MY MONEY

10 ways to make extra cash with the share economy

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Looking for a way to make some extra cash in 2018?

The sharing economy could be the answer. One in five Australian adults are turning to the sharing economy for additional income, with Aussies already earning an average of $7300 a year from these side jobs according to research by Finder.com.au.

You can boost your coffers using the sharing economy even if you have a full-time job. Finder's research found that 33% of Aussies with full-time jobs also have a side hustle.

There are a number of options available to supplement your income. It might be as easy as renting out a space or under-used car or you might actually have to work a little harder for the money for example driving people around or petsitting.

sharing economy uber

Share-economy platforms

Some of the platforms you can use include:

Airtasker

You can do tasks for people who want to outsource them. It could be assembling furniture, packing boxes or admin work or pick-ups and deliveries.

OpenShed

Hire out items that you don't use all the time. Items you can list include tools, camping gear, electrical appliances and more.

Uber

No doubt you know how this works - you can make some cash from driving people around.

Spacer

If you have a garage, shed, room or storage unit that you're not using, then the idea is that you can rent it out to earn extra cash.

CarNextDoor

This service allows you to rent out your car when it's not being used.

Mad Paws

It's essentially a pet sitting service and you can mind people's dog or cat while they are away.

Airbnb

This is probably another of the most well-known services. You rent out a room or your whole house.

Camplify

You can rent out your RV, caravan or motorhome.

Zoom2u

A little like Uber but instead of people you're transporting, it's parcels.

FoodybyUs

Make meals to sell food to your local neighbours.

Combine platforms

You could earn even more by combining a few different platforms, for example leasing your garage, doing some jobs on Airtasker and renting out a room. Of course, you need to declare the income in your tax return.

"How much you make is dependent on how hard you work but the research shows it can be very profitable," says Bessie Hassan, money expert at finder.com.au.

"The sharing economy has taken off in Australia and it's seen as a legitimate way to boost income. It may not make you rich but it could be enough to pay for an extra holiday or boost your savings account."

Finder's research shows the most lucrative way to earn money on the side is as an Uber driver - with the average Australian raking in $10,490 from the ride sharing service.

Renting out a spare room on online platforms such as Airbnb is earning property owners $8140 on average. In third place, running other people's errands, which can earn you a quick $590 through Airtasker or Fiverr. Combine all three and you're looking at close to $20,000 extra.

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Maria Bekiaris is editorial campaigns manager for Canstar and former deputy editor of Money. She holds a Bachelor's degree in business.
Comments
vanouhi
June 24, 2018 9.27pm

If you have baby equipment, you can also earn money by renting it out on Kindershare. Some families have made $500 in the last 6 months - much more than they would have by selling them on Gumtree. Items are free to list, and Kindershare covers your insurance and up to 75% replacement cover in exchange for a small fee on transactions.

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