Understanding different ways to grow your income
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Finding ways to increase your income can be useful for a range of goals, whether that’s building savings, managing existing commitments, or planning ahead. Understanding different approaches to earning more can help you explore what might suit your circumstances.
From side work and skill development to online projects and longer-term income ideas, there are many ways people choose to grow their earnings. This guide outlines a range of options to help you consider what may be appropriate for you.
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This guide explores general ways people may increase their income, including casual work, upskilling opportunities, digital projects, and passive income ideas. The information is intended to be general in nature and not a recommendation of any particular approach.
6 Ways to increase your income
Increasing your income doesn’t always require learning something new. Many people start by looking at skills they already use at work, at home, or as part of a hobby. This might include practical skills, creative work, or organisational tasks.
Some options people explore include:
- Offering your services locally or online (think Airtasker, Gumtree, Upwork, or Facebook Marketplace).
- Taking on freelance projects after hours or on weekends.
- Launching a micro-business with minimal overhead.
The suitability and potential returns of these options will vary depending on your skills, time availability, and personal circumstances
1. Participate in the gig economy
Some people choose to earn additional income through gig-based work alongside their regular employment. These opportunities are often flexible and allow individuals to decide when and how much they work.
Examples of gig-based options include:
- Rideshare driving through platforms such as Uber or DiDi, subject to platform requirements
- Food delivery using services like Uber Eats, Menulog, or DoorDash
- Selling handmade or second-hand goods through marketplaces such as Etsy or eBay
- Pet sitting, dog walking, or house sitting through services like Mad Paws or Aussie House Sitters
Earnings and availability will vary depending on time commitment, demand, and platform terms.
2. Sell unused items
Selling items you no longer use can be one way to generate additional funds. This might include toys, sporting equipment, electronics, musical instruments, or furniture.
Options people commonly consider include:
- Listing items on platforms such as Facebook Marketplace, Gumtree, or eBay
- Holding a garage or yard sale, either individually or with neighbours
- Selling larger items online where local pickup is available
The time it takes to sell items will depend on factors such as demand, pricing, and condition.
3. Build skills over time
Some people focus on developing new skills or qualifications to improve their earning potential over the longer term. This can include formal training, short courses, or gaining additional experience in a current role.
Examples include:
- Completing free or low-cost online courses
- Undertaking short courses, trade licences, or certifications through providers such as TAFE
- Taking on additional responsibilities at work to broaden experience
How these options translate into income can vary depending on the industry, role, and individual circumstances.
4. Explore online income options
Online platforms offer a range of opportunities that some people use to supplement their income. These options can differ significantly in terms of time commitment, skills required, and reliability.
Examples include:
- Participating in online surveys or research panels
- Offering digital services such as data entry, social media support, or virtual assistance
- Running small-scale online projects such as print-on-demand or e-commerce
It’s important to review platform terms, fees, and time requirements before deciding whether to participate.
5. Explore passive income options
Some people look for ways to earn income that may require less ongoing effort once set up. These options vary in risk, cost, and reliability, and may not suit everyone.
Examples people explore include:
- Renting out a spare room or car space through platforms such as Airbnb or Spacer, subject to local rules and platform terms
- Investing in shares or managed investments that may pay dividends
- Creating digital products, such as eBooks or downloadable artwork, that can be sold online
- Using cashback features offered by some bank accounts or shopping platforms
- Investing in exchange-traded funds (ETFs), which provide exposure to a range of assets rather than a single investment
Returns, costs, and risks vary depending on the option and individual circumstances, so it’s important to understand how each approach works before proceeding.
Disclaimer: This article is for general information only. It does not take into account your individual circumstances and is not financial advice. Consider seeking independent advice before making financial decisions.
