I was chatting with one of my girlfriends tonight when she told me her company was laying her off. She’s on retainer for two months, and if the company doesn’t re-hire her in that time, she’ll also receive two months of severance. It’s unfortunate timing because she just bought her first townhouse and the news came just three days before her first mortgage payment!
We started talking about her finances and how the news has changed the way she’s spending now. Obviously, she’s tightening up her purse strings by reeling in spending, but she admitted that she only lives off two-thirds of her income as it is. Moving forward, she’ll try to live off only half while hustling for a new job. Back when she decided to buy a house, she knew she wanted to have a roommate to help decrease the burden of the mortgage. I’m so proud of her!
Then she said something that shocked/impressed me even more… she rents out her townhouse parking space to her roommate for an extra $50/month. Am I the only one who hasn’t thought of doing this? She lives in the city so parking is at a higher premium than in the ‘burbs, but it works out because she doesn’t have any issue finding street parking. What a super easy side hustle to help her along! 
I’m learning new personal finance tips everyday!
So I’d like to raise my pretend glass and give a toast to her and all the other interesting men and women that have helped inspire or teach me something new this week! Check it… these were some of my favorite blog posts this week:
Blonde On a Budget inspires me daily. Last week, she shared her story of being financially maxed out with no money to paying off $16,000 of debt in a year. This week, she shared her dream for changing the world… and we can help make it happen!
Budgets are Sexy is the first personal finance blog I ever followed regularly. I remember seeing his net worth updates and wondering what they meant. Four years later, I’m tabulating my own net worth updates. I looked back at his very first net worth update and we’re both starting from roughly the same spot… but now he’s up to $315, 258.43 without measuring the value of his reputation in the community. His monthly posts inspire me and I hope to have as much success in the future.
Bog of Debt had my favorite read of the week… she’d received great advice in the past that actually applies to everything, including finances! We learned that it’s not about the numbers… it’s about giving it everything you’ve got!
Thanks for the inspiration!
Thanks for the mention! And that friend of yours sounds incredibly smart. I would never have thought about renting out the parking space.
No problem! I thought the parking space “rent” is pretty cool. I think most people would want to keep a reserved parking space for themselves out of convenience… but if you’re willing to part with it, it’s a good way to market a convenience to someone else.
Loved all these posts, this week! Thanks for sharing mine
You’re very welcome! The charities and outreach programs closest to my heart are all focused on helping young girls and women. I hope you can reach your goal!
Wow, your friend sounds like she has a strong head on her shoulders. If that happened to me just 3 days before my first mortgage payment, you’d better believe that I’d be crying and telling everyone my world was ending. I’m obviously much more dramatic than your friend haha.
It is a good idea to rent out as many rooms as she can, and that’s a great idea for parking. Sometimes landlords do offer more if you want to pay more – for example if you want a furnished room, you can possibly add more to the monthly rent.
Good luck to her! I also find those blogs inspiring:)
She’s definitely wiser than the average cookie. She was the very first person to clue me in on online savings accounts, too! I know she has an extra bedroom that is going to be furnished as a guest bedroom once she’s all unpacked, so that may be something for her to think about to bring in even more income. With two tenants, she may even be able to cover her whole mortgage!