Top 10 Practical Ways to Make Money in a Challenging Economy

As the cost of living continues to rise, an increasing number of Australians are finding themselves relying on credit cards as a means to meet their financial obligations.

Recent data unveiled by comparison website Finder shows that roughly 15% of Australians, totaling 3 million people, have turned to credit cards within the past year alone.

Among them, about 6% are now using credit cards to cover day-to-day expenses, comprising 1.2 million people seeking financial assistance through credit mechanisms.

Australians are more stressed about finances than they were during the pandemic. Credit: supplied.
Australians are more stressed about finances than they were during the pandemic. Credit: supplied.

Additionally, Australians are more stressed about finances than they were at the onset of the pandemic, with a staggering 78% expressing extreme or significant stress about money (up from 68% in 2020).

Amy Bradney-George, a credit card expert at Finder, noted that the escalating costs are pushing more Australians towards credit cards as a financial coping mechanism.

“Credit cards have become a financial crutch for a lot of people who would have previously only used one for emergencies,” she said.“Mounting pressure on households is seeing Aussies borrowing money to keep afloat.”

In times of economic uncertainty, it’s important to find reliable ways to earn money and to try different way to improve financial stability.

Here are 10 practical strategies to consider in navigating a struggling economy:

Freelancing and Gig Economy Opportunities: Embrace the flexibility of freelancing and gig economy platforms to leverage your skills. Websites like Upwork, Freelancer, and Fiverr offer a plethora of opportunities across various fields such as writing, graphic design, programming, and virtual assistance.

Online Tutoring and Consulting: Capitalise on your expertise by offering online tutoring or consulting services. Whether it’s academic subjects, language learning, career coaching, or specialised skills, platforms like, Chegg Tutors, and provide avenues to connect with students or clients globally.

E-commerce and Dropshipping: Harness the power of e-commerce platforms like Shopify, Amazon, or eBay to start a dropshipping business. With minimal upfront investment, you can sell products sourced from suppliers directly to customers without holding inventory, making it a low-risk venture.

Content Creation and Monetisation: Create engaging content through blogging, vlogging, or podcasting and monetise it through advertising, sponsorships, or affiliate marketing. Platforms like YouTube, WordPress, and Anchor offer opportunities to build an audience and generate revenue through content creation.

Remote Work and Telecommuting: Explore remote job opportunities offered by companies across various industries. With the rise of remote work, job boards like, We Work Remotely, and FlexJobs list remote positions ranging from customer service and data entry to software development and project management.

Rental Income and Property Investments: Consider renting out spare rooms or properties through platforms like Airbnb or VRBO to generate rental income. Alternatively, explore real estate crowdfunding platforms that allow investors to pool funds for property investments with lower barriers to entry.

Online Courses and Digital Products: Develop and sell online courses, e-books, or digital products catering to niche markets. Platforms like Teachable, Udemy, and Gumroad provide tools to create, market, and sell digital products, allowing you to monetise your expertise or creative skills.

Freelance Writing and Content Creation: Capitalise on the demand for written content by freelancing as a writer or content creator. Websites like Contently, WriterAccess, and Textbroker connect freelance writers with businesses and publishers seeking high-quality content for websites, blogs, and publications.

Virtual Assistance and Administrative Support: Offer virtual assistance services to entrepreneurs, businesses, or busy professionals in need of administrative support. Tasks may include email management, scheduling, data entry, and customer service, with platforms like Belay, Time Etc, and Zirtual facilitating connections between virtual assistants and clients.

Online Surveys and Market Research: Participate in online surveys, focus groups, and market research studies to earn extra income in your spare time. Websites like Swagbucks, Survey Junkie, and UserTesting offer opportunities to share opinions and insights while earning rewards or cash payments.

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