How to add $5k to your monthly wage

Almost a third of Aussies dipped into their savings last year, with a recent survey showing groceries, fuel and rent among the biggest money concerns going into the new year.

But financial experts say turning to the share economy could help the savvy tackle the rising cost of living and make an extra few thousand along the way.

It comes as financial comparison site Canstar’s latest Consumer Pulse Report in November found the biggest concern for Aussies in 2022 is food, fuel and rent.

Just over half reported their average grocery spend per week had risen over the past year, while at the same bank balances took a hit.

Almost a third – 29 per cent – dipped into their savings during the pandemic and 14 per cent took on more debt.

Worryingly, personal savings fell, with the median amount Australians have in savings and investments outside of assets or superannuation is $5,000, falling from $15,000 in 2020, the survey found.

To cut costs and earn some cash, a growing number of people have turned to the share economy to score cash from things they don’t use often, whether it’s their clothes, parking spots, cars or even swimming pools.

Mum of two Elizabeth Benson reports making between $900 to $1500 a week renting out designer dresses from her wardrobe on luxury peer-to-peer dress sharing website The Volte.

Meanwhile Belinda Robinson, who lives in Sydney’s Northern Beaches, says she makes $13,000 a month renting out her house on Airbnb and her garage on online storage marketplace Spacer to neighbours, who use it to store their personal items.

She also rents her spare car spot to a commuter through Parkhound, an online site to lease and rent parking spaces from residents and businesses around Australia.

Financial adviser Robert Inukihaangana from 1st Financial Solutions says it’s important to start off the year with a budget, looking for ways to make savings and extra earnings along the way.

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

“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.”

TIPS ON HOW TO MAKE $5K BY THE END OF JANUARY

* Rent out your wardrobe: Renting your fancy threads out by the day could reap some serious coin. Designer dresses can fetch average monthly earnings up to $3000.

* Rent out your garage: Workers are returning to the office but keen to avoid public transport due to the pandemic, meaning city car spots are in demand. Average monthly earnings could top $300.

* Rent your wheels: If you’re like the average car owner, you car probably sits idle most of the time. Yet 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. The average car listed on Car Next Door earns enough to cover the cost of annual registration and insurance, plus around $4,000 a year after expenses. Average monthly earnings: $300

* Rent out your shed or storage space: Too many things and not enough space to store them? Spacer connects people seeking storage with those who need it. Average monthly earnings can be up to $400

* Rent out your pool: If you’re lucky enough to have one, did you know you can rent it out by the hour or day? Swimply, known as the Airbnb for swimming pools, let’s you do it. The regular Swimply pool owner is said to earn between $5,000 to $10,000 per month. Average monthly earnings: $2500