How to Make a Shared Economy Work for You

According to Canstar, in 2017, more than two-thirds of Australians spent and earnt money through the sharing economy and by 2021, the market for peer-to-peer services is projected to grow to $55 billion dollars. So, how can you get involved and make money (or save it)?

Drive your way to an income

Driver’s license? Well maintained car? A pro at navigating your local streets? Killer playlist? If you answered yes to all those questions, then joining Uber, GoCatch, Shebah or one of the other drive sharing platforms could be for you. Each has their own requirements but if you don’t mind sitting in the drivers seat, it’s an easy way to make some extra cash.

These platforms are also great if you’re looking to save a few dollars when travelling during non-peak periods or for shorter distances yourself. Just download the app and away you go.

Put your skills to good use

Founded in 2012, Airtasker allows you to outsource just about anything, so if you’re handy with the tools, have a Ute and are prepared to do some heavy lifting or have some mad design skills, you can easily pick up odd jobs that will help pay your rent, save for that holiday or even splurge on a shopping trip. The more jobs you do, the better rating you’ll get and who knows, eventually it might become your full-time gig!

Airtasker is also great if you have a job you need to be done and a limited budget to do it. Outsource and get a professional which leaves you time to do the things you really love, like binge-watch Netflix.

Need a bed, have a bed?

When Brian Chesky and Joe Gebbia found themselves in the position of not being able to afford rent, they decided to put an air mattress in their living room and rent it out for a few bucks. And just like that, Airbnb was born. Some ten years later, they have redefined shared housing. Whether you have a bed, bedroom or even a whole house to rent, making some dollars is easy. In fact, the industry has seen such significant growth that people now employ agents to manage their Airbnb properties.

Airbnb or other shared accommodation is great for travelling and properties are often a lot cheaper than hotels so if you’re looking to save some money on your next getaway, make sure you take a look.

Other ways to share the economy

If you have a car but don’t drive, you could let others drive it for a way to increase your income whilst if you have a parking spot but no car, renting the bay out is a way to make money. A black-tie wedding can be an expensive event so if the invitation comes at the wrong time, considering hiring a designer dress rather than buying and if you have a creative streak, you can sell your art through sites like Redbubble.

A shared economy is a great way to make some extra money but don’t forget, sharing resources comes with risk so make sure you do all the necessary research before signing up. If you’re renting out your home or car, make sure your insurance allows for this and if you’re planning to earn an income, make sure the tax man knows and before you know it, you’ll be doing all the things you wished you could, but never had the money to do.

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