Ways to earn extra money that work with your schedule

The contents provided on this page are for informational purposes only and do not constitute financial advice. Consider your personal circumstances and objectives before making any financial decisions.

Ever wondered how you could make some extra money? So did two guys named Brian Chesky and Joe Gebbia. In 2007 they decided to rent out their air mattresses to people attending a nearby conference because all the hotels were booked. 10 years later they’re the founders of a US $1billion business named Airbnb!

While not all ideas will turn into billion dollar businesses, there are plenty of ways you could earn extra money on the side. Let’s look at some ideas! 

1. Consider opening a High Interest Savings Accounts 

Did you know you could grow your savings by opening a high interest savings account and making regular deposits? You could use a Savings Calculator on your bank's website or this one from moneysmart.gov.au to work out how much you could save and how you could reach your savings goals! 

What is it?

High interest savings accounts are bank accounts that help your money grow over time by offering higher interest rates compared to regular transaction accounts.

You'll generally need to meet a number of account conditions, such as limitations to your withdrawals and minimum deposit requirements, and the interest rates may vary over time, but a high interest savings account could be a good way to boost your finances. 

You could think of it like a reward from the bank to you for being proactive with your money! So, the more money you have in your high-interest bank account, the more money you could earn.

Benefits

• Easy and secure to set up.
• Peace of mind knowing that your money is growing without you having to put in the extra work.
• Low risk because you won’t lose the money you already have!

Examples

Below are examples of some high interest savings accounts compiled by Canstar as of August 2023, based on a deposit of $10,000. You can see a full comparison on the Canstar website, or visit other comparison platforms such as Finder or mozo.com.au. Make sure to check the terms and conditions for information about any fees or account conditions that may apply. 

Highest base savings account rates in Australia as of August 2023, based on a deposit of $10,000: 

Note: The "base savings account rate" refers to the standard interest rate that applies to your savings without any additional conditions. However, some banks may offer promotional or introductory interest rates higher than the base rate for a limited time. These promotional rates are often temporary and require you to meet certain conditions such as maintaining a minimum balance. 

What do I need to set it up?

• Personal identification documents: These may include your passport, driver’s licence, or national ID to verify your identity.
• Proof of address: A utility bill or bank statement can serve as proof of your home address.
• Initial deposit: You’ll need to deposit a minimum amount to open the account which will vary depending on the bank and the type of account you choose. 

How can I get started? 

• Research the different banks and financial institutions and find one that offers the best interest rates and terms for you that aligns with your savings goals. 
• Complete the account application form either online or in person at the branch.
• Provide the necessary documentation.
• Make your initial deposit to activate the account.

2. Explore renting options

Do you have a spare room, an eye for aesthetics, or enjoy collecting items? Why not consider renting them out to like-minded individuals!

What is it?

Renting out your items, whether it's fashion pieces, camera equipment, or any other belongings, is a practice of temporarily lending or leasing your possessions to individuals in exchange for a fee. It allows others to enjoy and utilise these items without the commitment of purchasing them outright, providing a win-win situation for both the owner and the renter.

Benefits

• Extra and fast cash 
• Flexibility
• Promotes sustainability by giving your clothes and items an extended life cycle, reducing the need for new purchases 
• Connecting with like-minded individuals. 

Mustafa Özkök is a founder of a digital agency based in London who earns up to $7,500 monthly by renting out his camera equipment and laptops through a marketplace called Fat Llama. He says renting out has made a positive impact on his career, allowing him to be more selective with his clients, have more time for creativity, and expand his career opportunities. 

“I get to meet other creatives and sometimes we even work together… It opened doors for me.”

Examples

1. Rent out your place: If you're considering a trip or happen to have a spare room or extra space at home, you can use the opportunity to rent it out for a short or long-term period. 
   
2. Rent out your toolbox: If you have tools and equipment that you do not use everyday, you can take advantage of this and rent it out for hire for those who are in need of these resources.
   
3. Rent out your closet/fashion: Renting out your closet or fashion items involves offering your rarely worn formal dresses, designer clothing, or accessories for rent to others.
   
4. Rent out your parking space: Renting out your parking space involves making your unused parking spot or driveway available for rent to individuals in need of parking. Fun fact: According to Parkhound the average cost of daily off-street parking in Brisbane CBD can cost anywhere from $35-$97/day, while Sydney CBD ranged from $36 to $85 and Melbourne is at roughly $79 a day.

What do I need to set it up?

It may be worth checking these things before getting started to make sure you’re adhering to rules and regulations that relate to renting.  

• Safety regulations: Ensure that your rental property or space meets safety standards and has necessary facilities like smoke alarms and emergency exits.
  
• Insurance: Consider obtaining appropriate insurance coverage to protect yourself from potential legal claims. 
  
• Taxation: Income earned from renting out your assets is generally taxable. Consult your tax advisor or check out the ATO for additional information.
  
• Laws and regulations: Each state and territory in Australia has its own Fair Trading or Consumer Affairs department that provides information on rental regulations, tenancy laws, and consumer rights.
  
• Check with your local council: Ensure your rental activity complies with zoning requirements. 
  
• Rental agreements: When renting out your assets, have written rental agreements that clearly outline the terms and conditions of the rental. These online templates could come in handy with creating agreements for property rentals.

How can I get started? 

• To rent out your place you could try these websites: Airbnb, Stayz, Booking.com, TripAdvisor Rentals and Flipkey.
• To rent out your toolbox you could try: ToolMates Hire, Open Shed, Fat Llama, and Rentzi. 
• To rent out your closet you could try: Rent My Wardrobe, Designerex and The Volte

3. Turn your skills into a side hustle

Whether you're a stress-baking guru or a sports enthusiast, how about sharing those amazing skills with others and making some extra cash while you're at it!

What is it?

By offering services or products that highlight your expertise, whether it's tutoring, selling homemade goods, or providing organisational help, you can transform these abilities into successful side hustles that bring in extra income.

Benefits

• Extra income 
• Flexibility
• Develop skills and confidence that can help you advance in your career 
• Networking opportunities.

Examples

1. Offer home organisation services: Use your skills to assist individuals with decluttering spaces, downsizing, or preparing for moves, making their lives more organised and stress-free. 
2. Online tutoring: Share your expertise in a particular subject by using video chat, online meetings or various technologies to connect with students, offering personalised and convenient learning experiences. 
3. Teaching musical instruments: If you’re skilled in playing a musical instrument, consider offering lessons to aspiring musicians, spreading the joy of music and helping others enhance their skills.
4. Sporting coach: If you’re good in a particular sport, why not become a coach! Guide and mentor individuals, helping them improve their abilities and achieve their sporting goals.
5. Sell locally produced goods: Use your talents in crafting or baking to create unique, locally produced goods that you can sell, support your community and tap into the growing demand for homemade products.

What do I need to set it up?

• Market research is key! For instance, if you're into sports coaching, start by researching local sports clubs or events happening nearby. These avenues can connect you with potential clients. Engage in forum groups, reach out to libraries, and tap into social media to kickstart your journey. It's all about understanding your market and finding the best ways to reach out to your audience.
• Create a business plan: Outline your goals, strategies, and financial projections to guide your side hustle’s growth.
• Set up necessary tools: Depending on your side hustle, you might need a website, social media accounts, or specific equipment or software.
• Legal and financial considerations: If you want to start a side gig, there may be certain legal and financial obligations that you’ll need to meet. For example, Goods and Services Tax (GST), is a tax applied to most goods and services sold in Australia. If you're starting a side gig or a business, you may have to register for GST when your business's income reaches a certain level. This level is called the GST turnover, and once your business earns $75,000 or more in a year, you need to register for GST. To find out more information about when to register your side hustle as a business visit the ATO website.

How can I get started? 

• Online platforms: You could use websites like Etsy, eBay, or Amazon to sell handmade goods or products.
• Social media: Leverage platforms like Instagram, Facebook or LinkedIn, University job boards, or tutoring forums to promote your services or products.
• Farmer’s markets: Eveleigh Farmers Markets located in Sydney, Queen Victoria Market located in Melbourne, Adelaide Central Market and Capital Region Farmers Market located in Canberra.

There are countless creative ways to boost your finances by earning extra money alongside your main job. Remember to choose what suits your circumstances best and be mindful of your obligations and responsibilities. It’s okay to be a beginner - everyone starts from somewhere! Our practical steps and resources will make getting started as simple as possible.

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