How to make some extra cash this summer
Feeling a little strapped for cash this Christmas? You're not alone. A recent study by Finder revealed that one in three Aussies will struggle to pay for basic necessities like bills, rent and groceries over the holiday period.
It therefore comes as little surprise that Aussies are turning to side hustles to up their income and give their savings a boost. Currently, 1.9 million Aussies are making money through a side gig, while a further 5.5 million are looking to start in the near future.
There are multiple benefits to taking on a side hustle. Unlike a franchise business or similar, you don't require a hefty upfront investment or extensive training. Instead, you can utilise your existing skills or assets to ride out a cash flow shortage or supplement your income.
If you're in need of some inspiration, here are some handy ways to make a little extra dosh over summer.
Is the side hustle hype, or a way to make some cash fast?
Rent your house on Airbnb
Why not make use of the most expensive asset you own? If you're going away over the summer, you can rake in a sizeable amount by renting your house out on Airbnb. The amount of money you can make will depend on your property type, location and whether you're listing a room, granny flat or entire house.
To work out how much to charge, take a look at Airbnb's map function tool or price comparison tool to gauge the going rates for other properties in your area. Prices will generally increase over the summer peak period, which can help to bump up your asking price.
Rent out your garage or driveway
Parking spots are a hot commodity, especially in inner-city suburbs or areas close to train stations and bus interchanges. If you have an empty car space, commodify it! Sites like Spacer allow you to list your driveway, garage or parking space for free. All you need to do is upload some snaps of the available space, set your price and let them do the rest.
List your services on Airtasker
Are you a gun at mowing lawns or landscaping? Do you have a ute or a van you could use for deliveries? Airtasker is an online peer-to-peer marketplace where users can outsource their everyday tasks for a fee. If you sign up as an Airtasker Worker, you can monitor any jobs posted and outbid other workers to complete them. Jobs can include everything from house painting to dog walking- there's something for everyone if you're prepared to hunt around or think outside the box.
Signing up to Airtasker is free, but the company will take a 15-20% service fee for any job you complete. For instance if you deliver a couch to a nearby city for $100, Airtasker will deduct $15-$20 before the funds are deposited into your account.
Take part in a focus group
For companies and businesses, consumer's thoughts and opinions on particular products and services are invaluable. They'll therefore run consumer focus groups to get a deeper understanding of how the general public will perceive their products.
These focus groups can be an easy way to make money online. You can sign up to complete online surveys, which can eventually lead to larger projects such as online focus groups or online community-based discussion groups. The amount of money you earn depends on how much time you're willing to put in to filling the surveys out.
Do a financial audit
When was the last time you compared your mortgage rate or car insurance premium against what's currently on offer? If you're still on the fence when it comes to the gig economy, then reviewing your finances can be a simple way to end up with more money in your pocket. Switching to a better deal can save you hundreds (or even thousands) in the long run.
For instance, if a homeowner with a loan of $500,000 were to switch from a rate of 4.00% to 3.50%, they could end up saving $1,072 over the course of a year. Energy customers can also nab a discount by simple things like paying online or paying bills on time. Often if you notify your provider that you want to switch, they may offer you a discount to stay. Car insurance premiums can also vary by hundreds of dollars between the lowest and highest offers available.
There are hundreds of ways to make some extra money if you're willing to look. And you never know- your side job could end up as your day job. Make sure you're across any tax requirements before you start, as well as any sign-up fees or commissions. Check out Side Hustle Finder for further ideas and inspiration.