One way of making a little extra income is by renting out a spare room in your house to a lodger. The government has a scheme whereby you are allowed to earn a £4,250 each year, tax free, if you rent out a room and you can find out more here… Rent A Room Scheme

Lodgers come in all shapes and sizes and choose to rent a room for many different reasons from needing accommodation near their work for a few months or as a new start after divorce and the loss of their family home.

Renting a room does not have to mean you are sharing all of your house with a stranger. In many cases lodgers become family friends for life but you have the choice about how much access they have to the rest of the house. They obviously need access to the kitchen and bathroom but you decide if they are allowed to use the garden, the lounge or any other rooms you have.

It is a good way to bring in some additional income to help you overcome your debt problems or just to give you a better standard of life or to build your pension pot and if you have a spare room or two it might be something worth looking in to.

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Filed under: Living On A Budget • Money

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