Best hacks to make fast cash and boost your bank balance

An Aussie mother has shed light on how she reeled in more than $3000 from items around the home to quickly boost her family’s bank balance. Here are some of the best hacks.

Cash-strapped Australians can boost their bank balances by thousands of dollars by making several simple New Year tweaks.

As the expense of Christmas rings true for many, personal finance experts say running the ruler over health, car, and mortgage insurance expenditure – and swapping to a better deal – can yield massive savings.

Many of us are also unknowingly sitting on rebates, incentives and unclaimed cash and super – plus being direct debited for unused services.

“Renting out your own stuff is a great way to make some quick cash, and keeping an eye on your subscriptions and double-checking whether you’re actually using them is also good practice,” personal finance expert Gianna Thomson said.

“Earning a passive income through investment is also one of my biggest recommendations for Aussies going into the New Year … selling things that you don’t need around the house also works.”

Sophie Ryan, from comparison site iSelect, said energy was one of the biggest areas for people to save.

“We do know that energy prices have risen significantly over the last couple of years, and many people may not realise that loyalty doesn’t always pay when it comes to energy,” she said.

“Plans that feature discounts generally expire after a year or two, so people who may have been on the same plan with the same provider could have been automatically transferred onto a higher priced plan.”

Ms Ryan said the so-called loyalty tax extended to insurance too, where it is critical not to be “paying for things you don’t need”.

“If your family is well and truly complete, why are you still paying for IVF and pregnancy cover?” she said.

“Many people are experiencing an increase in car insurance premiums … a general rule of thumb would be to review your policy when you do get that renewal notice. Don’t sit back and simply auto renew.”

Mother of two Lauren Lee turns to online community marketplaces post Christmas as “a great way to recoup some cash”.

Mother of two Lauren Lee says selling her children's’ old toys helped her recoup cash. Picture: I Image/Russell Millard Photography

Between 2023 and 2024, the financial empowerment coach from Adelaide reeled in more than $3000 by selling unwanted items.

“We’ve recently sold of a fair few of our kids’ old toys. It helps us make more space in the house but also gives them a bit more of a sense that we just don’t need all of this stuff,” she said.

“If you nail your price points on items that you’re going to sell online, items will usually sell within 24 hours.”

Mrs Lee also likes the environmental benefits of offloading disused items, saying it is better than “putting a whole heap of stuff into landfill”.

PRICE MATCHING & BEATING

A number of Australian retail stores have price matching and price beating policies.

This typically only applies to other Australian retailers, so make sure to shop around. If a store’s competitors have put lower prices on stocked items, you could be in for a discount.

Bunnings Warehouse – price beat by 10 per cent

Officeworks – price beat by 5 per cent

JB-Hi-Fi – price match

Harvey Norman – price match

Kmart – price match

Target – price match qualifying items within 14 days of purchase

Dan Murphy’s – price beat

Chemist Warehouse – price beat by 10 per cent

Anaconda – price beat

BabyBunting – price beat by 5 per cent

Pet Circle – price beat

Jetstar – price beat by 10 per cent

Qantas – price match

Myer – price match

David Jones – price match

Rebel sport – price match

eBay – voucher for price difference + 5 per cent within 48hrs of purchase

Bunnings Warehouse price beat by 10 per cent. Picture: NCA NewsWire / Gaye Gerard

OUTLET STORES

Heading to outlet stores is a way to purchase known brands at affordable prices.

DFO in Melbourne, DFO Homebush at Sydney Olympic Park, and Birkenhead Point Outlet Centre, also in Sydney, boast more than 100 outlet stores selling clothing, homewares and more at discounted prices.

BULK BUYING

If you have the room, bulk buying is a way to save some cash.

For an annual membership fee of $60, Costco has deals on food, leisure and clothing brands.

Catch.com.au offers low prices on groceries, beauty, technology, fashion, sports, and more.

Household essentials can be bought at Bulkbuys.com.au. and you will receive a bonus discount when you sign up for free.

Places like The Source Bulk Foods are a sustainable way to buy whole foods at low prices.

REWARDS POINTS

Shoppers can generate extra savings with their everyday spending by joining rewards point programs.

Flybuys and Everyday Rewards are used across supermarkets, retail stores and banks, allowing customers to turn their collected points into money off when they shop.

There are also a weekly discounts and promotions for members.

For entertainment, HoytsRewards and Event Cinemas’ Cinebuzz both provide membership programs where your points give you discounts or free tickets.

Shoppers can generate extra savings with their everyday spending by joining rewards point programs such as Flybuys.

FREE DELIVERY

While online shopping is convenient, the delivery fees can stack up.

Services such as OnePass and Woolworth’s Delivery Unlimited give customers free delivery at stores including Woolworths, Kmart, Target and Bunnings Warehouse for a low membership fee.

Both OnePass and Delivery Unlimited offer 30-day free trials.

Amazon Prime offers free delivery to paying members, along with access to its streaming service and ebooks.

CASHBACK DEALS

Shopping

Aussies can get back a certain percentage of the money they spend on free sites like Cashrewards, Shopback and Kickback.

Banks including ANZ, Commonwealth Bank and NAB also have shopping cashback offers with retailers, like Chemist Warehouse.

Home Loans

Mortgage holders looking for more competitive deals can get up to $4000 cashback by refinancing their loan. These are some of the best home loan lenders right now:

IMB Bank: $2000 for loans of $250,000-$499,999; $3000 for loans of $500,000-$749,999; $4000 for loans above $750,000

ANZ: $2000 for refinanced loans above $250,000; $3000 for first homebuyer loans above $250,000

BankVic: $3000 for loans above $350,000

Newcastle Permanent; $2000 for loans of $250,000-$499,999; $3000 for loans above $500,000

ME Bank: $2000 on new loans above $400,000; $3000 on refinanced loans above $700,000

Greater Bank: $2000 for loans above $250,000; $2500 for loans above $500,000

Credit Union SA: $2000 for loans above $300,000

Mortgage holders looking for more competitive deals can get up to $4000 cashback by refinancing their loan.

GRANTS & REBATES

State and territory governments are providing rebates on healthcare, education, utilities, sports, transport and housing: NSW, VIC, QLD, SA, TAS, NT and WA.

Housing

Each state offers a First Home Owner Grant for new homeowners/builders – currently, the grant is $10,000 in NSW, VIC, TAS and WA; $30,000 in QLD (until June 2025); $15,000 in SA; and $50,000 in the NT.

There are also means-tested grants for renters some states.

Education

Aussie students can receive government support for schooling and sporting programs, including Youth Allowance, Austudy, ABSTUDY, scholarships and sponsorship grants.

Utilities

Eligible Aussies may have access to government support for energy and water bills.

Health

There was a whopping $241 million in unclaimed Medicare benefits last financial year and Aussies are being encouraged to link their Medicare to their myGov account to receive the unpaid money.

Medicare rebates help Aussies to cover consultations with GP’s, medical services and hospital services.

There is also the Medicare Safety Net, which supports those with high out-of-pocket medical costs for services received out of hospital.

Transport

Subsidies and concession entitlements are offered to eligible transport-users.

There is $17.8 billion in unclaimed superannuation.

UNCLAIMED SUPER

There is almost $17.8 billion in unclaimed superannuation as of last financial year according to the Australian Taxation Office (ATO).

You can check for lost super by going through myGov and logging into the ATO’s online service portal.

FUEL

Websites such as PetrolSpy and Motormouth, as well as applications like Petty will compare local petrol prices and are a great way to save some extra money.

FAST WAYS TO MAKE CASH

Small lifestyle adjustments can end up saving you some cash, such as cancelling any unused subscriptions, renting out items or spaces, having a garage sale or even investing for a passive income.

Side hustles have also risen in popularity as a way to bring in extra money – here are some job opportunities to cash in on:

Airbnb

Whether it’s a single room or the entire apartment or house, Airbnb lets people rent out their property long or short term for an income.

Rideshare 

Becoming a driver for companies such as Uber, Didi or Ola is a flexible way to make additional weekly income.

Airtasker

Completing tasks big or small on this outsourcing platform can garner up to $1000 extra cash a month, and you can choose what you do and when.

Camplify

Earn up to $10,000 a year by renting out your motorhomes, campers and caravans when you’re not using them.

Airbnb lets people rent out their property long or short term for an income.

BE SCAM SAVVY

Almost $300 million was lost to scams last year according to ScamWatch.

While this is a decline from the previous year Aussies are still being encouraged to be vigilant with these three tips:

STOP. Don’t give money or your information to anyone if unsure.

CHECK. Ask yourself if the message or call is fake.

PROTECT. Act quickly if something feels wrong.

Any scams can be reported to ScamWatch.

Originally published as Best hacks to make fast cash and boost your bank balance