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How to find an extra $500 to $1000 a month

When finances are stretched, and the budget needs a makeover, there are only two ways to get in extra cash. One is to spend less, the other is to make more.

What is easiest for you?

Perhaps you are the type of person who can go without the little extras that make life better, such as new clothes or shoes, dining out regularly, or getting together with friends for drinks.

If you have the energy, and you would like to maintain your current lifestyle, but still meet your mortgage or rent payments, you may consider other ways to bring in more money rather than stripping back your budget.

These could include:

- Negotiating a pay rise with your current employer.

- Increasing your fees if you are in the gig economy. This should happen annually anyway but, right now, cost of living expenses is seeing many freelancers adjust their rates.

- Monetising your skills outside of the office. Remember you are an expert in what you do and thanks to the gig economy you can put your skills out there for use. A few ideas include web development, social media management, graphic design, writing and editing, bookkeeping and marketing. While you could put yourself on Airtasker, a better way may be to offer your services on Facebook where you already have people who know you and trust you. Just remember to get the ok from your employer first before setting up your side-hustle so you don’t fall foul of any contractual obligations.

There are other ways to join the gig economy too and boost your income. These include:

- Being an Uber driver after hours – either delivering people, or meals – if you have your own car.

- Renting out a room on  Air BnB or a garage space through your local community.

- Switching lump sum, annual payments, for insurance for example, to monthly payments to ease cash flow. Even better, you can switch providers for your mobile phone, power, or health fund and have instant money, in your bank account, from the moment you negotiate a better deal. Services such as or can also do the hard work for you.

- Selling quality items you don’t use on EBay or Facebook marketplace. This could include designer clothes, furniture, homewares, plants and even gym equipment.

- Asking your bank for a repayment holiday, for up to six months. This is generally given for financial hardship but, if you don’t ask, you don’t get.

- Seeing a mortgage broker and getting a more competitive home loan, which could save you hundreds in the short-term and thousands in the long-term.

Budgeting on your mind? Find more content in the app…

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  2. Don't stay - negotiate better deals
  3. Best in show - use your expertise to side hustle

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