7 Ways mums can make money from the sharing economy
Considering the share economy as a way of boosting your household income? Not silly, not silly at all!
The cost of living and getting ahead today has forced many families to consider additional ways to be creative & innovative when it comes to drumming up additional cashflow to help cover household expenses or to put towards paying off debt or saving for life’s little luxuries.
But you’re a mum and it’s just not that easy to become an Uber driver right?
And if you’re anything like me, whenever you read a roundup post of ways to make a legitimate income from the sharing economy you probably have the same thought that I do:
How much can you really make?
It sounds great – the idea of renting out your car, your spare bedroom, your caravan, or your time – but the big question is does the effort translate to a meaningful financial reward.
In other words, is it worth it?
Well, I’ve done some research and rounded up 5 easy ways for everyday mums to earn from the sharing economy.
Car Next Door
Now you’re not likely to rent your family car out if you’ve got a young family. Too much hassle. But if you’ve got a second (or even third) car lying around that you use a couple of times a week for running around it’s worth considering renting it out.
This Sydney woman, listed her Toyota Yaris on car-sharing platform Car Next Door for $30 a day and has had huge demand. In January this year she earned $800 before costs alone.
Now, at $30 a day, that means her car was rented out the entire month (26 days to be exact) for her to earn that sum. But if you have a loan to repay, a car sitting mostly idle or some other reason why you may need to own a car but not use it all the time – this is definitely a way to earn some extra cash.
To sweeten the deal even further, currently Car Next Door currently has 450 cars listed in Sydney, Melbourne and Newcastle serving more than 16,000 renters. I like those odds of getting booked!
Because of the big discrepancy, it is currently offering car owners in 100 high demand suburbs across Australia a guaranteed income of $2000 in their first year or the company will pay the difference.
Now granted not all of us a campers – so if this isn’t you, feel free to skip to the next one. But for those of you who do camp and have an RV, a caravan or campervan – listen up!
You could be sitting on a tidy little annual profit.
Camplify is a peer-to-peer platform where people rent their caravan or campervan or other camping vehicle out for a nightly or weekly rate.
Their website says that renters can earn anywhere between $280 – $2100 per week by renting their RV to holidaymakers who want to experience the joys of camping, without having to own their own caravan.
This man was able to quit his job and generate around $60,000 a year in income! Now, he has a fleet of 6 vehicles to bring in that kind of income but he does it all from home, with internet access.
Now between the grey nomads and younger families being drawn more and more to this kind of holiday – something tells me this platform is here to stay.
Motherhood is a free app that connects mothers and others in your ‘hood for trustworthy child minding. It allows mums to earn money while being with their kids effectively turning motherhood into an income earning role in and of itself.
By sharing the care of their children with other children outside the family, this kind of service provides families more options for generating household income without sacrificing time with their kids.
With this particular app – you create a profile and then search for a carer. Mums minding children with their own kids can earn $18 an hour and without kids can earn $22 an hour.
The Motherhood app is currently in operation in Sydney with plans to expand across Australia as well as the US & UK.
Air BnB lets you rent out your spare room or whole property to holidaymakers for a nightly or weekly rate. Now as a mum with a family at home, maybe this is something you’re comfortable with, maybe it’s not. But hear me out.
A recent report commissioned by Airbnb showed the average income for Australian hosts was under $5,000. But that is nothing to sneeze at if you are looking to generate additional cashflow as a family that helps you take a holiday, pay down the mortgage or just help to cover household bills.
There are those hosts earning six figures from this gig though – and really it appears the difference comes down to the space you’re renting, the location and the hosts investment in making it pay by giving it the time it deserves.
To give you an idea of the average incomes able to be generated, a separate report from Airdna showed the estimated revenue for a spare room in Sydney was $18,472 per annum, while for properties with four or more bedrooms, the average annual income was more like $107,607 in Sydney.
Air Tasker / Upwork
Ok so this one has some serious legs.
Now I don’t expect you to drop the kids and head out to help move a couch or mow someone’s lawn! But there are so many categories that other people require help and assistance with:
- Home organisation
- Nutritional advice
- Cooking & Baking
- Dog Walking
- Health & Wellness
- Office administration
- Business services (e.g. typing, data entry etc)
- Even graphic design & web development & IT
The list goes on – but if you have a skill set that you can offer up for payment, again it something to consider given you can set yourself up online while you’re at home looking after the kids.
Even if you’re working, you can do the work anytime that suits you so you could drum up some side gigs to help with the household bills.
Are you a dog lover? Did you know you can get paid to walk & look after other people’s pets? This platform matches dog lovers with other dog owners together to share in the care of their pet. It’s kind of like a babysitting service for your family pet.
Now, if you can find another local family and strike up a regular gig – then this could be a good little wicket! This Sydney woman, uses MadPaws and earns about $220 a week from the platform.
This kind of money isn’t going to make you rich, but it will certainly generate some tidy additional cashflow to help you through a financial tough spot or help you pay off some credit card debt if you’re trying to get on track with things.
And if you have an animal already, chances are you have already built that time required to care for a pet into your daily life anyway. So there is no significant additional time cost.
Any spare room at your place? There’s not at mine so you won’t find me on here!!
But if you’ve got an empty driveway, maybe a garage or storage cage, front lawn or attic – then this could be right up your alley.
This platform lets you rent out any of these kids of spaces for a fee to those who are in need of some additional space for their stuff!
This Sydney woman rents out her garage for $350 a month and a storage cage for $150 a month – that’s $500 extra a month in additional cashflow!
All of this is not going to make you insanely rich, but it will help you generate extra cashflow which you can use to fuel the rest of your financial planning.
Remember, you need net cashflow to be able to save money. You need to be saving to step towards financial independence. And you need to invest those savings to create wealth.