The seemingly relentless rise in the cost of living is not news to anyone. From increasing rents to climbing utility bills and groceries that seem to cost more each week, it’s no wonder that many are exploring innovative ways to stretch their budget.
And the answer to such financial woes could be hiding right under your nose—or rather, right under your roof.
Recent research conducted by Finder reveals that a significant portion of Australians, approximately 7.1 million people or 35 per cent, are earning extra money through side gigs, according to data from Finder’s Consumer Sentiment Tracker.
Out of these side hustlers, more than 600,000 individuals, equivalent to 9 per cent, are renting out a room in their homes. Finder’s data shows that the average Australian making extra money from a spare room pockets around $667 per month, or $167 per week.
Data from the Australian Bureau of Statistics (ABS) shows that 77 per cent of households have at least one unused bedroom, potentially offering Aussies a chance to earn an additional weekly income by leasing out these rooms.
Money expert at Finder, Richard Whitten said Aussies “could be missing out on thousands of dollars by not making use of your extra room.”
“For many Aussies, living with a roommate is better than the consequences of missed repayments,” Whitten said.
“It’s also a good opportunity to create an extra revenue stream.”
While turning your spare room into a money-making asset might seem like a solution to your financial worries, Whitten emphasises the critical need for thorough research before welcoming a new roommate into your home.
“Having a roommate isn’t for everyone, and the onus is on you to ensure it’s the right decision for your personal situation,” he advised.
“If you do decide to go ahead with it, you’ll need landlord insurance to be covered. Home insurance doesn’t typically cover damage caused by tenants.”
In addition to generating income with this unique and innovative way, founder and CEO of Stockspot, Chris Brycki recently told Starts at 60 that there are also “a variety of places to save money and ease cost of living pressures.”
Some of the crucial areas in which retirees can find much needed savings include: