Plenty of Aussies are looking for ways to increase their cash flow right now. Small businesses have shut down and many large workforces have seen major cuts.
If you're after a few easy ways to boost your income right now, here are a few simple tips to get you started.
Apply for government benefits
The Federal Government has rolled out the big guns to tackle the novel coronavirus. Part of the $200 billion stimulus package is a significant boost to the government benefit programs.
JobSeeker provides help if you're between 22 and Age Pension age and looking for work. While there are criteria you need to meet, it's possible that these government payments could increase your cash flow as soon as you're approved.
The other support system being introduced is the JobKeeper program. JobKeeper is designed to allow employers to keep paying their employees a decent wage with support from the Federal Government. While this can't directly increase your cash flow, it could mean that you maintain some regular income for the next 6 months or so.
Find some work online to increase your cash flow
If you're lucky enough to have an online skillset, now could be the time to use it. It doesn't really even matter what that skillset is. If you have clothes to sell, a blog to write or a new business idea, now could be the time to pursue it.
Being stuck at home means many of us have some extra time on our hands. If you can use it wisely to increase your cash flow, then what's not to like?
Make a superannuation withdrawal
The Federal Government is also opening up early super withdrawals for Aussies experiencing financial hardship. The ATO reported more than 360,000 applications for the withdrawal as of April 2.
However, this should be very much a last resort. It's easy to think that a $10,000 withdrawal won't make a difference in the long-run. But the magic of compound returns means that this is not the case.
If you really need to increase your cash flow, that is what the stimulus package is designed to do. However, given it could make hundreds of thousands of dollars difference at retirement, think very carefully before taking money out of super to spend today.
