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Forget cost-cutting, here are 12 savvy tips to find an extra $5k by Christmas

Compilation image of pink piggy bank and cash in back pocket of jeans
When it comes to saving cash, cost-cutting will only get you so far. (Source: Getty)

During times of rising inflation, surging cost of living and increasing interest rates, often the first thing we do is tighten our belts. Financially, at least. But the problem with this is that there’s only so much you can do… At some point, there’s no more cost-cutting left.

So this is the next step.

At this point, it’s helpful to understand what else you can do to positively affect your situation aside from cost-cutting.

Below I’ve listed 12 things you can do to find an extra $5,000 before the end of the year (and here's a secret, you don't have to limit yourself to just one).

If you're wondering where to start with all these ideas, I recommend following the first tip, which is to create a separate bank account and call it My $10k Account so you can deposit all of your savings into it.

Then, pick half a dozen ideas and each month implement one of them. That way, you're not reliant on only one.

Here are 12 tips to find an extra $5,000 by Christmas

  1. Set up a bank account called My $10k Account and transfer all your savings and earnings into this account

  2. Reduce, swap and pause expenses. Most of us have at least a few streaming services that we don’t need or some other expense we could get a better deal for

  3. Want to get rid of your largest expense – your housing? Why not become a professional house sitter and eliminate this expense completely (mind a home, trusted house sitters, mad paws)

  4. Lodge your tax return – the average refund increased this year because of potentially lower income and increased expenses from working from home

  5. Use cashback and savings sites such as Shop Back or Honey Coupon

  6. Look for a second job that doesn’t necessarily require any skill set

  7. Get paid to look at websites (such as testmate, usertesting)

  8. Hire yourself and your skills out (you can use Airtasker, Upwork or Ready Tech Go)

  9. Look for areas where there is potentially a shortage of workers and a demand – such as becoming a food delivery person (Ubereats, Deliveroo or an on demand courier such as Zoom 2U)

  10. Start a side hustle

  11. You don’t need to sell your stuff – why not rent it out instead. There are so many sites and things you can rent out such as your caravan (campify), your car spot (spacer), your car (carnextdoor), your pool (swimplify), your clothes (outdress, the volte, designerex, Tumnus and more) and everything else (federent or hirethings or geckoonline)

  12. Sell your clothes, your uni books or your general stuff lying around on one of the many niche websites or even facebook marketplace

Of course, what you decide to do with the extra $5,000 is up to you but my recommendation would be to use that money to invest in yourself.

That means shares, property and/or business, paying down bad debt or simply keeping it there as a buffer in case of an emergency... just don't go and blow it all in one extravagant shopping spree.

If you want even more tips, download my FREE instant access webinar where I share over 50 ways to find $5k before the end of the year.

Melissa Browne is an ex-financial advisor & now financial educator. If you want more help, make sure to join the waitlist for her My Financial Adulting Plan at

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