Fast money moves that earn extra cash and save it quickly, too

As living costs hurt households everywhere, money experts share five speedy ways to earn money, plus five ways to save it sooner.

Author and finance educator Natasha Etschmann. Picture: Supplied

Getting richer is a long-term game, typically taking years or decades to build true financial security.

However, if you’re not that patient, you can make several quick moves to get a kickstart in earning and saving.

James Millard, a financial adviser and the author of new book Insufficient Funds, says people often get stuck in a rut by believing their income is fixed like their wage.

But “there are so many ways to increase your income”, he says.

Here are some strategies to consider.

REQUEST A RAISE

“Keep an eye out on job sites for roles that are very similar that may be paying significantly more than yours, so you can use these in negotiation,” Millard says.

“Focus on your strengths and what you bring to the role rather than why you need the money.

“If you only have an annual performance review, don’t wait for that to come around. Plant the seed now and go hard. My suggestion is to aim for a 20 per cent raise, or base it on the best examples you’ve found in the market.”

START A SIDE HUSTLE

Side hustles can vary dramatically and be different for everyone, such as selling stuff online, blogging or starting a website related to your skills, Millard says.

“It could be all sorts of things that make you part of the gig economy that is booming at the moment,” he says.

“Any way to add some extra money to your weekly pay can make a huge difference.”

USE YOUR ASSETS

Millard says people often do not realise the value of what they already have, and technology has made it easier to turn assets into quick cash.

He says renting out a home or rooms for short-term or permanent accommodation is popular, as is renting out your car using online platforms.

InvestSmart money specialist Effie Zahos says people can make money from thin air by turning spare space into cash. It’s not just bedrooms – garages and parking spaces can be valuable too, she says.

Time is another key asset. “Pick up some odd jobs,” Zahos says. “Put your existing skills to work on job platforms like Airtasker.”

TRASH INTO TREASURE

“Turn junk into cash,” Zahos says.

“Go through your home to find items you no longer use or want. It might be books, homewares, toys or even clothes.

“List unwanted items for sale on sites like Gumtree or eBay, or consider Etsy for vintage goodies or collectables.”

CASH IN

Zahos says consider offers such as $3000 cashbacks on home loans, $200 to switch energy providers or $20 for referring a friend.

“At the end of the day a financial product needs to stack up on its own merits and cashback offers shouldn’t sway your decisions, but if there are no switching fees and the product is competitive why not cash in?”

Once your extra earning capacity is sorted, you also can save money quickly. Here are some ideas.

A BETTER BARGAIN

Zahos says often the simplest way to generate savings is to find a better deal on regular bills.

Mobile phone providers are a good opportunity, she says, as smaller and cheaper providers use the major carriers’ networks anyway.

Shopping discounts can be powerful too, Zahos says.

SUBSCRIPTION SAVINGS

Many households spend hundreds of dollars monthly on subscriptions, and Zahos says an audit may uncover potential savings on products you no longer use.

“You may be surprised to learn just how much prices have gone up,” she says.

If you miss a cancelled subscription “you can always subscribe again”.

Author and finance educator Natasha Etschmann. Picture: Supplied

Author and financial commentator Effie Zahos. Picture: Supplied

CHECK YOUR ACCOUNTS

Financial educator Natasha Etschmann recently released her first book How to Not Work Forever and says people who take note of their spending may be shocked to discover where their money is going.

“The little things are the easiest to cut from the budget – a takeaway coffee each week or the impulsive shop – but the biggest impact you can make is decreasing your big-ticket expenses such as housing, food and transportation,” she says.

HOUSEHOLD SAVINGS

Etschmann says roommates and family members can help with housing expenses, while grocery costs can be cut by meal planning.

“When you know what you need to buy, you avoid the temptation that comes with shopping,” she says.

Other food savings can come from bulk buying, freezing goods bought on special, and even using ChatGPT to work out a budget-friendly shopping plan.

DRIVE COSTS DOWN

“It costs money to get around, but there are ways you can reduce the cost of transportation,” Etschmann says.

These include walking or using a bike where possible, carpooling, using fuel apps to find the cheapest prices in your area, ditching the second car and booking ahead for cheaper parking, she says.

Originally published as Fast money moves that earn extra cash and save it quickly, too