Inflation is running at 6.1 percent and Treasurer Jim Chalmers says it’s on track for 7.75 percent by the end of the year. Much of the problem, however, stems from the fact that wages only rise an average of 2.6 percent a year.
Now back to the “good job” thing: you need to be able to prove it. You need to be able to prove your worth, preferably as bottom-line money, to win the pay raise prize.
The form of your approach is crucial: make it clear, calm, and compelling.
2. Get your tax refund early
There’s a good chance you’re desperately waiting for your tax refund this year. However, you could be receiving this money every payday.
Simply go to the Australian Taxation Office website and fill out what is called a withholding variance form. However, don’t overestimate your refund as you will have to pay it back.
Do you have a spare room or are you away from home sometimes? Consider renting out that space or listing your home on Airbnb.
But it makes little sense to let the Tax Office keep the cash rightfully owed to it in hard times.
3: Sell/rent some things.
Do you have a spare room or are you away from home sometimes? Consider renting that space on Airbnb.
Just be sure to consider the income tax implications, and don’t forget that you’ll ultimately have to pay a small capital gains tax as well.
Selling clothes on social media, especially if you’ve “discontinued” some designer items, could also make you some serious money.
Or you can use dress rental websites, like The Volte or Designerx, to rent, not buy, the next time you need to “dress up.”
Research hashtags like #resalenotretail and #shopmywardrobe to earn money from your wardrobe…everyone is looking to save right now.
The same goes for the Facebook marketplace and Gumtree second hand sites. What are you sitting on that you could sell?
Meanwhile, container depot schemes are huge in most states – you just need to know where your nearest depot or reverse vending station is to typically receive 10¢ for each aluminum can or plastic bottle. That’s much better than throwing them away.
4: to be entrepreneur
More and more Australians are fully embracing a side hustle.
There has been a record rise in the number of businesses actively trading: a 7 percent rise to 2.6 million in the year ending June 30, according to the Australian Bureau of Statistics. Of them, sole proprietorships that do not provide employment have an increase of 9.9 percent.
Since the coronavirus crisis began, there are 286,000 more businesses in the country.
Are there ways you could start a small business to increase your income?
- The advice provided in this article is general and is not intended to influence readers’ decisions about investments or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
Nicole Pedersen-McKinnon is the author of How to get mortgage free like me. Follow Nicole on Facebook, Twitter, and Instagram.