Earn
11 ways to make money during the recession
Even during a recession, it’s possible to make money, writes financial adviser Helen Baker.
11 ways to make money during the recession
Even during a recession, it’s possible to make money, writes financial adviser Helen Baker.

While some methods are obvious, others can be hidden in plain sight or not even be on your radar at all! Surviving a recession – which often means losing your job or having hours slashed – requires some adaptability and creative thinking. The recession will eventually pass – they all do. But the aim is to keep the cash flowing and ride things out until normality resumes. Here are 11 tips to keep money coming in during the current recession:
1. Pivot
In all recessions, some businesses thrive while others struggle. During COVID, we’ve seen supermarkets, delivery companies, cleaners and manufacturers (such as those making sanitiser) busier than ever, just as shops and restaurants closed their doors. So, look at how your skills might pivot you into another industry where there are more opportunities.
2. Study/Centrelink

If a pivot or career change requires some retraining, now could be the perfect time. There are financial incentives including JobTrainer during COVID, and some vocational courses have been heavily discounted or even made free! Additionally, you may qualify for Centrelink support while you study and potentially be eligible for other benefits too that you weren’t eligible for while earning your full income (e.g. family tax benefits and rental assistance).
3. Downsize
A big house and a big mortgage can be slimmed down, especially if your adult kids have flown the nest. Depending on the amount of equity you have, with the sale of your home you could purchase a smaller property outright, live debt-free and use the remainder as a buffer to see you through.
4. Pension phase
Consider whether you’re old enough to start a pension with your superannuation. You can rollover your super to a pension at preservation age and start to draw down up to 10% per year.
5. Super withdrawal
Under special COVID rules, you may be eligible for a one-off early access to your super of up to $10,000. Don’t forget, though, to use the catchup legislation to put it back and get a further tax deduction once your earnings return to normal.
6.Rent your home
Consider moving back in with your parents and renting out your property. Or simply rent your spare room! You’ll get extra cash coming in, plus your mortgage (or a portion of it) will become tax deductible.
7. Sell unwanted assets
Sell those items you no longer need. Someone’s trash is someone else’s treasure, and it could be lining your pockets instead of your cupboards!
8.Get kids involved
Recessions may require the whole family to earn money for your household to stay afloat. Can your children work part-time? Do they pay board? Kids can contribute to household finances (at least until you get through this) while learning valuable financial management skills at the same time.
9.Work on keeping your job
The most desirable outcome is to not to lose your job in the first place, if possible. Think about your employer. They are not evil; they are simply trying to keep their business alive. So be flexible, be willing to work harder and longer, take on tasks beyond your job description Helping your boss in a time of need may work in your favour longer term!
10.Long service leave
If you’re eligible for long service leave, now be the time to use it. You’re better off accessing this entitlement than risk losing it if the business goes bust. Perhaps arrange to reduce your working hours and use long service leave to top up your wage – which may help your employer avoid making your position redundant.
11. Think survival
If you do lose your job, you may need to take a job – any job – that you can do.
Mowing lawns, tutoring, stocking shelves, Uber driving – just keep moving. It’s not forever, it’s just about getting the cash register ticking over.
Regardless of which options you pursue, be sure to do so wisely and based on sound advice and homework.Mistakes and rushed attempts to earn a dollar now could cost you two (or more) dollars down the track!
Helen Baker is a licensed Australian financial adviser and author of two books: On Your Own Two Feet – Steady Steps to Women’s Financial Independence and On Your Own Two Feet Divorce – Your Survive and Thrive Financial Guide.

Salary
The financial benefits of a diversified income stream
In today’s volatile economic environment, relying solely on a single source of income can be risky. Diversifying your income streams can provide financial stability, reduce the risk of financial ...Read more

Salary
Despite losing top spot, Elon Musk rakes in $400,000 hourly
Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard ...Read more

Salary
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data. Read more

Salary
New findings link job mobility hurdles to stagnant wage growth
Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational ...Read more

Salary
Employers scrambling to prevent workplace brain drain
As workplace managers face a swiftly evolving employment market that’s increasingly favouring the demands of white-collar employees and jobseekers, bosses are falling under mounting pressure to ...Read more

Salary
Unions back Albanese’s pledge to close gender pay gap
An electoral promise from Labor to make gender pay equity an objective of the Fair Work Act has been hailed as a “watershed moment” from industry peak bodies who have traditionally advocated for ...Read more

Salary
Coles asked to disprove $115m in alleged wage theft
One of Australia’s biggest supermarkets faces allegations that it underpaid more than 7,500 employees a total of $115 million. Read more

Salary
Gen Z left behind in progress to gender equality
Women under 25 may emerge from the pandemic in a worse financial position than when it began, new research has shown. Read more

Salary
The financial benefits of a diversified income stream
In today’s volatile economic environment, relying solely on a single source of income can be risky. Diversifying your income streams can provide financial stability, reduce the risk of financial ...Read more

Salary
Despite losing top spot, Elon Musk rakes in $400,000 hourly
Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard ...Read more

Salary
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data. Read more

Salary
New findings link job mobility hurdles to stagnant wage growth
Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational ...Read more

Salary
Employers scrambling to prevent workplace brain drain
As workplace managers face a swiftly evolving employment market that’s increasingly favouring the demands of white-collar employees and jobseekers, bosses are falling under mounting pressure to ...Read more

Salary
Unions back Albanese’s pledge to close gender pay gap
An electoral promise from Labor to make gender pay equity an objective of the Fair Work Act has been hailed as a “watershed moment” from industry peak bodies who have traditionally advocated for ...Read more

Salary
Coles asked to disprove $115m in alleged wage theft
One of Australia’s biggest supermarkets faces allegations that it underpaid more than 7,500 employees a total of $115 million. Read more

Salary
Gen Z left behind in progress to gender equality
Women under 25 may emerge from the pandemic in a worse financial position than when it began, new research has shown. Read more