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12 tips of Christmas #9 – Make extra cash using your things

It has never been easier to put your possessions and assets to work.

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The lowdown

The "gig economy" has been growing rapidly for years and it's easy to see why.

Making money on the side, with things you already own, in your own time, without too much effort – what's not to love?!

Thanks to sites like Airbnb and car sharing apps like Car Next Door, it has never been easier to make money by renting out your most expensive assets. Even the small things you don't use anymore – an old phone, vintage clothes – can earn you a decent bit of extra cash on eBay or Gumtree with a tiny bit of effort.

The best thing about creating these sorts of side hustles is the flexibility it can provide. You can make it work around your own schedule, whether that's choosing the hours that you work or leasing your things out when you're not using them.

Here's how you do it

Make a list of the things you don't need or use. Think outside the box. Do you have a parking space you don't use? How about a car you don't drive very much? Do you have a spare bedroom? If so, you can add these to the list. Renting out your biggest assets, such as your home or your car, is one of the quickest ways to start paying them off.

Pick something from the list to sell or rent. It might be something small – say an old turntable you never use, shoes that have never been worn – or it could be something bigger, like your spare TV in the guest room. If you have something you own but don't use, chances are that someone else will want it. Chuck it on Gumtree or eBay and see if you can make some cash.

Consider creating an experience. Airbnb has opened its platform to experiences meaning you could share your favourite beaches, walks or wineries and make a profit.

Rent out something you aren't using. Have a cross-trainer sitting in the garage that you only use in winter? Not using your ski gear over summer? Have a pool in the backyard to hire out? Marketplace platforms are not just for selling – people are looking for short-term gear rentals too.

Don't miss these tips

Take advantage of peak periods. You can make your assets go further by choosing the times when you dedicate your time. For example, Uber drivers get paid more when they jump on during a surcharge. Going away for Christmas and live in the city? You could earn 2 or 3 times more than average for your property.

Think outside the box. There are lots of opportunities out there and more become available daily. Be proactive and think about how the things you own can make you extra cash.

Check back each day in the lead-up to Christmas to get our latest expert personal finance tips.

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