3 ways to earn extra money you may not have thought of

By Gabriella Margerison · · 2 min read
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Every little bit of money counts these days. But working extra hours can be extremely draining, and not every pay rise conversation goes how we hoped. So are there any ways to save or earn money you may not have considered? 

Maybe! Let’s float three of them by you, for your cost of living consideration.

Sell your old mobile handsets

A new smartphone may cost an arm and a leg, but selling your old ones could give you cash back. According to smartphone manufacturer OPPO, Australians have a national stockpile of $5.7 billion worth of old handsets lying around. 

Each device has an estimated value of $186, though this will vary based on the make, model, and condition – and where you trade in your mobile phone. 

So if your old handset is just gathering dust, consider putting it to work for your bank account. And while you are at it - now could be a good opportunity to check that you are on the most cost effective mobile phone plan for your needs. Compare mobile phone plans now.

Rent out unused space

Not using your garage? Spare room? Shed? Online marketplaces like Spacer and Parkhound have risen in popularity, and no wonder. Spacer estimates that hosts renting out unused storage space on its platform earn $200 a month on average.

Remember that if you are a renter, you may need your landlord’s permission before renting or subletting your place. Check your tenancy agreement for any terms and conditions.

Use your savings round-up feature

Okay, this is a bit of a cheat. Many banks these days offer a round-up feature, meaning every purchase you make is rounded up to the next dollar while the extra cents are diverted into your savings account. You’re not technically earning any new money, since every cent that goes into your savings is your own – but you are saving, and that’s the point.

Growing your savings with every purchase can be a great way to live in savings mode first, spending mode second. And if your savings account has a fantastic interest rate, then all this extra money can compound over time into better returns, and that is earning you money.

We can see this in action with Moneysmart’s compound interest calculator . If you start with a balance of $5,000 and deposit just $50 monthly with an interest rate of 5.55%, you could accumulate $300 in interest over the course of a year. Not too shabby!

Compare savings accounts below.

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Last updated 23 November 2024 Important disclosures
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • Bonus Saver

    5.00% p.a. (for $0 and over)

    1.00% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

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  • Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • Online Savings Account

    5.20% p.a. (for $0 and over)

    1.00% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate for the first 3 months from account opening.

    Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.

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  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

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^See information about the Mozo Experts Choice Savings Account Awards

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