently you can provide assistance, and what types of things they require money for in the first place.
For example, you might say something like, “I’m aware that you’re all in a difficult financial situation, and I’d like to do whatever I can to assist you. Because I can’t contribute much, I’d prefer that the money be used primarily for essentials. This, on the other hand, does not strike me as a loan. You wouldn’t have to pay anything back to me.”
Keep your own financial stability in mind at all times and never give money that you can’t afford to give. Also, if your siblings are able to contribute, encourage them to do so.
2. Demonstrate to your parents how they can earn money doing freelance work from home. Generally speaking, most people do not want to work in their retirement, but if your parents are experiencing financial difficulties, they may be unable to avoid it. However, they are not required to venture out into the world; they can complete a variety of tasks from the comfort of their own homes and on their own timetable. Give them some suggestions that are related to the fields in which they worked, and if necessary, assist them in setting up a computer. Typically, they can find freelancing jobs on freelancing websites, which list jobs according to the professions they specialise in.
They could, for example, write, edit, translate, do graphic design, tutor, assist with grant applications, or provide bookkeeping services, among other things.
3. Assist your parents in liquidating valuables that they no longer require. A large number of people have items laying around their homes that could be sold to generate some extra income. While it is not a long-term solution, it can assist in bridging the gap when funds are limited or non-existent. Antiques such as china, old comic books, antique furniture, old children’s toys, depression glass, and gold jewellery, to name a few examples, can all bring in a little money.
Take pictures of your items and list them on local classifieds websites such as Craigslist or Letgo, or try selling them on online auction sites such as eBay or Amazon. On Etsy, you can also look for vintage items or craft supplies to try your hand at.
If your parents have the time to go to garage sales and thrift stores, this can actually turn into a steady source of income for them. Many items, such as designer clothing and bags, as well as books, can be purchased for a low price and then sold for a higher price online.
4. Encourage your parents to rent out a room or their car to make some extra money. Many websites allow people to rent out a portion of their homes to vacationers, which is particularly useful if your parents live in a popular tourist destination. Other websites provide similar services for automobiles, so if someone has a car that they can only use part of the time, they can rent it out to others who require it for a brief period of time.
In order to rent out a space, it is preferable to have at the very least a designated bedroom and, preferably, a designated bathroom for guests. It is preferable to stay in a small guest house, but any private space will command a higher price on these websites.
If you’re looking for a house, check out the websites AirBnB or Homeaway. Turo and getaround are two car-sharing services.
5. Discuss the possibility of moving to a different living situation to help alleviate their financial burden. The majority of people want to continue living in their homes as they grow older, which is understandable. However, for some people, this becomes impossible after retirement because they are unable to afford the home in which they currently reside. Have an open and honest discussion about what other options might be more affordable for your parents, as well as how you can assist them in getting there with your assistance.
In some cases, they may wish to downsize to a smaller home or relocate to an apartment setting.
Alternatively, you may decide that you would like to purchase a home with your parents. If you’re already providing financial assistance to them, it may make sense to combine your households into a single structure.
A final option is a reverse mortgage, which is described below. A reverse mortgage is essentially a loan based on the value of a person’s home, which is called the equity. Even though these loans are not ideal, they can provide income for older couples who are struggling to make ends meet financially.
6. Inquire as to whether filing for bankruptcy is an option for your parents. Although no one wants to have that conversation with their parents, it may be the best option if you are unable to assist them and they are unable to pay their debt. Consult with a bankruptcy attorney first to determine your options, and then present that information to your parents.
You could say something like, “I’m aware that you and your partner have been struggling with debt, and I wish I could assist you. I’m just not in a position to do so right now financially. However, I’m considering whether filing for bankruptcy might be beneficial. I know it’s a difficult thing to contemplate, but it may make your life a little easier in the long run. I’m just concerned about you and want to be of assistance.”
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