When you go on the pause menu, press LT,LB,RT,RB and it will come up with a message asking you if you want to use cheats. click I understand and you will be asked if you want to save you game first, choose whatever you want and there will be a message that says spoot the magic llama was added to your inventory thing. Once you have read that message, go to build and buy mode, go on the catalogue and click buy. then, go on decor, misc decor and the first one will be spoot the magic llama (he doesn't cost you anything). Put him on your lot and go to live mode. Once in live mode, click on him and choose what you want to do, unlock the challenge rewards, get a joke unlock karma powers, enable/disable karma consequences and get loads and LOADS of money.

Hope I helped,

Megan xoxoxox