It is common knowledge that people, young and old, strive hard to figure out how to save money. It may be something they want so badly for their retirement, for a little taste of luxury—for the fulfilment of the American dream. Sure enough, many find this hard to do. However, there are a plethora of sources you can find on the internet, which provide tips on how to save money. One of these is through the sharing economy. Simply defined, the sharing economy can mean the same as collaborative consumption. This is a scenario where peers or even strangers share their resources to optimize consumption. Saving through the sharing economy has unquestionably improved the lives of countless individuals. It is, no doubt, a smart move to make, especially when the resources are already available.
Jared Mayer, in his article in the Washington Examiner, opined that Americans love the business model of the sharing economy because of the benefits it brings consumers. First of all, the sharing economy creates a more diverse and competitive market. As a result, prices may be decreased exponentially. Another reason is that the workers feel empowered by the fact that there can be flexibility when it comes to work schedule. Even people with day jobs sometimes engage themselves in the sharing economy because some of the business ideas are not time-consuming and labor intensive. This article aims to give you tips on how to save money through the sharing economy. Feel free to try any of them.
Money-saving tip #1: Share your artistic talent
You can make money by selling your photography, vector images, website themes and logos. Posting them in online platforms is a good way to advertise your work. You can do these for your past work, or you can be commissioned to do artwork for particular occasions. A money-saving tip is to look for website galleries, which offer their services for free. Your work can be posted without any payment for the space used. A deal can normally be made with the owners of these platforms; they get a small cut from the profits gained from the sold work. Not bad in exchange for free space and advertising, isn’t it? For online websites, you can check out FineArtAmerica, Etsy, ArtSpace, SaatchiArt and many more!
Money-saving tip #2: Share your boat
More and more people embrace adventure trips, especially during the summer. Imagine a day spent cruising around New York City. If you have a boat lying around at the marina, you may have it rented. To save up on the cost, an arrangement could be made to include payment for the boat’s cleaning and upkeep in the rental. This way you do not have to spend money for the boat’s cleaning.
Money-saving tip #3: Save up on gas
If you are the type of person who always complains about how expensive petroleum products are, this is the right tip for you. Contact your friends and neighbors and ask them about their usual route to work or school, and ask if they are interested in hitching a ride in your car. Plan your itinerary so that your carpool service can pass through the fastest route. You can ask them to chip in for gas. It may surprise you that your gas consumption can possibly be fully covered. An average American spends about 9,000USD on transportation cost, according to a study by the Bureau of Labor Statistics. This means big savings for your pocket and a big help to the environment due to the reduced carbon emissions!
Money-saving tip #4: House sit and live for free
This one can save you big bucks! One of the most expensive human necessities is the monthly rental fee. This takes up a huge chunk of your salary! There are a lot of people who own houses that are never used. It may be their vacation house or some other investment. Regardless of the purpose, these houses definitely need a caretaker. All you have to do is look for houses to sit, set the terms with the owner, take good care of the house as if it were your own, and live rent-free! Sometimes, owners are even willing to pay you for extra services like gardening, pet-sitting, and others.
Money-saving tip #5: Rent out your clothes
We are going back to the time when less is really more. In fact, a growing number of people have subscribed to the capsule wardrobe movement. It is a movement that aims to reduce the number of clothes you have – those that you actually use over and over. Ask yourself whether or not you can live with about 30 plus pieces of clothing. The benefit of this movement is that you can now allocate more money for your other needs. A saving tip for you is when you don’t use them anymore, you can have them rented out by some companies. Try googling Styleland and RentADress to know more about this option.
Money-saving tip #6: Get paid while learning
Another way to save money is to ensure that your academic work or research is financed. If you are currently in the process of completing academic research, you can look around for University financial aid or for interested groups that may benefit from the study. This way, your work gets funded in exchange of giving the resulting data to them. There are thousands of willing individuals who can finance your study. However, they usually opt for topics relating to the field of medicine, science, behavioral studies and market research.
Money-saving tip #7: Teach a Language
Sharing your knowledge is one of the easiest ways to get extra income for savings. Why? Because this comprises the things that you already know extensively. For instance, if you are multilingual, you can join online language tutoring platforms and teach foreign languages. This skill is rather unique and can pay as much as a regular full-time job. Additionally, a lot of people now are trying to be as globally competitive as possible. To be such, some do their best to learn about the language and culture of other countries. You can also do translation jobs if you feel like teaching is not an option for you. VerbalPlane, Unbabel, and Freelancer are only some of the sites you might want to check out.
Money-saving tip #8: Be a cook!
Not everyone has the time to cook their food. Some do not have the skills either. If you have both, then you can try this one out. Imagine the money you can save if you have someone to share your gas and ingredient costs with. You also offer a hand in decreasing other people’s intake of fast and unhealthy food, and probably the high cost of eating out. Try posting an ad online about your skills, and see if there are people who might be interested!
Money-saving tip #9: Lend money
This may be the easiest way to save money. It is a sure method of keeping your money unused while earning interest. Added to that is the fact that in informal money lending, the rate of interest can be much higher. You need not subscribe to fixed bank rates as long as you make sure that your rates are not usurious. Be careful, though, as you might lend money to someone who is not trustworthy and who may run away from his or her debt. Lend money to those you consider honest and capable of returning what they owe you, along with the interest. Some of the famous money sharing marketplaces are the following: LendingClub, Prosper, Yieldstreet, SeedInvest and Wefunder.
Money-saving tip #10: Be fit and rich
Are you the type of person who can live inside the gym? Do you know tried and tested workout routines? Do you have extensive knowledge of how the body muscles function and develop? Then maybe fitness coaching is for you. On those times that you work out, you can gather a group of people who engage in the same activity. What you can do is offer them coaching services for a fraction of the cost in-house fitness trainers usually demand. However, first, make sure that this is allowed in your gym. This is a good opportunity for you to get your regular workout while sharing your knowledge and skills for a very minimal fee. Aside from this, there are muscles sharing marketplaces that have virtual trainers. You may also sign up on those.
Money-saving tip #11: Answer questions online
If you love to read and research, you probably know a lot of things most people don’t. You can make money by this mere fact. There are online platforms that allow people to ask questions and pay those who answer them. If you are a doctor, a professor, a lawyer, or any other professional who can help those who post queries, you have the opportunity to earn and save money by answering questions. Try visiting CourseHero, NexusNotes, and Savvy to know more.
Money-saving tip #12: Try online couponing
There are numerous sites and applications that offer discounts and promos when you log on to their sites. Applications for food reviews and blogs normally offer these kinds of perks. The benefit of these applications is that you get to see comments from previous diners to determine if the restaurants are actually good or not. The more users the applications have, the better promos they upload. It is also a platform for restaurants to advertise their products.
Money-saving tip #13: Share your writing skills
Amazon Kindle is probably the largest marketplace when it comes to the peer-to-peer business sharing model. Here, writers can publish their work. Every time an article or a book gets downloaded or bought, the writer earns money. Aside from Amazon, there are also other sites like Copywriter Today, NoiseTrade, Hire Writers, Copify and others. If you have a talent in writing, don’t hesitate to try this one out.
Money-saving tip #14: Share your voice
Does your voice bring a baby to sleep? Does it sound like music to other people’s ears? Maybe you can share that golden voice of yours, and be a voice actor! Voicerealm.com and voices.com are two of the biggest voice sharing marketplaces today. Voice acting can be challenging but also really fun, especially for those projects that involve comical characters and interesting scripts. If you have a thing for voice acting and have a nice voice, this is a good way to save money.
Money-saving tip #15: Share your space
Everybody must know what Airbnb is, right? It is a type of sharing economy business model where houses and rooms are shared through an online application. Tourists and travellers today sometimes prefer to stay in rental homes than hotels. The latter are definitely pricier. You can check out Airbnb, Agoda and Homestay to enrol your rooms or houses in this platform.
Aside from renting out houses and rooms, you can also rent out spaces. If you happen to have extra space in your home or office, you can check out Spacer. Getting your space listed is free of charge. You just need to upload some information about it. In fact, it only takes about five minutes to complete the process. Details such as space dimensions, size, location or address, photos and type are needed. You have the liberty of naming the price, but a Space Calculator is also available to help you peg the right value of the space for rent.
With all these options before you, it can be confusing to choose the one that’s most suitable for you. Well, there is no need to rush. You can try some or all, if you can, until you find the best one for you. Just know the advantages and disadvantages of each, so you can make an informed decision.