Income Earning Tips If You're Feeling The Drag Of Inflation

If you’re among the 2.7 million Australians working for the minimum wage you’re going to be celebrating a pay rise this month. The national minimum wage will increase by $40 or 5.2 per cent to $812.60 per week. or $21.38 per hour, on July 1.

Award minimum wage-earners such as those in the aged care and disability sectors will also get a boost although some in the aviation, hospitality, and tourism industries will have to wait until October 1 to see the actual dollars.

But not every Australian worker is going to be so lucky to see some extra money in their pay packet.

Unemployment is at a 48-year low at 3.9 per cent, job vacancies are at an all-time high at 423,000 and the proportion of the adult population holding a job or looking for work has hit a record high at 66.7 per cent. However, that combination is not yet translating into higher wages.

Wage growth is surprisingly low at 2.4 per cent, suggesting employers still have the upper hand when it comes to the negotiating table.

Work is still seen as insecure, with many people making their living through casual employment, contracting, labour hire, and franchising. Underemployment can also be an issue even in times of low unemployment.

Power imbalances that are the product of a weaker trade union movement and reduced industrial action are likely to keep the lid on hoped-for wage increases. If you’re feeling the drag of inflation on your spending power it might be time to rustle up a pay rise for yourself.

Perhaps you plan to join the great resignation to look for another job that pays better.

Otherwise, here are five ideas for securing an increase in income that doesn’t rely on you going to your employer cap in hand.

Invest Directing some of your pay packet into investments on a regular basis is a great way to create an alternative income stream and earn a better return than having money sitting in a bank account.

Rent an asset Could you rent your spare room or your garage to someone? Do you only use your car on weekends? Then pop it on a car-sharing site during the week. Kayak or caravan lying idle most of the time? There are plenty of ways to use your assets to make some additional income.

Sell unused items Whether you prefer eBay, Gumtree, Facebook Marketplace, or a good old-fashioned garage sale there are ample opportunities for making some extra income selling items you no longer need. Everything from a second fridge to an unwanted gift could go towards your pay rise project.

Start a side hustle Got a good idea for a business? Whether it’s the latest app to make life easier or pet-sitting to indulge your love of animals, if you can start something on a shoestring it won’t be long until the profits are lining your pockets.

Sell your skills Write a list of 20 skills you have from baking to making or fixing broken tech and find ways to sell them to someone else. You may be able to teach people your skills or sell them your products or services.