Finding it hard to stretch the weekly budget or would just like a little extra cash to splurge? Earning some money on top of your retirement income can make a big difference to your lifestyle.
This doesn’t mean you have to go back to work or give up a lot of your precious time. There are many ways you can earn money for yourself doing the things you enjoy – and in some cases you can do it from the comfort of your own home!
So, if you’re keen to earn yourself some extra funds to save for a rainy day or treat yourself to something special, read on to learn three ways you can make money in retirement in your spare time.
1. Help Others with Odd Jobs
These days, many people outsource a variety of everyday tasks around the home. They may have a lack of time or energy, be physically unable or would rather spend their time doing something else. Whatever the reason, many of these tasks are ideal for retirees to take on.
If you’re an animal lover, dog walking can be an enjoyable way to earn money and stay fit. Or if you love to get out in the garden, offering garden maintenance services can be a good way to go, just make sure you work within your level of fitness. For those who are handy with a hammer or paint brush, you could offer to do odd jobs. Whatever you choose to focus on, put the word out that you’re available by telling your friends or printing a flyer and doing a letterbox drop in your local area.
2. Sell Your Goodies
Does your hobby involve making or growing things? There are many ways to turn the fruits of your labour into a profit. Maybe you could book a table at the local market to sell your wares. This would be ideal for artwork, crafts, candles, jams, jewellery or any other homemade goodies. Depending on the market, you may also be able to sell your unwanted second-hand gear, such as books, CDs and clothes.
The other option is to sell online from the comfort of your couch. For your unwanted goods you can try eBay, Gumtree or Buy, Swap and Sell groups, or for homemade items you may prefer to use a website such as Etsy. Just be sure to factor in any fees and postage charges when deciding on your price.
3. Share Your Talents
Just because you’re retired doesn’t mean your talents and skills are no longer required. In fact, it’s highly likely that there are others in your community who would benefit greatly from them. From tutoring students or editing their essays, to teaching others how to play an instrument, dance or learn a language, passing your knowledge on to the next generation can be both rewarding and profitable.
Depending on your areas of expertise, there may even be opportunities to do some consulting or freelancing work. If you have experience or a flair for creative writing, editing, graphic design, administration or anything related to IT, you can search for work on online platforms such as Upwork or Freelancer. If your field is more specialised, you can always reach out to your existing contacts to let them know you are available to take on small projects or tasks.
Make it Fun and Do it By the Book
The ideas here are really just the tip of the iceberg – there are many other possibilities when it comes to earning extra money in retirement. When looking for the right opportunity, think about your strengths, hobbies, knowledge, skill set, interests and available time. Whether you are walking dogs, selling your homemade goods or helping students with their homework, make sure it is enjoyable and doesn’t become a burden – because above all, retirement is a time for you to live at your own pace and do the things you love.
And finally, be sure to keep clear records of your earnings and declare them when required to ensure it all stays above board. It may even be worth discussing your plans with your financial adviser or a financial information service officer at Centrelink to find out if the extra earnings will affect your pension or other entitlements.
Over to You
Have you found a simple and enjoyable way to earn extra cash in retirement? We’d love you to share – simply post a comment below!