Keep active in the share economy

31 August 2018

There are many ways to keep active in retirement, but the growth in the share economy means that you can get to know your community, barter your skills, and perhaps pocket a little extra cash.

For thousands of years, people have exchanged resources and their skills, so the share economy, a market between buyers and sellers who provide goods or services at competitive prices, is nothing new. In fact, you’ve probably participated in the share economy, like when you’ve borrowed a book from your local library.

The growth of the internet has now provided a more easily accessible marketplace for people wanting to share their skills and lease, buy or sell goods. As well as keeping people active in their communities, the share economy is helping reduce waste and save people money.

If you have a skill or spare capacity, you can put this to good use. Here’s how:

How are you getting around?

Short-term car leasing is an economical way to access private transport if you decide to sell your car. Car sharing platform GoGet offers low hourly or daily rates and as an LGS member, your first year of membership will be waived, saving you up to $169. If you’re no longer driving, you may like to consider using Uber. Find out more at uber.com

Get to know your neighbours

Websites like nabo.com.au help connect locals, creating safer and friendlier neighbourhoods. Through Nabo, you can buy, sell or borrow items from your neighbours, ask for or give recommendations on local businesses or find out about upcoming events locally.

Use your skills, or find a local to help you out

Sites like airtasker.com allow you to bid for jobs such as mowing lawns, fixing shelves or moving furniture. All members are rated, with written recommendations, so do your research before engaging someone for a job. You can also publish a profile, offering to help neighbours with your skills and earn some pocket money!

Share your cooking expertise or produce

Connect with your neighbours by cooking their meals, or ask your neighbours to cook for you through foodst.com.au. If you’re looking for fresh, local produce or you’ve had a bumper crop and won’t get through this season’s produce, share it with locals through ripenear.me

Upcycle and declutter

Need to get rid of some unwanted furniture and don’t want to see it going to the tip? List it on gumtree.com.au for a set price or accept offers. Your listing is free and there’s no limit to how many items you can list.

Don’t forget your pets

If you’re going on holidays and need someone reliable to look after your beloved furry or feathered friends, sites like pawshake.com.au or madpaws.com.au connect you with animal lovers around you. Minders list their skills and experience with animals, as well as references.

Take care when you share

  • If you earn money in the share economy, it is important that you declare the income on your tax return as this may affect your pension entitlements. Ensure that you seek appropriate advice from your financial planner.
  • Read the terms and conditions of the websites you join and make sure you understand them. Similarly, if you lease your car or home, make sure you contact your insurer to ensure you’re covered in the event that something goes wrong.
  • Be vigilant and protect yourself from scams: While most people have positive experiences, there is a chance you could run into less honest people. Check out our article on protecting yourself from scams and visit scamwatch.gov.au for more tips.

The information on this website is of a general nature only and does not take into account your personal objectives, situation or needs. You should consider obtaining professional financial, taxation and or legal advice tailored to your personal circumstances prior to making any financial decision.