Inflation is at 6.1%, and Treasurer Jim Chalmers says it’s on track to hit 7.75% by the end of the year. However, a large part of the problem stems from the fact that salaries are only increasing by an average of 2.6% per year.
Now back to that “good job” thing: you have to be able to prove it. You must be able to show your worth – preferably in the form of net money – to win the pay rise prize.
The manner of your approach is crucial – be clear, calm and convincing.
2. Get your tax refund sooner
Chances are you’ve been desperately waiting for your tax refund this year. However, you could instead receive this money each payday.
Simply go to the Australian Taxation Office website and complete what is called a withholding tax change form. However, do not overestimate your refund, as you will have to pay it back.
Do you have a free room or are you sometimes away from home? Consider renting out this space or listing your home on Airbnb.
But it makes no sense to let the taxman sit on the money rightfully owed to you in times of crisis.
3: Sell/rent stuff.
Do you have a free room or are you sometimes away from home? Consider renting this space on Airbnb.
Just be sure to consider the tax implications, and remember that there will also be some capital gains tax to pay.
Selling clothes on social media, especially if you’ve “mothballed” certain designer items, could also earn you a pretty penny.
Or you can use clothing rental websites, such as The Volte or Designerx, to rent, not buy, the next time you need to “dress up.”
Investigate hashtags such as #resalenotretail and #shopmywardrobe to make money off your closet…everyone is looking to save right now.
Ditto for the Facebook market place and the Gumtree second-hand sites. What are you sitting on that you could sell?
Meanwhile, container drop systems are huge in most states – just know where your nearest drop is or the reverse vending machine station is and you’ll typically receive 10¢ for each aluminum can or bottle. in plastic. It’s much better than throwing them away.
4: Be an entrepreneur
More and more Aussies are fully embracing side hustle.
According to the Australian Bureau of Statistics, the number of businesses engaged in trade rose 7% to 2.6 million in the year to June 30. Of these, jobless one-person businesses increased by 9.9%.
Since the start of the coronavirus crisis, there are 286,000 additional companies in the country.
Are there ways to start a small business to increase your income?
- The advice given in this article is of a general nature and is not intended to influence readers’ decisions regarding investments or financial products. They should always seek professional advice that takes their personal circumstances into account before making financial decisions.
Nicole Pedersen-McKinnon is the author of How to get a free mortgage like me. Follow Nicole on Facebook, Twitter, and Instagram.