How to get some extra cash and save for a first-home deposit

Have you got long, luscious hair you’re willing to chop off so it can be made into a wig? Or have you taken some great snaps on a recent trip that someone would pay for?

These are just two of the literally countless ways to make some extra cash and boost your income. If they’re a little too out of the box for you, consider the more old-school method of taking on a second job.

If you work Monday to Friday, 9 to 5, you could find a casual job working for someone else such as waitressing that allows you to work nights or weekends. If you work part-time you’ll have more flexible hours.

You can also take on a second job by being self-employed, by becoming an Uber driver in your spare time, for instance, or starting a home business, such as pet sitting or babysitting.

Depending on your skills you can also earn extra cash outside your day job through freelancing, tutoring, being a mystery shopper, a wedding celebrant or having a stall at the markets. The list goes on and on …

Other options include taking on odd jobs such as cleaning, ironing, washing cars, putting flyers in mailboxes, or transporting items for people if you have a ute. Websites such as Airtasker or personal concierge services make it easy to find this type of work.

While once upon a time finding ways to make extra income would have required a great deal of effort, with the internet at our fingertips the possibilities are now endless.

You just need to think creatively, do your research and find something that suits your skills, abilities and schedule.

The two major ways to make extra money are to sell yourself – no, not in the literal sense, but in the ways I’ve already outlined! – or to sell your stuff.

Selling possessions is preferable for those who just can’t cope with the thought of taking on any more working hours.

Consider a traditional garage sale or the modern day equivalent – selling items online on sites such as eBay or Gumtree.

I have to admit I’ve become somewhat obsessed with selling items online lately, to the point where I’m now giving every item in my home a second glance.

I’ve made $355 in just a few weeks by selling six items, and I guarantee if you take a good look at the clutter around your home you’ll find a bunch of things you barely – or never – use that could be offloaded for similar dosh.

You can sell virtually anything online – there are all kinds of random things people will pay for. Animal cages go like hot cakes, for instance. You can sell clothes, old mobile phones, baby items, furniture – you name it! Even if you sell items for just $10 it’s still extra money in your pocket.

Another way to boost your income is to rent out rooms in your home, but if you’re renting you’ll have to get permission first.

And what about doing market research? I’ve been paid upwards of $80 just for attending an hour-long focus group.

Some sources of additional income are sporadic, while others are more regular. With so many different options on the table how much you make will vary, especially as some will require an outlay of cash or the acquisition of skills.

Conservatively, you could make an extra $100 a week by employing a range of the possible options, and if you have a regular second job you can make much more. At $100 a week you’ll have another $5200 at the end of the year.

Pop that money into a high-interest savings account to further boost your income and you’ll make even more extra dollars. Interest rates on savings accounts aren’t exactly impressive, but you could achieve 3 per cent if you shop around. If you have $5000 in your account that’s an extra $150 a year, while for $10,000 it’s an extra $300.

Bear in mind that making extra cash to put towards a home deposit will depend on how determined you are, since you’ll need to input significant time and effort. But the rewards can be worth it if it gets you into the market earlier than you expected.