6 Ways to make extra cash

By Lauren Leisk, Yahoo7 Moneyhound Updated November 28, 2012, 9:00 am

Increase your income without changing your lifestyle.

It may sound too good to be true, but you really can increase the amount of money you make, often with minimal effort on your part.

1. Sell, sell, sell!

We’re spoiled for choice with the internet these days – we can sell old books on Amazon, sofas on Gumtree or unwanted clothes on eBay. Use these sites to your advantage and clear out your cupboards on a seasonal basis. Watch trends and post items that are relevant – unwanted gift sets close to Christmas or a pretty sundress as summer arrives.

2. Bite the bullet

You’ve been putting in the extra hours for months and you’re due a promotion, so ask for a pay review. It can be a nerve-wracking experience, but if you don’t ask you won’t receive. Even if you don’t get the full amount, any increase will help out with monthly spending.

Related: How to ask for a payrise

3. Spare space

Depending on where you live, you may be able to rent out anything from a parking space to your garden to your spare room. Rentals can be an excellent source of revenue and many people use it as a second income – not bad for somewhere or something that you can do without. Think about letting out your home whilst you're away on holidays or hosting out of town guests on weekends via websites like airbnb.

4. Work more to earn more

Getting a second job doesn’t mean juggling two offices and working 24-hour days. There are numerous jobs that let you work from home or part-time on weekends or evenings. If you regularly find yourself with a few hours to spare, look into taking on a manageable job that works with your schedule and still leaves you some time to relax. It could be as simple as one shift a week at a local cafe, a newspaper run or walking other people's dogs.

Related: 8 ways to survive if you loose your job

5. Use your skills

If you are a native Spanish speaker or highly trained cricket coach, use your skills and offer private tuition or organise group sessions. Use the internet to find people in your area requiring a specialist with skills and match up with someone needing your help. You could also approach local schools and community centers.

6. Cash back from your cash

You might be saving for a house deposit or a holiday, you might just have a buffer in your bank account for a rainy day. Either way you can make the cash that's sitting in your bank account work for you buy putting it in a high interest savings account.

You might as well earn up to 5% p.a. on any idle funds you have. Most of these accounts are free to open with no minimum deposits, daily access to your money and interest is paid to you monthly - what's not to love?

Compare high rate savings accounts at Moneyhound and open one today.

Moneymaking isn’t just for the rich and famous. You too can increase your monthly income without drastically changing your lifestyle. Be proactive and seek out all opportunities.

Was this article useful? Use the feedback button below or comment and share your tips on our facebook page.

Moneyhound Product Picks this Month:



Get the latest deals that could save you money on your monthly bills

Help me find a savings account

  • Account type

  • State/Territory

  • Anytime access accounts

  • Fixed-term deposit accounts

Help me Save

Use our savings account interest calculator

      • Interest rate (APR*) used : 5.2%

      *APR and APR term suggestions are based on market competitive products listed on this page. Fees and charges are payable. Read the disclaimer

      Moneyhound helps you compare 406 saving accounts from 81 trusted issuers

      Savings Accounts Latest News

      Compare more products and services

      Disclaimer: Yahoo7 has partnered with RateCity and WhistleOut for the provision of pricing information for financial, telecoms products. Yahoo7 has partnered with Lifebroker to provide information regarding life risk products and with RateCity to provide information on general insurance products. Yahoo7 has no direct affiliation with any finance, telecom or energy institutions listed here to promote this content. The content of this website has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should not acquire any financial products before taking into account whether your selected products are appropriate to your personal circumstances, having regard to your own objectives, financial situation and needs. Whilst reasonable efforts are maintained to provide accurate, true and correct information, it is advised that you confirm the terms of any product or contract and consult the product disclosure statement before making a decision to apply to any product issuer.

      Whilst Yahoo7 Moneyhound attempts to provide information regarding as many products in the market as is possible, not all available products are compared on this site.The comparison rates for home loans are based on secured credit of $150,000 and a term of 25 years. The comparison rates for car and personal loans are based on credit of $10,000 and a term of 3 years. WARNING: The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Read more on our disclaimers here.

      Yahoo7 Money Hound Pty Ltd | ACN: 151 232 450 | ABN: 20 151 232 450
      AFSL: 407341 | ACL: 407723 | COSL: M0011954
      Financial Services Guide