According to a 2023 report by the Australian Bureau of Statistics (source: abs.gov.au), nearly 1 in 5 Australians are actively looking for additional income sources outside of their primary job.

Whether it’s a sudden bill, an emergency, or just some extra pocket money, having accessible ways to earn quick cash can make a huge difference.

Fortunately, there are many fast and easy ways to make extra income. Here are some ideas to help you get started—along with how services like Cash Today can be a quick solution when you need funds urgently.

1. Use Your Car for Ride-Sharing or Delivery

If you own a car and have some free time, driving for ride-sharing services like Uber or Ola can be a great way to make quick cash. In fact, with the flexibility to work whenever suits you, ride-sharing is an excellent side gig for anyone looking to supplement their income. The more you drive, the more you can earn, especially during peak hours when demand is higher. If you’re more interested in delivery services, platforms like DoorDash or UberEats also offer opportunities to earn extra income. You can easily fit this kind of work into your schedule, which makes it a convenient option for quick cash.

2. Sell Unused Items Online

One of the fastest ways to make extra money is by selling things you no longer need. Take a walk around your home and start decluttering by listing unused items like electronics, furniture, clothing, or books on platforms like eBay, Facebook Marketplace, or Gumtree. This is not only a great way to make cash quickly, but it also helps you free up space in your home. Whether you have old gadgets, gently used clothes, or furniture taking up space, there’s likely someone out there looking to buy what you no longer need. With many platforms allowing you to list items locally, the process can be fast and simple, giving you access to quick cash in just a few days.

3. Freelance Your Skills Online

Freelancing offers an excellent way to earn extra income, especially if you have skills that are in demand. Websites like Upwork, Fiverr, and Freelancer provide a platform for you to offer services like writing, graphic design, web development, and social media management. You can work from home and set your own schedule, making it a flexible option for those looking to earn quick cash on the side. If you have specialized skills, such as digital marketing, photography, or video editing, these can be particularly lucrative fields. By completing a few small jobs a week, you could steadily add extra money to your bank account.

4. Short-Term Loans via Cash Today

Sometimes, no matter how well you plan, unexpected financial situations can arise that require immediate attention. Whether it’s an emergency medical expense, a last-minute bill, or another urgent need, not everyone has the quick cash on hand to cover these sudden costs. This is where a service like CashToday can be incredibly useful. CashToday offers quick, short-term loans for Australians who need fast access to cash. With a straightforward online application process and rapid approval times, they provide a hassle-free solution for when you need funds in a pinch. Their flexible loan amounts and easy repayment options make it simple to bridge the gap and get the cash you need urgently.

5. Offer Odd Jobs and Handyman Services

If you’re handy or willing to take on odd jobs, platforms like Airtasker or Hipages can help you find local gigs that will pay you for your work. You could help with things like lawn mowing, furniture assembly, cleaning, or basic repairs. This can be a quick way to earn cash, especially if you’re willing to do physical labor or have specific skills, like carpentry or plumbing. People are always looking for someone to help with everyday tasks, and this is a great way to get paid for a few hours of work. The best part is that many of these tasks are local, so you can get paid right away.

6. Rent Out Unused Space

If you have extra space at home, you can make some quick cash by renting it out. Platforms like Airbnb allow you to rent out a spare room, your entire house, or even a parking space. If you live in a popular area or near a tourist attraction, this can be a particularly lucrative way to make extra cash. You can set your availability and price, and depending on the location and demand, renting out your space can generate a significant income stream.

Making quick cash doesn’t have to be complicated. From freelancing and driving for ride-sharing services to selling unused items or renting out your space, there are plenty of ways to earn extra income.

If you find yourself in urgent need of cash, services like Cash Today can offer a fast, reliable solution for immediate financial needs.

Whatever route you choose, remember that earning extra income can be a smart way to increase your financial flexibility and meet your goals quickly.

By understanding these factors ahead of time, you’ll be better equipped to make an informed decision that supports your long-term financial health.

Analyze Your Financial Goals

Clarifying your financial objectives is important before you start the refinancing process. Are you looking for shorter or longer loan terms? Are you aiming to reduce your interest rate or lower your monthly payments? Understanding what you hope to achieve will guide your decision on whether refinancing is the right path.

Check Your Credit Score

Your credit score is a pivotal factor in determining your eligibility and the interest rate you may qualify for when refinancing. A higher credit score generally means better loan terms and lower interest rates. Before applying, consider obtaining a copy of your credit report to address any inaccuracies and improve your score if necessary.

Evaluate Current Interest Rates

Interest rates fluctuate, and the current economic climate can impact these rates significantly. Researching the rate trends can help you determine if it’s the right time to refinance. Even a slight reduction in interest rates can mean significant savings over the life of your mortgage, but it’s essential to calculate whether this change offsets the refinancing costs.

Assess Closing Costs and Fees

Refinancing comes with closing costs, similar to your original mortgage loan. These can include appraisal fees, origination fees, and title insurance, which might be several thousand dollars. Calculate these costs against your potential savings from refinancing to ensure the long-term benefits outweigh the upfront expenses.

Understand Your Home Equity

Lenders typically want you to maintain a certain level of equity in your home. The higher your home equity, the better your chances of securing a favorable refinance rate. Assess how much equity you have built up since your original purchase, as this will influence your refinancing options and the necessity for private mortgage insurance.

Explore Types of Refinance Loans

There are several types of refinance loans, each serving different needs. A rate-and-term refinance alters the interest rate and loan duration without affecting the loan amount.  Furthermore, cash-out refinancing lets you borrow more than you currently owe, tapping into your home equity for other financial needs. Consider consulting a mortgage advisor to find which type aligns with your financial goals.

Consider Your Break-Even Point

The break-even point is when the cost savings from your new loan start surpassing the refinancing costs. Calculate how long it will take you to hit this point by comparing your current payments to the proposed new structure. If you plan to stay in your home for a short period, refinancing may not be advantageous if you won’t hit this break-even point soon.

Use a Mortgage Loan Refinance Calculator

To help you crunch the numbers and decide if refinancing is beneficial, use mortgage loan refinance calculators from trusted credit unions, like Bellco Credit Union. This tool allows you to input your current loan details and compare them with new loan terms to see potential savings or costs. By providing a clear picture of various scenarios, it can help you make an informed decision.

Refinancing your mortgage is a significant decision that can have lasting financial effects. By taking the time to thoroughly evaluate your financial goals, credit score, current interest rates, and equity, you can make a choice that aligns with your long-term plans. Moreover, understanding the different options, calculating closing costs, and considering the break-even point are key steps to ensure that refinancing benefits your financial future. Carefully assessing these factors will enable you to navigate the refinancing process with confidence and secure a loan arrangement that truly enhances your financial well-being.