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

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.

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.

Compare savings accounts - last updated 23 February 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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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  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

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  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

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  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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^See information about the Mozo Experts Choice Savings Account Awards

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