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5 ways to make up to $5,000 by the end of January

A person holds a stack of $50 notes.
Aussies are taking to renting out their property to make some extra cash. (Source: Getty)

A trolley full of food, spiralling credit card debt and keeping the car ticking over are the main financial concerns keeping Aussies awake at night as we enter 2022 and the cost of living threatens to blow out of control.

Most Australians are worried about everyday living expenses rising to an unmanageable level over the next 12 months, according to Canstar's latest Consumer Pulse Report.

The report, which surveyed 2,000 Australian adults, found the biggest financial pain points were the price of groceries, petrol prices and the rising cost of rent.

But many Aussies are now turning to the ‘share economy’ to make extra money.

Financial adviser Robert Inukihaangana from 1st Financial Solutions said to avoid a “January debt hangover”, it was important to start the year with a budget, along with looking for ways to make savings along the way.

“The sharing economy is a great way to utilise what you already have,” he said.

“There are so many platforms out there now where you can rent out your house, car, clothes and storage areas that it makes sense to have your assets working for you.”

Here are five ways to make $5,000 by the end of January.

1. Rent out your wardrobe

Fancy frock owners are listing their wares out by the day on dress-sharing platforms such as The Volte, with aspiring fashionistas making thousands a week.

Renting out your Zimmermann, Aje and Cler dresses could see you bringing in the big bucks.

Average monthly earnings: $3,000

2. Rent out your garage

As workers return to the office, many commuters are desperate to hire city car spots to avoid catching COVID on public transport.

Platforms such as Parkhound, which marries people looking for car spots with those who have them sitting empty, has seen a huge jump in bookings.

Average monthly earnings: $300

3. Rent out your pool

Yes, people do that.

If you have a pool you’re not using, well - you can rent it out by the hour or day.

Swimply, known as ‘the Airbnb for swimming pools’ lists chlorinated and sea salt swimming pools across Australia.

The regular Swimply pool owner earns between $5,000 and $10,000 per month.

Average monthly earnings: $2500

4. Rent out your car

If you’re like a lot of car owners around the country, your vehicle is probably sitting idle while you work from home.

The average annual cost of owning and running a small car is around $8,000, by the time you factor in insurance, registration, depreciation and running costs like fuel and servicing.

The average car listed on Car Next Door not only earns enough to cover the cost of annual registration and insurance, but actually brings in money.

The average car earns around $4,000 a year after expenses.

Average monthly earnings: $300

5. Rent out your shed or storage space

A new report from Spacer, which connects people seeking storage with those who have it, found people were consuming more during isolation and lockdowns.

Out of 300 people surveyed regarding their shopping and storage habits, respondents were six times more likely to respond that their online shopping had increased during COVID.

Average monthly earnings: $400

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