How to Make and Save $2,020 Extra in 2020!
For the first time in 30 years, Australia is officially in a recession. Because bushfires, massive storms, flooding and a pandemic weren’t enough. Don’t despair though! While you might not have been able to achieve all your goals, there are still 4 months left this year.
I want you to join me on a little challenge to boost your savings or pay down debt, whichever you prefer. Make and save an extra $2,020 (or more) in the remaining part of this year.
How is this different to when I aimed to make an extra $20,000 a year (and smashed that goal) or the year I made an extra $33,277.57+ on the side? The entire world is different and what we can do is not the same as what we could do to make money a year ago. But there are still lots of ways to do it.
How Will I Make and Save an Extra $2,020?
I’ve written 43 ways to make money as a single mum and numerous articles on ways to make money. Finding ways to make money has been relatively easy for me (I’ll list more below). What has been harder has been the expenses such as a long, expensive child custody battle or being locked down then repatriated from the Solomon Islands and having to set up a home again.
In the past few months, we were repatriated which cost thousands, stayed in an Airbnb until we found a home, had to furnish it and yesterday I finally bought a car as well. Since I hate adding to my debt (the debt is from custody), I have been doing this with cash.
Now that I am pretty much set up for that and only have to plan for a baby, as I am 20 weeks pregnant, my focus is to rebuild my savings. Here is what I am doing to make more.
We live in a wealthy area so the second hand shops are good, we’ve picked up a few items and my daughters have found some freebies. These are being freshened up and sold. I’ve shared about how I made over $10,000 in a month buying things to resell including everything from what I sell to how to sell it and post it.
I’ve done these for years and many readers here do too. Between $2,000 and $5,000 a year is the average we earn. My best ones have been PrizeRebel, Swagbucks and Octopus Group. Read this post for full details on the best and which to avoid.
Use Cash Back Sites
I know it isn’t technically making money but it is cash in your pocket. If you aren’t already signed up, check out Cash Rewards, Shopback and Honey. Be sure to download the apps and add all 3 to your Chrome bar.
I scaled this back and haven’t done any for a while as we moved and settled in here. However, it is something I would like to pick up and can do easily again. Check out how to be a freelance writer here.
What Can You Do To Make $2,020?
Aside from what I’m doing there are so many other things you can do. Read through the options below and decide what will work for you.
Sites such as Airtasker, Fiverr and similar have easy online gigs (as well as in person ones for Airtasker). With Airtasker, you pitch your offer to different ads. So someone will say they need certain work done and this is their budget. You then make an offer based on that.
Fiverr is different. It was initially set up for people to offer services for $5 but has evolved and now you can make much more.
Bank Account Bonuses
Banks often offer a sign-up bonus and many don’t take long to set up. You don’t want to apply for a heap of credit cards as it will impact your credit score. Places such as Up Banking (I’m with them) offer $5 instantly and it only takes a few minutes to sign up.
86400 is a new online one I have been trialling and they offer $20 when you sign up. Use the code S7VL6WF. It takes less than 2 minutes.
Rent Your Stuff or Space
If you are in an area still accepting tourism, you could rent a room out on Airbnb, sign up to Booking.com or Agoda etc and rent it out on there too. Rent out your garage (I have done this a few times to people wanting to store cars, fabric etc.)
There are also places you can rent out your baby gear and other items. Or rent your car on CarNextDoor. Be aware, while you can make money, the insurance is an issue with making a claim and many have said the car gets a lot of little dents and scratches because people don’t care.
Write reviews for sites such as Tell Me Baby and earn gift certificates for places such as Coles. We share more about Tell Me Baby here.
Transcribing, virtual assistant, editing, bookkeeping (if you have qualifications) etc. All of these I have seen ample work for, especially transcribing lately.
LinkedIn, Seek and similar are great sites to find these jobs.
Get a Second Job
Some occupations have needed more staff while others laid people off or became obsolete recently. Hospitality in some areas are crying out for workers. Cleaners, disability, aged care, warehousing, delivery drivers, all of these have been advertised heavily.
Other Money Making Ideas
I have so many articles on things I have done to make money as well as how much I’ve made. Here are a few:
43 ways for Single Mums to Make Money
How I Made $33,277 on the Side in 12 Months
19 Ways I’ve Made Money Remotely or From Home
Plus, you might want to look at putting the money into shares. I’m currently doing a comparison with a friend. They spend on scratchies/lotto and I put the same amount into shares. I’m using Spaceship (you can get a $5 sign-up bonus with the code S81BMI9TX7. You also need to invest within 90 days.
You can read about our little experiment here. So far, shares are winning by far!
Saving More Money in 2020
Saving money in some ways has been easier this year as we are travelling less, fuel costs are reduced as a result but it is easy to shop up a storm online and food bills for most have gone through the roof.
If you’re stuck at home, now is a great time to learn ways to use up everything, turn leftovers into something new and try new things to stretch the grocery budget.
Check out how to get free and super cheap food, how to reduce food wastage plus:
20 Meal Ideas for Leftover Sausages
29 Meal Ideas for Leftover Roast Chicken
25 Meal Ideas for Leftover Ham
28 Meal Ideas for Mince
Set Up Savings
Whatever you decide to do for your savings, get it set up and be consistent. It might be a separate savings account, you might want to open a shares account like me or simply pay it off debt. Whatever you choose to do, set it up and make it easy.
By setting this up, you are more likely to succeed. For proof, read how you can be a millionaire, even as a single mother.
Do a Financial Review
I do an annual financial review to see where I can save money, where my money is going and how to improve things. This is separate to my regular weekly abundance meeting (budget meeting). In the financial review, I go over every area of my budget, compare prices, shop around and ensure I am getting the best deals.
Do you really need that impulse buy or can you plan it into your budget? Make a plan for your money for the rest of this year (and beyond). Work out your goals, where you want your money to go and how you want to improve your finances.