The sharing economy
In this week’s MoneySaverHQ, travellers are turning to the sharing economy rather than credit cards and other debt to fund their overseas adventures.
TRAVELLERS are turning to the sharing economy rather than credit cards and other debt to fund their overseas adventures.
A survey by Uber has found that one in five of its drivers are using the money they earn to save for holidays.
James Spruce, 23, is among them and his Uber income has helped pay for trips to Japan and planned travel to Europe.
He started earning money through Uber in late 2016 and now drives up to 40 hours a week on top of part-time work at a hotel.
“I was coming out of a university degree and had more spare time. The flexible work is the most attractive thing about the job,” Mr Spruce said.
Uber doesn’t release average driver earnings, but Mr Spruce said he could earn $90-$100 a day by focusing on the 7.30am9.30am morning rush, plus good income on Friday nights and weekends.
“It can get pretty difficult at tax time but in comparison to putting it on a credit card, it’s definitely a better method because you are getting solid earnings even though some has to be contributed towards tax.”
Uber head of cities Harry Greenacre said low wages growth in Australia had prompted people to find new ways to save money.
“Aussies have always loved travel, and with the flexibility of the sharing economy it’s easier than ever to take that overseas holiday and arrive home without the worry of debt and credit card interest,” he said.
Uber driver accreditation and set-up costs vary between states, starting at one week and less than $100 in NSW.
REVVED: James Spruce drives for Uber up to 40 hours a week to save money for holidays and travel. Picture: AAP/LISA WILLIAMS