5 Ways You Can Save (and Make) Money With The Sharing Economy
The sharing economy. Collaborative consumption. Platform for participation. Whatever you label it as, there can be many benefits of tapping into this new wave of services and products. Not only can you save some cash, but you can even make some scrilla, too. Here’s how:
1. Renting a Car
Savin’ Money: Rental car companies can charge astronomical rates and fees for the use of their cars. (Spoiler alert, Dollar Rent A Car charges more than $1.) Instead, use an alternative method to get a set of wheels. Depending on your city, this can include peer to peer platforms like RelayRides and GetAround, short term rentals like ZipCar and Car2Go, and airport rentals like Silvercar and FlightCar. Here’s a way to get an overview of all the ones available in your area.
Makin’ Money: How often does your car sit for an entire day? When you go on vacation, does your car just remain unused? Do you really need your car every day? Maybe it’s time to start renting out your car when you aren’t using it. Peer to peer marketplaces like RelayRides and GetAround give you the opportunity to rent out to your car and make some extra cash. As of this writing, I’m renting out my car for a week and bringing in $250 for doing so. For only renting my car 25% of this month, I’m covering 50% of the monthly payment. You can do the same.
2. Lodging
Savin’ Money: Hotels can be pricey, and staying in is often notan immersive experience in the culture. Live like a local and book your stay in a house, apartment, condo, or even a castle with marketplaces like HomeAway, Airbnb, and VRBO. The ability to review your host history before you buy ensures that you don’t have to worry about any surprises. Hosts take great care in their online reputation, and you can expect your place to be clean, hospitable, and every so often stocked with snacks, treats, and personal care items.
Makin’ Money: Have you ever thought how much you could rent your place out per night? At one point, my wife and I were making $2,000 / week with our apartment. We have friends that have covered their entire rent with Airbnb earnings for the whole last year. If you are already going to be out of town anyways, why not earn cash to pay for your vacation? My wife and I keep our place listed all the time, so if we get a booking, it forces us to go on vacation offsets the cost substantially.
3. Pet Sitting
Savin’ Money: Dogs are a member of the family, and to entrust them in a stranger’s care can be nerve wracking. Kennels are reputable and safe, but can often be very expensive. (I’ve paid more for dog boarding over a weekend that the human element of the trip actually cost.) And forget about using anonymous sites like Craigslist, they can be risky. Instead, use DogVacay or Rover to find a nice host family watch Fido for a price that doesn’t break the bank. Better yet, compare them both at the same time with Whttl.
Makin’ Money: They don’t call them “man’s best friend” for nothing. List yourself as a host on DogVacay and Rover, enjoy the company of a nice dog, all the while getting paid for doing so. At $25 or more a day, it’s a pretty easy way to bring in some extra loot.
4. Ride Sharing
Savin’ Money: You’ve got to get from New York City to Boston. Let’s see, you could fly, but that’s probably pricey. You could take your own car, but that seems like kind of a waste to drive alone. Why not hitch a ride with someone already headed that way? I’m not talking about the ol’ thumb-on-the-side-of-the-road trick, but rather platforms like Zimride, Carma, and Ridejoy connect passengers and drivers headed in the same direction. Who knows, maybe you’ll even make a friend out of it. Compare which platform is right for you here.
Makin’ Money: You’re already headed somewhere, why not pick up a passenger who can pitch in for gas? Maybe you’re driving from Los Angeles to San Francisco. Or perhaps you’ve got a daily commute across the Bay Bridge. If you have an extra seat or two, connect with a passenger in need of transport. Be green and make some green.
5. Around Town
Savin’ Money: Taxi cabs are expensive, and well, awful. Limo services and town cars are a much better experience, but unless you are a C Level Executive, they may make a big dent in your piggy bank. A plethora of services, including well known players like Uber and Lyft, as well as smaller operations like Sidecar and Summon can get you from point A to point B for relatively cheap. In cities like San Francisco, there are 4 of these services. See who offers rides in your city.
Makin’ Money: If you want to drive for Lyft, there are basically three criteria. (To be fair to Lyft, I’m oversimplifying.) 1) Have a 4-door car. 2) Be friendly. 3) Don’t drive like you’re in the video game “Crazy Taxi”. It’s a pretty easy way to bring in about $30 / hour, meet cool people, and explore the city. I’ve met some drivers who have brought in $20,000 / year in their spare time.
Greg Muender is the founder of Whttl, described as the “Kayak.com for the sharing economy.” Use it to compare dozens of different providers and marketplaces at once. Seriously, check it out now. This post was originally published on the Official Whttl Blog.
