Lesson 1.4

Get your cash flow pumping with these 10 income-boosting ideas

We are all looking for ways to save more money amid the current cost of living. Ultimately, there are only two ways to go about it: spend less or earn more. 

Building your savings muscle and learning to trim your expenses are great ways to save, but eventually there comes a point beyond which we don’t want to - or simply can’t - cut our spending any further. 

So, it pays to consider the other side of the savings equation and ways to potentially boost our income. It’s time to get your heart rate up and your cash flow pumping! 

1. Rent out things you own

Whether it’s a spare room, an unused car or car space, there are many websites to connect you with people potentially wanting to rent your things, such as Airbnb, Uber Carshare, DriveMyCar or Parkhound. 

Leasing out assets you own can be a handy way to earn passive income. Passive income is broadly any income you earn that you don’t have to actively work hard to generate, beyond perhaps an initial outlay of time.

Depending on where you live, you could also consider hosting an international exchange student. Make sure to consider any impact on your insurances and always follow advice on how to protect yourself and your possessions.  

2. Sell stuff you own

Turn your household clutter into cash by listing it on sites like Gumtree or Facebook Marketplace. Remember to be wary of scammers and don’t give out your personal details. Learn more about buying and selling scams on the CommBank Safe website.

3. Sell your opinions

Whether it’s mystery shopping, participating in market research, online surveys, website testing or user experience research there are many ways to make your opinions count. Do your own research first to make sure the organisation you are dealing with is legitimate.

4. Sell your skills

If you have the time, you can advertise your skills on sites like Airtasker or local community Facebook pages or bulletin boards. From pet walking, to tutoring, to mowing lawns, cleaning or freelance writing or editing, many services are in demand. 

If you have a car and enjoy driving, you can also consider rideshare services, delivery services and courier services, such as Amazon Flex or Deliveroo. Remember to check your insurances and all terms and conditions and follow any safety advice.  

5. Monetise your hobbies

Are you an avid painter, drawer or jewellery maker? Turn your passion into profit by selling your products at market stalls or on sites like Etsy. 

You could earn passive income by creating and selling eBooks, online courses, downloadable worksheets or printables online.  

If you have a hobby you are passionate about, create free content online and share via social media – you never know, you might be able to monetise it one day.

6. Upgrade your side hustle

It is estimated there are just over 2.5 million business in Australia and the vast majority - 97%- are small businesses, employing fewer than 20 people.  

So, if you want to take your side hustle to the next level and join Australia’s thriving small business sector, your first step could be as simple as using the free business planning template at business.gov.au.

Having a clear idea of your unique selling proposition, your target customer base and your sales and marketing plan can all help you identify opportunities to potentially scale up your business.  

There are also tools and insights to help you understand cash flow basics, write a financial plan and get your small business up and running on the CommBank website.

7. Discover benefits you might be eligible for

Did you know you could be missing out on government benefits, concessions and rebates you are entitled to? Federal, state and territory governments offer a range of ways to help ease the cost of living squeeze, so it’s worth checking what you might be eligible to claim via their website or app.

CommBank customers can use the ‘Benefits finder’ in the CommBank app or NetBank for a free and easy tool to help you search for potential savings. Whether it’s energy concessions, help with school transport or vouchers, it only takes minutes to answer a few questions about yourself and then receive a list of potential claims. Simply search ‘Benefits finder’ in the CommBank app or NetBank.

8. Invest in your skills and education  

To maximise your earning potential in your main job, economists advise that you should focus on honing your ‘comparative advantage’. In other words, do work you are good at, preferably enjoy and can do relatively better than other people.  

Always be curious and continually invest in your skills. There are many free online courses you can undertake for further study via sites like Coursera, The Open University, Skill Finder and Harvard University online. 

If you are looking to train, retrain or upskill, explore whether you may be eligible for free TAFE courses.

9. Go for that pay rise

Making sure you are paid for the full value you contribute in your main job is always a wise financial strategy. Different employers will have different reward and pay structures. But make sure you advocate for yourself to be paid what you are worth.  

Write a list of your biggest achievements over the past 12 months and book in with your boss to discuss what it would take to take your career to the next level.  

To strengthen your case, you can also keep an eye on the job market and do some research to see what alternative employers are paying. If you do go for a new job, always enquire about the salary and don’t be afraid to ask for more.

10. Be tax savvy

If you incur expenses while generating income, you may be able to claim them come tax time.

Popular claims include work-from-home expenses, uniforms, mileage and education expenses. The Australian Tax Office produces a range of occupation-specific guides. Always remember the three golden rules of tax claims:

1. You must have incurred the expense while generating income
2. You cannot claim expenses your employer has reimbursed you for
3. You must keep receipts

Speak to an accountant if unsure – then claim that cost on next year’s return!