Top 5 Ways to Make Easy Cash – Source: OurMoneyMarket Lending Pty Ltd ABN 64 605 231 669 Australian Credit Licence 488228.
So, you’re looking for ways to make a few extra dollars. I’ve been there! When I quit my job to start OurMoneyMarket I was in need of some extra cash to get by. The tasks/jobs I was looking for didn’t have to pay much, but they had to meet at least one of the following: (i) the job had to be easy; (ii) the job need to be quick; or (iii) I could do the job at a time convenient to me.
Luckily, I found enough jobs to make me, on average, an extra $200 a week. That’s an extra $10,400 a year!
So, without further delay, here are my top 5 ways to make easy cash – not become a millionaire cash, but easy extra cash:
#1 Easy Cash With Mystery ShopperTask Difficultly Rating: Easy
Cash Reward Rating: 4/5
Oh, Mystery Shopper, how good you were to me. With Mystery Shopper, there are all kinds of jobs you can do, and you get to pick the jobs you want. Some of the jobs I did included:
It took me, on average, around 30 minutes to complete any given task and complete the service report you must submit.
#2 AirtaskerTask Difficultly Rating: Easy to Hard
Cash Reward Rating: 5/5
Airtasker is an online peer-to-peer website that allows people to post any kind of task or job they need completed, and whether they need it done online or in person.
With Airtasker, you can make money doing all kinds of things (e.g. writing blogs, helping someone with their resume, wait in line for the next iPhone, caring for puppies, you name it!). Generally, you stand to make between $20-$400 for tasks advertised on Airtasker.
#3 Online SurveysTask Difficultly Rating: Easy
Cash Reward Rating: 1/5
OK, so I never really did these surveys properly, but I think that’s justified given they seem to falsely advertise the time each survey takes.
Basically, with sites like, Valued Opinions, you can complete surveys that take anywhere between 5 to 60 minutes, and earn between $1 to $20 for your time.
It’s not exciting money, but it’s really easy and you can do it just before bed, or during T.V ad breaks.
#4 Sell Clothes & Furniture OnlineTask Difficultly Rating: Easy
Cash Reward Rating: 5/5
Selling your old clothes, furniture etc. online is a great way to make extra cash. It also removes clutter…and will make those you’re living with super happy.
To be honest I didn’t make regular money from this (sold a couch once for ~$1,000). However, friends of mine have regularly sold their old clothes on eBay and Gumtree and claimed to make good cash doing this.
#5 Search the WebTask Difficultly Rating: Easy
Cash Reward Rating: 3/5
Sometimes saving cash on everyday expenses is as good as earning cash. Simply add PricePal to your web browser and get notified of discounts when shopping at some of your favourite retailers!
Due to this little beauty, I regularly received around $20 a week in cash back when I shopped at Woolworths. Friends of mine would save up to 6% when shopping at UNIQLO, Cotton On, Asos.com, etc.
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This information has been prepared as general information only without taking account the objectives, financial situation or needs of individuals. All investors should seek their own financial, legal and taxation advice relative to their own circumstances before making an investment.
The information contained in this article should not be taken as financial product advice and has been prepared as general information only, without taking into consideration your personal investment objectives, financial circumstances or needs. In particular, you should pay careful consideration to the risks outlined in the OurMoneyMarket PDS, available here.
4 Ways to Save Money and Earn Extra Cash at Your Bank
I often see articles (typically from banks) giving tips on how to save money or how to budget. These articles include tips like “monitor your expenses”, “set savings goals” or “create shopping lists before you shop”. These are obviously good practices for saving money and budgeting, but they often involve you buying a box meal at Aldi instead of ordering a pizza on a Friday night. This stuff you already know and are typically the things you enjoy spending money on. So, how can you save money on the things you hate spending money on? And how can you earn some extra cash at your bank?
Here’s 4 simple ways to save money and/or earn some extra cash at your bank.
#1 Pay Less on Your Home Loan
Go to a loan comparison site (e.g. Finder and RateCity) and take note of the lowest home loan rate available. Then, contact your bank’s customer service line and ask for a payout figure on your loan. Explain that you’re planning to move to another finance company as they’re offering you a better rate. Your bank will immediately put you through to the Retentions Team who will discuss what rate you’re being offered, so they can see if they can compete. The Retentions Team will likely offer you a slightly higher interest rate than what you’re able to get elsewhere as they know there are some costs to you moving banks (let alone the effort and admin). If they offer you a lower rate great! You probably just saved enough money for your next holiday.
Please note, if you currently have a fixed rate home loan it will be harder to negotiate a lower rate on your home loan as there are break costs involved in refinancing these loans.
#2 Avoid Paying Annual Fees on Your Credit Card
Banks can refund the annual fee on your credit card as long as you contact them within 45 – 60 days of it being charged to your account. Steps to take: (1) Ask for the Credit Card Cancellation team; (2) Advise the customer service rep. that you use the card for day-to-day transactions but would like to cancel the card as you don’t wish to pay the annual fee; (3) They should offer to waive the fee. If they don’t offer to waive the fee and you don’t want to cancel the card, simply don’t proceed with the cancellation. Note, if you’re annual fee is greater than $150 you may only be able to negotiate a 50% reduction on your annual fee.
#3 Boost Your Savings by Regularly Opening New Savings Accounts
The banks are always keen to get hold of your savings, as it’s a cheap source of funding for them. Your bank will regularly offer bonus interest on new savings accounts in order to attract new customers. They won’t advise existing customers of these deals but you can also take them up. What’s the catch? The bonus interest is only available for a fixed period (e.g. 4 months), after which it converts to the standard low variable base rate (these days around 1%-2%), so at the end of the fixed “honeymoon” period just open up another account and get back on the bonus interest rate offer!
#4 Avoid Hidden Fees on Loans & Bank Accounts
Firstly, companies are notorious for charging monthly account keeping fees. Most people just ignore these costs as they seem so insignificant at the time, however, these costs add up to a lot over the life of a loan. The average monthly service fee on bank personal loans is $10 (as if they were paying someone to manually handle your account each day!). For a loan term of 7 years this will cost you an extra $840! You know that feeling when money seems to just disappear from your account, and you don’t know how, well this could be one of those reasons.
Secondly, banks have historically enjoyed charging prepayment fees and early exit fees (i.e. they want to charge you extra if you want to pay off your account early!). Borrower’s take note: your circumstances will likely change over the next 7 years. That promotion you’ve been working hard to get from your boss for the last 12 months will happen, and you don’t want to be stuck paying interest on a loan you no longer need once you receive your pay rise. To avoid these costs consider refinancing your loan (home loan or personal loan) to a provider that offers no monthly service fee, no prepayment fees and no early exit fees. This means you will know all your costs upfront, you won’t be locked into a loan you may longer need, or can pay off sooner, and you will find it easier to budget moving forward.