How to earn more money this year than ever before

Share economy services can help boost your bank account using skills and tools you already have!

If your finances are in need of a bit of a boost, earning some additional dollars may not be as hard as you think.

There are plenty of options out there for those who are looking to make some extra cash, and it can be as easy as walking a dog or renting out your unused car space.

Indeed, the share economy — which typically means ways people make money by renting out something they are not using like a car or apartment — is becoming an increasingly popular way to make some extra money. It allows for the opportunity to generate extra cash without having to commit to another full-time or part-time job.

Money Magazine Editor Effie Zahos shared a few of the ways people can boost their incomes using this method.

The share economy enables us to make that extra cash. It could be as simple as renting out your unused car space on Parkhound, where you can make up to $3,000 annually without the hard work,” Zahos said.

“You also have options like Airbnb where you can rent out your room, or sell your services on Airtasker.

For those that don’t have a car space to rent out but have a car, you can still make use of this through joining up to services like Uber where you switch the service on and off for when you want to drive people around. There is also Car Next Door, where you can rent your car out when you’re not using it. The latter is also a service you can switch on and off when you want to use it.

If you’re not too keen on renting out your vehicle or space to someone, Zahos explained that another option is cashing in by using skills you already have.

“You could always offer to tutor as a teacher, you can walk dogs or you could even go and pick up someone’s groceries,” Zahos said.

Below is a list of just some of the share economy businesses you could make money from in Australia. There are options such as spacer, where you can rent out car spaces or storage, as well as Kinder Share which provides a platform to rent out baby equipment, and ToolMATES, where you can rent tools in your area. If you own a camper van, caravan or motor home, but only holiday in it once or twice a year, camplify can connect you with people who can hire it.

It’s also well worth checking out sites such as Sharing Hub — which connects communities and share economy businesses. However, do remember that the same tax rules apply to any additional income you make!

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