If you’ re looking to save money, cutting back is one way. But if you’re sick of being told to give up the daily coffee or take your own lunch to work, here’s another option – make extra money.
ALL OF US HAVE POTENTIAL to be able to generate another income stream- it’s just a matter of uncovering the skills you have that can help you bring in extra cash. And that’s the idea behind Channel 9′s new TV show Money for Jam, the inspiration for this booklet. Featuring Money magazine’s very own Paul Clitheroe and editor Effie Zahos alongside TV personality Shelly Craft and former AFL star Shane Crawford, it’s all about creative and simple ways to put some extra money into your wallet.
Each week the Money for]am team will help ordinary Australians tap into their potential – usually by helping them identify a skill or hobby they can turn into a money-making venture.
You’ll be inspired by the stories of regular Aussies who have unlocked their potential to bring home extra cash. You’ll meet a Sydney woman who turned her redundancy into a positive by using the money to open a vintage boutique, a family malting the most of their daughter’s talent to boost the family budget, and a woman who earns over $60,000 worth of competition prizes each year.
So it’s time to get a little creative and think about what you could be doing, using your existing skills, to top up your weekly pay. It might be getting a second job or starting a business on the side.
Ideally you should try to turn a hobby, something you enjoy doing, into a money-spinner rather than doing something just for the money. You’re more likely to be successful if you’re doing something that you love.
Learn to earn
Sit down and think about the things you enjoy doing that may generate a buck or two. Think outside the box. For example, one of the people you’ll see on Money for Jam loves hand-painting ceramic pots. By adding a bag of seeds and packaging it all up nicely she could sell them as great gifts.
It’s wise to consider your employer’s policies or contract because they may object to you having a second job. It’s also a good idea to find something close to your first workplace or home, to reduce travelling time.
If you do have a second job or are making money from a hobby, there may be tax implications to consider (see Taxation issues on page 6 for what you need to know).
You may be able to use your home to bring in some extra cash. If your property is unique and interesting, try renting it out for photo or movie shoots. Or if you have a spare room, consider renting it out to a tenant.
If you find this extra money it’s important to make it work for you and not fritter it away. Start by getting the basics right – as boring as it may sound, this does mean a budget. You need a clear idea of exactly where your money is going.
If you don’t choose a transaction account that matches your financial behaviour, you’ll pay more fees than you need to. You may be paying extra for features you don’t really need. For example, does your health insurance cover you for obstetrics but your child-bearing years are behind you?
These are all simple strategies that can help you save money without having to give up anything. If you are really serious about saving money you could take more drastic steps.
Scrap your pay-TV plan or switch to a cheaper plan, ride a bike to work instead of taking public transport, and go to the library instead of buying the latest bestseller.

More ideas for extra cash
• If you like kids, consider babysitting or setting up family day care.
• If you like animals, consider walking dogs, pet sitting or pet grooming.
• If you don’t mind housework, take in ironing jobs or become a cleaner.
• If you have a special skill or are a good teacher, consider tutoring.
• If you have a green thumb, do some gardening for others or grow your own fruit and vegetables to sell.
• If you’re a keen photographer, hire yourself out for weddings and baptisms or find out if you can submit photos to stock photography agencies.
• If you can sew, consider making and selling kids’ clothes or quilts.
• If you enjoy walking, deliver pamphlets.
• If you love to exercise, get a personal training qualification and become a personal trainer.
• If you like people, look for a casual job in retail or as a bartender or a waitress.
• If you love baking, make cookies or cakes once a week and sell them at your workplace.
• If you speak another language, consider tutoring or becoming a translator.
• If you are into personal grooming, sign up for a beautician course and do waxing, manicures and pedicures from home.
• If you are a good writer, try to pick up some freelance work at magazines or newspapers.
• If you like genealogy, advertise your services as a family history researcher.
• If you are competitive, enter competitions in newspapers and magazines, particularly if there are cash prizes.
• If you are a good salesperson, join a direct-selling company.
• If you are a good cook, otter to cater events.
• If you have a face for TV, become a TV extra.
• If you’re good at typing, look for data entry work you can do from home.
• If you are good at DIY jobs around the home then hire yourself out as a handyman.
• If you don’t mind moving around you can earn extra cash from housesitting.
• If you know how to make jewellery, make some to sell at work, the markets or online.