Whether it’s undergoing a financial audit, making the most of empty space, putting your hand up for market research or getting involved with car-sharing, there are many ways you can boost your income and improve your financial position.
Now is the time to break bad habits and get proactive with your savings.
So if making more money is on your 2018 wishlist – here are eight (hypothetical) ways to help reach your financial goals, compiled by finder.com.au.
Perform odd jobs: Airtasker lets you sign up online to perform odd jobs in your area. Tasks include anything from IT help to assembling furniture. If you worked for $15 per hour, you would need to work about two hours per week throughout the year to earn an extra $1,560. If that sounds like a lot, consider the fact that the average Australian watches four hours of TV per day.
Do a life audit: As the saying goes ‘A dollar saved is better than a dollar earned’. Go through all your expenses to see where you can cut costs – and be ruthless! Prepay your health insurance premium for the year or find a cheaper interest rate on your home loan and watch the savings flood in. For instance, on a $300,000 home loan (with a 30-year term) and the average standard variable rate of 5.08%, a 0.5% rate discount would enable you to save $91 per month or around $1,092 per year.
Sell unwanted items: Make money off unwanted belongings by selling your items through online sites like Gumtree or eBay or at second-hand shops. You can get rid of some clutter and make some extra cash by holding a garage sale. Things that have been accumulated over the years and hidden away in cupboards could quickly and easily be turned into much-needed funds. Look around your house and ask yourself ‘how can I make money from what I already own?’.
Empty space: If you have any untapped space like an unused garage or shed, spare room or attic you could earn roughly $200 a month by putting it up for rent as storage space. Commercial storage is getting expensive and people are looking for a cheaper alternative. Travellers, house hunters and small businesses will pay to store their stuff at your place.
Rent out your belongings: The internet has opened up a new economy – where people can make money from their goods and services that were once only useful to the owner. From bikes and video game consoles to drinks dispensers and power tools, renting out rarely-used items could give your bank account a healthy boost.
Participate in market research: Sessions last on average between 30 mins and 1.5 hours and take place during the day, evenings and some weekends so suit a range of people. Can expect to earn between $50 and $150 per session. If you’re doing 3 sessions throughout the year, that’s an easy $200 earned.
Test websites and video games from home: Having a user-friendly site is a must for online businesses, so many are conducting usability testing. Everyday people test the user-friendliness of products including apps, sites, and software– so they can fix the flaws and bugs before it hits the market. You can expect to earn about $30 per test. For four tests throughout 2018, you could pocket $120.
Car sharing: You can turn a depreciating asset – your car – into an income-producing one. Private car owners can list their vehicles on websites like Car Next Door and Drive My Car allowing members to use them for a fee. Dubbed ‘Airbnb for cars’ – owners can make extra cash from their vehicle while it’s not in use. With the average Australian household now spending around $200 a week in transport costs – there’s a growing number of people turning to car sharing platforms to make short-term bookings instead of the annual expense of owning their own car. According to Drive My Car, you could earn $800 a month or more for renting out your car (the amount you’ll earn depends on the vehicles market value). If you rented out your car for two months of the year, that’s $1,600 in earnings.
8 ways to make $8,000 in 2018:
Perform odd jobs
Do a life audit (refinance mortgage)
Sell unwanted items
Rent out empty space as storage
Rent out belongings
Participate in market research
Test websites from home