Making Money in Australia: A Guide for Stay-at-Home Mums

As the cost of living in Australia continues to rise and the RBA continues to raise interest rates, millions of households across the country are searching for ways to reduce their spending. But lowering your expenditures isn't the only way to increase the amount of money in your savings account. There are a lot of ways to make a little extra money without leaving the comfort of your own home, especially now that working remotely or partially remotely has become the norm for many people.

A few words about the tax...

It is important, before you start earning some additional cash, to understand that any additional income will be taxed accordingly by the Australian Taxation Office (ATO). This is important to understand before you start earning some additional cash.

You are eligible to make a nomination to claim the tax-free threshold of $18,200 if you accept additional work through an agency, a second employer, or as a freelancer working under an ABN. This implies that the first $18,200 of your earnings will be exempt from taxation, which will result in a lower tax bill when the time comes. You have the option of naming the employer that you would like to claim the tax-free threshold from. In most cases, this will be the payer from whom you receive the greatest amount of income.

On the other hand, if you do not anticipate earning a total of more than $18,200 during the course of the year, you have the option of claiming the threshold from each and every payer.

Visit the website of the Australian Taxation Office for further information regarding the financial implications of having multiple jobs.

1. Charge people to park in your driveway.

If your driveway or parking space is vacant for the better part of the day, renting it out through a platform such as Parkhound, Parkable AU, or YourParkingSpace could be a simple way to increase the amount of money you bring in. There is no requirement that your space be available at all times; however, the spaces that allow access at any time of day or night are the most in demand.

According to Parkhound, property owners can make up to $300 per month by renting out their driveways, and they can make up to $450 per month by renting out their indoor or lockable garages.  

If you are located closer to transportation links, shopping centers, attractions, or hospitals, you have a better chance of increasing your earnings. Parkable Australia, for example, estimates that people who rent parking spaces on the outskirts of the CBD can earn up to $1232 per month or $14,784 per space annually.

2. Rent out the space you use for storage

If you do not have a driveway that you can rent out, another potentially lucrative option would be to rent out the unused storage space in your home. You can list your extra storage in Australia on websites such as Spacer or SpaceOut. Your extra storage could be in the form of a storage cage or unit, shed, spare bedroom, carport, or even a garage (see the previous sentence for more information). Listing your space on the Spacer website does not cost anything; however, a transaction fee will be added to the price you decide to charge for renting out your space.

Before you rent out your storage space, you should get in touch with your homeowner's insurance provider to verify that your current policy will continue to be in effect and that you will be covered in the event that a renter causes damage. If you live in a villa or a unit, you should inquire with the body corporate to find out if they permit this kind of arrangement.

3. Explore 'passive income' ideas

Passive income is income that, after an initial investment of time, money, or resources, can generate an ongoing, steady cashflow with relatively minimal effort and monitoring. As the name suggests, passive income refers to income that can generate an ongoing, steady cashflow.

The sharing of assets (such as renting your house and car, which we cover in points 1, 2, 6 and 7), as well as the building of assets (such as creating your own revenue streams, which we cover in points 8 and 10), are both examples of passive income.

Putting your money to work is yet another method for producing a passive income. If you have any extra cash on hand, you can do things like invest it in the stock market or save it in a savings account. Our guide contains additional information on this facet of passive income, which you can read if you're interested.

Just keep in mind that, similar to any other type of investment, your returns have the potential to both increase and decrease. Additionally, income tax is typically due on passive income; therefore, you should consult your tax agent or financial adviser regarding this matter.

4. Get rid of anything that you do not require.

Getting rid of clutter at home is one of the best ways to reduce stress, especially if you have kids. If you are successful in selling any items online, it can also be a nice little source of additional income. According to research conducted by the online marketplace Gumtree, it is estimated that Australian households could make an average of $5,800 by selling approximately 19 unwanted items, which could include anything from a chair to a refrigerator, clothes to technological equipment.

If you live in Australia and want to sell something on eBay, you won't have to pay to list the item unless you select one of eBay's premium upgrades, such as being listed in more than one category. In most cases, sellers will be charged one final value fee for each item they sell on eBay. This fee is calculated as a percentage of the total sale amount per item (including the item price as well as any applicable postage and handling fees), in addition to a flat charge of $0. 30 per order

After setting up an account on eBay and completing the account verification process, you will be able to immediately create a listing for your product.

You also have the option of selling your items through the Facebook Marketplace or Gumtree.

5. Make a profit off of technology

Find out how much you could earn by recycling your old electronics, selling them to second-hand stores like Cash Converters or Greener Mobile, or selling them on online marketplaces like We Buy Back or Cash Converters. If you have a drawer full of unused electronics like mobile phones, tablets, and computer games, find out how much you could earn by recycling them.

Once you and Greener Mobile have reached an agreement on a price for your electronic device, Greener Mobile will send you a reply-paid package that you can use to send your item back to them. The payment for the sellers is made once the payment has been received, and it is important to note that they accept phones in a variety of conditions, including perfect, good, faulty, or dead.

Some companies, such as Recycling Enterprises, will also buy a wide variety of pre-owned computers, laptops, phones, TVs, and other general electronic devices, as well as motherboards, CPUs, RAM, and power supplies.  

6. Rent out your spare room

You can advertise your spare residential space on websites such as Airbnb, Stayz, and Flatmates if you have a granny flat or studio at the rear of your home or if you wouldn't mind some company in the form of a flatmate. com au

Flatmate sites are better suited to those who are looking for a long-term tenant, whereas short-term rental sites are ideal for people who only wish to rent out their rooms part of the time. As a general rule, you will be able to command a higher price for your space if it is located in closer proximity to local attractions and modes of transportation.  

Check to see if you are protected from financial loss in the event that a renter causes damage to your property if you are using a third-party app like Airbnb. In any event, it might be a good idea to protect yourself financially by purchasing landlord's insurance.

If you are currently a tenant in a rental property, you should research the Residential Tenancies Act in your state to determine whether or not you are permitted to sub-let the property.

7. Consider charging others to use your vehicle.

If you do most of your work from home, it's possible that your vehicle is gathering dust in the driveway most of the time. However, despite the fact that you will be able to save money on fuel as a result of this, you could make some additional money by renting out your vehicle to other people through websites in Australia such as Car Next Door, Drive Mate, Go Get, and Drive My Car.

You will be able to establish your own guidelines and determine the hours in which your vehicle will be accessible. Car Next Door is Australia's largest car rental company, with a fleet of 5000 cars available for hire at rates beginning at $5 per hour or $25 per day.

When you rent out your car, you should expect a variety of conditions to be attached to the deal. For instance, the condition of your vehicle needs to be acceptable, and you must have comprehensive third-party insurance.

8. Tap into your skills

There are a lot of different ways that you can use your skills to help boost your income, and it doesn't matter if you work in education, if you're a keen writer, or if you're an avid photographer.

According to findings from a survey conducted by YouGov and the online marketplace Airtasker, members of Generation Z are embracing the concept of a "flexible economy." On average, Zoomers report earning an additional $429 per month through various side projects. According to the findings of the survey, a significant number of members of Generation Z are earning income through app development, which has a typical task price of $255 but can go as high as $5,000.  

Other in-demand skills on Airtasker include graphic design (with an average task price of 160 dollars) and social media support (with an average task price of 122 dollars).  

Alternately, if you are a writer, a designer, or a web developer, you might be able to pick up some freelancing work by registering with specialized platforms for freelancers, such as Upwork. You will then either be matched to jobs that are a good fit for your skills, or you will have the opportunity to place bids on specific projects.  

Since the Covid-19 pandemic began, there has been an increase in the demand for online tutoring because many students are still trying to get caught up after missing so much school due to lockdowns. Look into websites that offer tutoring in Australia, such as Learnmate, The Tutoring Company, or Superprof, amongst a plethora of other options. According to estimates provided by Superprof, the going rate for a Year 11 or 12 tutor is slightly less than $40 per hour.

Amateur photographers can earn up to fifty percent of the sale price of their photographs by selling them online through stock photography websites such as Alamy. Once your cleared balance reaches $50, you will begin receiving payments, and you have the option of being paid in U.S. dollars, British pounds, or Euros via bank transfer, PayPal, or Skrill.

9. Make your house available to be used as a filming location.

Imagining your house as the next television set for Neighbours Companies like Pure Location and Set Book are experts in connecting homeowners with location scouts for the purposes of filming, television, or even photography.

Pure Location is a company that provides more than 1500 location houses across Australia and New Zealand for the purpose of photo shoots, filming, and corporate events. The company specializes in everything from homes that are considered to be absolute luxury to homes that are considered to be suburban.

According to Set Book, homeowners have the potential to earn between $500 and $3,000 per booking, and there is no cost to create a listing. In addition to that, they will market your property and check to make sure that all crew members have adequate insurance.

10. Take Paid Surveys

Paid surveys are a great way to make money if you are good at providing responses to questions and don't mind being questioned in only one direction.

Octopus Group and Opinion World are just two examples of some of the most well-known paid survey companies in Australia. There are some websites that will tell you that you can make up to $50 per hour, but this is not very typical. It is more likely that in exchange for your participation in surveys, you will receive points that can be redeemed for cash or gift cards. It's more of a side hustle for extra spending money than anything else.

It's not going to be for everyone, but if you've got some time on your hands and the patience to answer people's questions, it could pay off in the long run. Be sure to read the privacy policy, though, so that you can determine whether or not the level of information you're giving away is acceptable to you.

This article does not constitute a recommendation of any particular investment or asset class, nor does it provide support for any specific program or incentive, and it does not provide any endorsement of any particular program or incentive. The readers are strongly urged to complete their own assignments.