According to an analysis by JP Morgan, Americans earn an average of $533 extra each month by working with sharing economy sites like Uber and Airbnb, as well as outsourcing errands like on TaskRabbit. Earning thousands of dollars each year can be as easy as signing up for a website. Turn your home into a cash cow and get money back in your pocket with these six easy tips.
Rent out a Room
You can turn an extra bedroom, basement or finished attic into a short- or long-term rental to bring in extra money. Listing it on sites like Airbnb and HomeAway for travelers or Craigslist and Roomates.com for longer term share.
The best thing to post on these sites is to take great and engaging photos with attractive descriptions that will make people feel welcome and comfortable in your home, no matter how long they’re staying. Download smartphone apps like Snapseed to your phone to manipulate color adjustments, sharpen, crop and straighten out your photos.
Rent out Your Driveway or Backyard
Think bigger. The sharing economy extends beyond renting out a room. You can rent out your driveway on a site like JustPark.com when a festival is coming through town or on a long-term basis. The Renters show up, park and just come get their car when they’re finished with little to no work on your part. You can also try renting it to campers with CampInMyGarden.com. So instead of the regular, commercialized campsites, they can pick out from private and unique yards to be their campsite.
Open a Small Business
You can start a small side business from your home. Turn your dedicated office space into a tax deduction on your annual returns. Sign up on a site like Fiverr being a freelance writer, consultant or offering small gigs. You can earn money and get the deduction, too. The IRS requires you to use the home office exclusively for work on a regular basis. But a space solely restricted for work in your own bedroom still counts. Figure out the best way to set up and claim your home office with your accountant or attorney.
Host a Foreign Exchange Student
Having to meet people from around the world and want to help someone out, accommodate an overseas student in exchange for compensation. Rates can vary, but are usually a few hundred a month. Not bad right? Get in touch with a local university or you can also sign up with a site like USH Host.
Rent Your Own Car
Getaround, a car sharing side says that most of the 250 million cars in the U.S. sit idle for 22 hours every day. This company claims renters can earn over $800 a month with Getaround and put money in their pockets. There’s no monthly or annual fees and what’s best is Getaround includes insurance coverage and roadside assistance. Share your car with Getaround and earn money for a car you’re not using.
Rent or Sell Your Stuff
Is your home full of things lining your closets, basement and attic? You can turn those into cash by renting them out to someone who needs them most. List your camera equipment on Cameralends to earn extra money this month. Or if you have old character costumes you bought to entertain at your kid’s birthday, try renting it out on Craigslist. You can throw a yard sale or sell your items on the mobile app OfferUp to get rid of your things permanently, fast and easy selling.
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