With rising interest rates, extortionate petrol costs, a trolley full of food, huge credit card debt, and keeping the car ticking over are the main financial concerns keeping Aussies awake at night as the cost of living rises.
Most Australians are worried about everyday living expenses rising to an unmanageable level over the next 12 months, according to the Australian Bureau of Statistics' Consumer Price Index.
However, Aussies can turn to side hustles by sharing or renting out their under-used assets on various apps. These include:
- 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 designer labels such as Zimmermann, Aje and Acler dresses all that much anyway. Average monthly earnings: $1500.
- Rent out your garage: As workers return to the office, many commuters are desperate to hire city car spots to avoid traffic and bad weather. 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.
- Rent out your pool: Got a pool you’re not using? You can rent it out by the hour or day! Swimply, known as ‘the Airbnb for swimming pools’ has stunning chlorinated and sea salt swimming pools across Australia. The regular Swimply pool owner earns between $5,000 to $10,000 per month. Average monthly earnings: $2500.
- Rent out your car: If you’re like most car owners in Australia, your car probably sits idle about 96 per cent of the time. The average 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. That’s a huge expense for something that spends most of its life sitting around. 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 – with the average car earning around $4,000 a year after expenses. Average monthly earnings: $333.
- Rent out your shed or storage space: A new report from Spacer – which connects people seeking storage with those who need it – shows people are consuming more post lockdown. Out of the 300 people surveyed regarding their shopping and storage habits, respondents were 6 x more likely to respond that their online shopping had increased in the last six months. Average monthly earnings: $400.