50 Ways to Make More Money in 2020
Does boosting your bank account feel like an impossible dream? It’s not…as long as you know these smart and savvy tips.
Boost your bank account in the new year
The start of a new year is a great time to evaluate your money habits and identify places where you can boost your income or decrease your spending. While the process can feel overwhelming, especially if you’re drowning in bills, you’ve got this—and we’ve got your back. We rounded up a wide assortment of great tips for all aspects of your financial life so that you can turn your dream of saving money into a reality. Believe it or not, just a few simple tweaks can help you get (and keep) more money in your pocket in 2020. For more ideas and inspiration, check out these everyday habits of debt-free people.
Ask for a raise
But first, be prepared to make a strong case. “Keep track of your professional achievements and how your work positively contributes to your organization,” says Stefanie O’Connell Rodriguez, a personal finance expert and the author of The Broke and Beautiful Life. “The more specific you are and the more metrics, examples, and anecdotes you can bring to the negotiation table, the easier it will be to build your confidence and support your ask.” It may also help to research how much your coworkers are making.
Buy gift cards at a discount, and sell ones you don’t want
Most of us have at least a few old, unwanted gift cards stashed away in a drawer. Leaving them unused is like throwing away money. Instead, turn them into cash by selling them online at sites like GiftCard Granny, Coinstar, or Raise. Many of the sites that buy gift cards also sell those cards at a discounted price. This is a great way to save money on gift cards for yourself or others. To ensure gift cards you give to others don’t go unused, check out this list of gift cards people actually want.
Shop through sites that offer cashback rewards
Meghan Fox, a savings expert at Raise.com, suggests users maximize their savings by buying discounted cards and then using those cards at a site that pays cash back. Check out sites like Raise, Rakuten, and Swagbucks, which offer cashback rewards for purchases at a variety of retailers and websites. Here are some more savvy ways to save big when you shop online.
Use social media for positive motivation
“Follow financially savvy young professionals instead of, say, travelers,” says Brian Walsh, a certified financial planner at SoFi. “They will inspire you to stick to your goals rather than keeping up with the Joneses.” But when it comes to what you post, beware: These 13 social media posts could get you fired.
Declutter and make money on Facebook Marketplace
Go through your closet, apartment, garage, or storage unit, and sell things you no longer wear or need on Facebook Marketplace. “I have sold several thousand dollars worth of stuff to declutter our house!” says Deb Liu, Vice President of Marketplace and Commerce at Facebook. “I [also] get the kids involved. We’ve sold some of their games and toys. It’s a win-win: They think they’re earning money for even more toys, and I get to teach them about math and budgeting!” Here are some other great tips for clearing your home of clutter.
Research discount prescription prices
“Some drugs may cost you more with insurance than if you use a coupon or pay cash,” says Tori Marsh, Health Insights Analyst at GoodRx. “While many insurance plans offer a $10 copay for preferred drugs, insurance copays are often higher than what people would pay with a GoodRx discount.” And while you’re picking up your medications, you might also want to get these other things you should always buy at drugstores.
Cash in on special-event items you won’t use again
Lindsey Nickel, a wedding planner at Lovely Day Events, suggests newlyweds help recoup some of their wedding expenses by selling items they used at their event. “These items are very wedding-specific and probably won’t be used again,” she says. “So instead of taking up storage, I tell them to sell them on sites like Facebook Marketplace and help out the next bride instead. Ask your professional photographer for the big day to take high-quality pics of the items.” Avoid embarrassing snafus by reviewing these things you should never post about your wedding on social media.
Take advantage of price matching
This can help you avoid a lot of driving around or wasting time shopping at a bunch of different sites. But be sure to read the store policies carefully. Some will only price-match the items at brick-and-mortar stores (not websites) or stores within a certain geographic location. Check out this price-matching guide from U.S. News & World Report. Don’t miss these 50 other insider secrets to help you save big at all your favorite stores.
Become a preferred shopper
Sign up for retailers’ email promotions and follow them on social media. You will often get access to special coupons, sales, and discount promotions. That said, it’s a good idea to create a special email address for these promotional emails to keep them from swamping your primary inbox. To avoid getting distracted by an overabundance of messages, check out these 11 ways the most productive people handle their emails.