Think outside the box when it comes to earning some extra cash.
Sometimes it can feel like you’re working every waking hour but the money in the bank doesn’t seem to grow. Perhaps it’s time to try some new avenues to earning a little extra. House and pet sitting can be clever ways to boost your income and get some extra money in the bank, plus, it’s pretty easy to pick up. Pet sitting could mean extra cash flow into your account, while house sitting – usually being unpaid – means utility, rent, petrol costs aren’t coming out of your own expenses. No matter which way you decide to save, sitting could be an alternative source of income, without feeling like you’re working.
Are there costly catches?
If you want to benefit from the fruits of a second income stream, it’s important to factor the costs that can crop up to make sure you really are banking the earnings.
Insurance and other costs to register:
When moving into someone’s home, or looking after a pet, it’s important to consider the insurance you’re covered by – especially as insurance is an expense. In some cases, registering with these companies is free of charge, in others a cost may apply. Before registering, it’s worth reviewing the contractual agreements, any registration fees, and weighing up whether you’ll ultimately profit as a sitter.
A police check isn’t compulsory for every service provider, though some people might request you present a police check before they select you to look after their house. Check with your local service provider to find out how much a Police Check costs.
Sitters may need an ABN if going via an app or online service provider. However, you need to decide if it’s worthwhile getting an ABN – speaking to a tax professional about this may help.
Weighing up the costs for pet sitting
For those keen pet sitters, depending on which service provider you choose, you might be paid to do this job. Some clients may need you for a few hours a day, or only during the daytime, others may ask you to stay over.
Registering through a service provider may have a fee, but could give you more clients and more opportunities to have cash when you need it. Overall, there’s the potential opportunity to make money by looking after pets on days off, of a morning or evening, or on the weekends, plus; you have a new furry friend to hang out with!
Weighing up the costs for house sitting
House sitting could be an unpaid agreement. The win here is that you’ll likely be saving on your living expenses. While every case is different, the job may come with perks such as the use of a car or a stocked fridge and pantry. While this can differ case by case, any house sitter should be certain that they will save on paying rent, utility costs and Wi-Fi expenses. Of course, it’s important to do your research before you commit to house sitting and crunch the numbers.
House and pet sitting could be a unique way to boost your income and potentially make some savings. It might even provide an interesting tale or too or a new fluffy friend!
If you’ve seen a boost in your income recently, why not make a free appointment with an Aussie Broker today?
This article was originally published in November 2018