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Ways to Make Money as a Retiree Without Spending Too Much Upfront
In recent years, the cost of living has increased significantly, while the purchasing power of pensions and other retirement savings has decreased. This has made it difficult for people to make their money last through their retirement years, but fortunately, there are many ways for seniors in Australia to bring in an additional income without footing too many costs upfront.
1. Offer consulting services
If you have a particular area of expertise, you can offer your services as a consultant to businesses or individuals. You won't have to work full-time or even part-time, and you could choose to work from home, which will help to keep costs down. Reach out to individuals from the professional network you built before retirement to get the word out about your availability. You can also use LinkedIn to make your qualifications known and find vacancies for consulting positions.
2. Do odd jobs
There are always people who need odd jobs done, such as gardening, house cleaning, or simple repairs. If you have a knack for these tasks, you could spend a few days a month assisting others with these as a way to supplement your income and keep you active. Advertise your services in Facebook groups for your community or become a worker on Airtasker to find jobs that you’d be well-suited for. The Airtasker app takes a percentage of your income so be sure to account for that when setting a price for your services.
Varied Australian bills poking out of a jean pocket. Credit: shutterstock
3. Sell items you no longer need
You most likely have items around your home that you no longer need or use. You can sell these online, at garage sales, or even at flea markets. Be sure to avoid scams while doing this, as there are a number of people who target sellers by faking payments to steal the item being sold. They achieve this by fabricating proofs of payment or sending transfer notifications from fraudulent email addresses that mimic banks and other payment platforms.
4. Rent out a room in your home
If you have an extra room in your home, you can rent it out to tenants. Not only will this provide you with a regular source of income, but it can also help to offset the costs of owning a home and help you meet new people. Search online for "room rental" or "house share" to find websites that you can use to source potential candidates.
5. Offer house or pet-sitting services
If you love animals and wouldn’t mind getting away from your routine from time to time, you can offer your services as a house or pet-sitter. Your rates could differ depending on peak or off-peak seasons, and you could charge a little more for extras like dog-walking. While you’re away meeting new people and seeing new places, you can rent your home out as an Airbnb for added income!
6. Become a mystery shopper
You can get paid to shop by becoming a mystery shopper - a person hired by companies to evaluate their customer service. While you’ll need to pay for the items upfront, the company will reimburse you for these and pay you for your evaluation too. Oftentimes, these items may be products you’ll be buying anyway, resulting in savings on your monthly budget. Take a look at the mystery shopping sites in Australia to sign up as a shopper.
7. Start a small business
If you're entrepreneurial and have a great business idea or you have a hobby that’s easy to monetise, you can start a small business. While there may be some upfront costs involved, it could lead to significant future income. The good news is that businesses are easier to market than ever by taking advantage of social media platforms or other digital options. Start by selling your products or services through platforms like Etsy and Facebook Marketplace to gauge the interest of potential customers.
8. Become a tour guide
If you love your city or town and know a ton about it, you can share your knowledge with others by becoming a tour guide. Consider working for a tour company or starting your own business. This is a great way to earn money while meeting new people. You can also supplement your existing knowledge by doing research online or speaking to local historians.
9. Babysitting or caring
More and more parents are working longer hours, which means they need someone to care for their children. If you enjoy spending time with kids and have loads of love to give, you can offer your services as a babysitter or nanny. Oftentimes, your employers might provide meals and housing too, so if you live on your own, you could save on additional living costs. You’ll likely need a Blue Card to get started.
10. Teaching or tutoring
If you have in-depth knowledge or a passion for a particular subject, there are always teaching or tutoring jobs available. Online learning platforms make it easier than ever to connect with students from around the world, or you can also offer your services as a tutor in your local community. Speak to the staff at your local learning institutions to get insight into where your skills may be needed.
There are many ways for seniors to earn additional income. The key is to find something you're passionate about that doesn’t require too much investment to monetise. Be sure to research any opportunities thoroughly before committing to anything, and always be on the lookout for scams. With the right approach, you’ll be able to find an income solution that meets your needs and won’t cost you too much to get started.
Are there any money-making tips we’ve missed? We’d love to hear any of your ideas!
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