How to get $20,000 richer in 2018
- Earn up to $19,220 extra by putting your time and skills to paid use
- Fast ways to give your finances a boost
- How to have extra cash coming in and ramp up your savings
28 December, 2017, Sydney, Australia – Australians can ramp up their annual earnings by almost $20,000 by making money from their spare time and assets, according to new research by finder.com.au, the site that compares virtually everything.
One in five Australian adults (22 per cent) are turning to the sharing economy for additional income, with Aussies already earning an average of $7,300 a year from these side jobs.
The 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 $8,140 on average.
In third place of quick ways to make extra money in 2018 is running other people’s errands, which can earn you a quick $590 through Airtasker or Fiver.
Interestingly, it was those who are working full-time jobs that are also most likely to be making extra cash in the shared economy. One in three (33 per cent) Aussies with full-time jobs also have a side hustle, compared to 23 per cent of part-time employees, 19 per cent of students and 12 per cent of those that are unemployed. Full-time workers pocketed $9,016 on average from the sharing economy, more than double that of what part-time employees earnt ($3,753).
Bessie Hassan, Money Expert at finder.com.au, says Aussies are cashing in big by making use of resources that sit idle, and utilising technology.
“How much you make is dependent on how hard you work but the research shows it can be very profitable,” she says.
“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.com.au’s national survey of 2,010 Australian adults found around 17 per cent of Australians report renting out a property or a spare bedroom, 7 per cent say they have driven an Uber, and 6 per cent report freelancing or running errands and getting paid for it.
“It’s expected that this number will skyrocket as households look for creative ways to shield themselves from rising living costs,” she says.
Ms Hassan says if working odd jobs for cash isn’t your thing then look for ways to cut back spending in 2018.
“Commit to a ‘zero spend’ day a week where you actively avoid buying anything including a morning coffee, and stop paying too much for financial and insurance products.”
“Let 2018 be a fresh start for your finances – don’t waste another 12 months regretting not making changes.”
The three ways Aussies are making money on the side
Source: finder.com.au survey of 2,010 Australians.
|Ways to make money
|Average annual earnings
|Rent out a spare room
|Drive with a rideshare service such as Uber
|Freelance work through sites like Airtasker or Fiverr
For further information
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.
Every month 2.6 million unique visitors turn to Finder to save money and time, and to make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.
Our free service is 100% independently-owned by three Australians: Fred Schebesta, Frank Restuccia and Jeremy Cabral. Since launching in 2006, Finder has helped Aussies find what they need from 1,800+ brands across 100+ categories.
We continue to expand and launch around the globe, and now have offices in Australia, the United States, the United Kingdom, Canada, Poland and the Philippines. For further information visit www.finder.com.au.
12.6 million average unique monthly audience (June- September 2019), Nielsen Digital Panel