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40+ Ways to Make More Money in the New Year

Does boosting your bank account feel like an impossible dream? It’s not… As long as you know these smart and savvy tips.

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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 2021.

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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.”

Check out the phrases that will make you more successful at work.

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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. 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.

You can also save money by knowing what to buy in the U.S.

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Ways to make more money - Canadian cashPhoto: Shutterstock

Shop through sites that offer cash back rewards

Meghan Fox, a savings expert at, 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 Rakuten, which offer cash back rewards for purchases at a variety of retailers and websites.

Find out how mindful shopping can save you money—and make you happier!

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Use social media for positive motivation

“Follow financially savvy young professionals instead of, say, travellers,” 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.”

Keep in mind, you should never post this on social media during the holidays.

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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!”

Overwhelmed by clutter? Here are the things to toss, according to a professional organizer.

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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.

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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. Apps like Flipp to the price-matching for you—check it out.

This is when you should haggle for a better price.

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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.

Don’t miss these safe online shopping tips from the pros.

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Car Pool Ramp leading to the 118 Freeway in Southern California.trekandshoot/Shutterstock

Hang out in the carpool lane

Carpooling can save you thousands of dollars each year on gas and vehicle expenses, in addition to helping you decrease the stress and anxiety of commuting. To pay even less at the pumps, check out these tips to get better gas mileage.

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Let your home pay for itself

If you live in one of Canada’s hot housing markets, consider renting out one of your unoccupied rooms. “Rather than letting them gather dust, profit from them by renting them out to a long-term housemate,” says Wendi Burkhardt, CEO of Silvernest. “Even better is that you can split bills with your housemate, helping you slash monthly expenses while you’re earning passive income on the side.”

Thinking of short term stays? Here’s what you should know before renting your house on Airbnb.

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Woman Sitting On Sofa At Home Using Laptop ComputerMonkey Business Images/Shutterstock

Do gig work in your spare time

“There are apps that let you pick the jobs that you want to do when you want to do them, without having to commit to something ongoing like driving for Lyft or Postmates,” says Carisa Miklusak, CEO of tilr. “Another upshot of this type of work is that it typically pays daily or weekly, so you get money in your pocket even faster. It can also be a good way to test the waters in various jobs if you’re looking for a more permanent position down the road.”

Check out this expert advice on how to talk about money (even when you’d really rather not).

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Life Insurance Policy Terms of Use

Sell your life insurance policy

This can make sense for seniors who no longer need a large policy—or who can no longer afford the premiums. “A life settlement is the sale of a life insurance policy to a third party,” says Michael Freedman, CEO of Lighthouse Life. “Selling a policy this way generates resources for seniors who can use that money to fund retirement costs, health care, and long-term care expenses, or just provide money for the family to enjoy.”

Here are more silly wastes of money you don’t even think about.

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Freelancer working from home and using phoneJelena Zelen/Shutterstock

Make extra cash on “microwork” sites

“These are sites like Amazon MTurk that allow you to do small simple tasks such as surveys or rating pictures for pay and allow most people to earn a little bit of extra money without leaving their home,” says Jarek Grochal, founder of Time in the Market. “The one warning is that a lot of the work there can be very low paying, and it takes a bit of work to understand the website and how to ignore the bad jobs and concentrate on the good ones.”

Check out more creative ways to save money you haven’t thought of before.

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Sell your expertise or advice

Become a coach, consultant, or anything along those lines. “You can find customers/clients/students for anything you’re good at,” says Jeff Rose, a certified financial planner and the founder of Good Financial Cents. “Know how to change your own oil? Shop using coupons? Edit video content? More and more people are learning remotely how to do things via video. If you need help getting started, there are various platforms that offer specific income opportunities, such as teaching English. Get your name and what you’re offering out there.” Land those gigs with these tips to get your resume noticed.

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Explore peer-to-peer marketplaces

Airbnb is an obvious one, but the peer-to-peer universe is far-ranging—and constantly expanding. “Today, there are sites to rent out your car, boat, bikes, RVs, power tools, and more,” says R.J. Weiss, a certified financial planner and the founder of the personal finance site The Ways to Wealth. “If there is an asset you have sitting idle, see if there is a peer-to-peer marketplace where you can list that item. It’s a great way to earn some extra cash, without taking up too much of your time.”

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Keep your current vehicle a little longer

“A little-known trick that can save lots of money is to get another year or two from your present car,” says financial advisor Mark Snyder, author of the free personal finance quarterly The Snyder Report. “If you’re thinking of buying a newer model or rolling over a lease, think about who is actually benefiting from this—you or the salesperson? Next, think of where that saved money can be better utilized, like paying down debt.”

When you eventually do decide to splurge, this is the best time to buy a car.

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Stressed Asian Senior Couple calculate their monthly expense with laptop computer. Debts, Saving, Financials with Retirement.eggeegg/Shutterstock

Treat your savings like a monthly bill—and pay yourself first

“Think about what you’re saving for and set up a separate account,” says O’Connell. “Each month, just like one of your bills, deposit a set amount into that account. If you have a direct-deposit option through your employer, all the better. Most will allow you to add multiple accounts, so set this up to deduct a set amount right to your special savings account and then sit back and watch it grow. No matter the amount, it will add up!”

Get to know 10 things you’re doing at work that CEOs wouldn’t.

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Track your spending

“There are all kinds of applications and programs out there that allow you to see where you’re spending your money,” says Cameron Burskey, managing director at Cornerstone Financial Services in Southfield, Michigan. “A lot of you might be surprised by how much that daily Starbucks drink is costing you. Little things add up. Be aware and look for cheaper alternatives.”

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Teach English to foreign students online

USA Today notes there is a big demand for online teachers to help students all over the world learn English,” says Philip Taylor, side-hustle expert and founder of Part-Time Money. “A site like VIPKid will facilitate this moneymaking opportunity by setting you up as a teacher and lining you up for gigs on their platform.” Improve your own English skills by reviewing the 15 hardest words to spell.

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Earn your certification in a specific field or discipline

“You may not have time or the income, or even the desire, to go back to school to earn a college degree,” says Rose. “But you might want to earn a certification in something you’re passionate about or in a field in which you currently work. Doing so can open up pathways to more income in your current career or perhaps an entirely new career.”

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Analysis of business and investment profits.Wasan Tita/Shutterstock

Funnel cash back rewards into investment accounts

“Consider a credit card that offers cash back rewards that you can link right to an investment account,” says O’Connell. “If you are a regular credit card user, why not put that cash back to work immediately by having it auto-deposited into a brokerage account? Even small contributions add up over time—and once invested, that’s making that cash back work even harder for you!”

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Trim your monthly subscriptions

“Monthly boxes are so popular, but they can also be a real drain on your budget, especially if you are receiving boxes you no longer use,” says Kimberly Palmer, a personal finance expert at NerdWallet and the author of The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life. “Try cancelling your subscription and see if you miss it. You can always re-subscribe.”

Find out how to save more money when buying in bulk.

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Shop around for auto insurance

“At NerdWallet, we found drivers could be missing out on more than $400 a year on average by not comparing insurance prices,” says Palmer. “Many people overpay for auto insurance because they just let their policies auto-renew instead of shopping around.” Here’s practical advice on how to lower your car insurance.

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Protect your investments

“Is your portfolio set up to handle a crash? Have an asset allocation analysis done by a professional on your portfolio,” says Burskey. “When was the last time you checked your positions in your investment accounts? Most people just set them and forget them and wonder why every seven to 11 years they lose 30 to 40 per cent of their money.”

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uberProxima Studio/Shutterstock

Drive for Uber

“You hear this one a lot, but what I really like is that you set your own hours via their app,” says Rose. “Have some free time to earn? Set yourself as available. Need to be done for the day? Set yourself as unavailable. You can make money quickly, with little fuss and no punching a clock or promising specific availability.”

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Woman choosing outfit from large wardrobe closet with stylish clothes and home stuffNew Africa/Shutterstock

Weed out your wardrobe

“When is the last time you went through your closet? Poshmark is the perfect way to make some extra cash and clear out some space, killing two birds with one stone,” says Burskey. “It’s a place to sell used clothing, shoes, and accessories that have sat in your closet for years.” Are you a packrat? These money saving tips from minimalists could inspire you to change your ways.

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Profit from your photos

“If you’re the type of person who likes to snap a photo everywhere they go, you may have found yourself another income source,” says Jill Gonzalez, an analyst at WalletHub. “You can upload your pictures to a stock photo website. They will be indexed for others to find, and you’ll get a royalty fee whenever someone decides to use one of them.”

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Ways to make more money - Canadian $20 bill in pocketPhoto: Shutterstock

Pad your retirement fund with employer matching

If you work for an employer that offers a retirement savings plan, make sure you open an account and contribute to it regularly. “This allows you to save and invest pre-tax dollars from your paycheque, so it can accumulate and grow for the future,” says O’Connell. “As a bonus, in many cases, employers will offer some matching contribution, up to a percentage of your own contributions. Make sure you contribute at least up to this matching percentage to take advantage of what can be considered free money.” The bottom line: You need to take retirement seriously.

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Young woman waiting for interview indoorsAfrica Studio/Shutterstock

Update your resume

“Even if you’re happy with your job, investing some time into a top-notch resume is a smart move for every strategic worker,” says Caitlin Proctor, a career expert at Zipjob. “Focus on your results and impact, providing numbers and metrics whenever possible. Keep tweaking until you have a document that reflects you accurately and makes you feel good about your accomplishments. A good resume writer or career coach can be really helpful here!”

Here’s how to answer the hardest job interview questions you’ll be asked.

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Guests checking in to a

Get rid of store credit cards

“Store credit cards offer you little value once you’ve taken advantage of the up-front incentive,” says Ande Frazier, CEO of MyWorth. “Instead, get credit cards that give you cash back or points that you can use for things you would otherwise have to pay for, such as airline travel or hotel stays. If you don’t travel, opt for a card with cash back rewards or points you can redeem for things like electronics, groceries, or gas.” Find out how to travel for free using your credit card.

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Make the most of your workplace benefits

We’ve already discussed retirement-fund matching, but don’t forget about other workplace benefits. “Once you’re on track with your retirement savings, be sure to look at what else your company may offer,” says O’Connell. “Every company is different, but more are starting to offer valuable financial support or discounts such as gym reimbursements, tuition reimbursement, and help paying down student loan debt, to name a few.”

Find out the times when paying for an upgrade is a waste of money.

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Consider investing in a condo you can use as a rental property

“With interest rates at all-time lows, locking in advantageous financing for the long haul might be a good investment to make for building your wealth,” says Adams. “This investment provides two return components: an income return from monthly rental payments and then property appreciation if purchased in a prospering area.” Before buying, make sure you know these secrets your real estate agent wish you knew.

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Credit cardsphotka/Shutterstock

Learn about credit card churning

This is where you open (and later close) credit card accounts to take advantage of lucrative sign-up offers. U.S. News & World Report says this strategy can be high risk but offers high return. Only attempt this if you are highly organized—you’ll need to keep track of cards that you’ve opened and closed, along with the details of each—and are disciplined enough to manage your spending. “If you have expenses you need to incur and can bunch them appropriately, you might be able to qualify for the minimum spend requirements and not pay for additional expenses you don’t need,” says Adams.

Find out the money mistakes that are costing you thousands.

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Invest in yourself

“I can say without hesitation: For 2020 and beyond, the best investment is always you,” says Joseph Deitch, chairman of Commonwealth Financial Network, author of Elevate: An Essential Guide to Life, and founder of the Elevate Prize. “Whether that means going back for a degree, learning a new skill, or working on an area of weakness in your personal or professional repertoire, prioritize spending time and money on improving yourself. It’s a guaranteed return on investment, no matter what the market is doing.”

Check out 22 thrifty ways to make everything you own last longer!

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row of color T-SHIRT hanging on clothes hanger, concept of rainbow in natureI Can't Fly/Shutterstock

Sell shirts online

Selling T-shirts online using Print on Demand technology is a great business anyone can start without any capital or even the need for a website, says Stacy Caprio of Deals Scoop. “There is no start-up cost to sell since all you have to do is set up an account with a Print on Demand retailer such as Redbubble,  upload designs you create, and then get royalty payouts each time they sell and print one of your shirts,” she explains.

Just make sure you’re up to speed on the latest online scams everyone is falling for.

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Young man working with laptop at home browsing bills and documentsbaranq/Shutterstock

Skip the fees

Just one bank fee can set you back $35 or more. “Avoid paying hefty overdraft or bank maintenance fees by setting up a fee-free checking account,” says Adrianne Ho of Branch. Digital-only banking options often allow users to set up a zero-fee chequing account and debit card.

Don’t miss these expert solutions for five common financial problems.

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Be an assistant (virtual or real)

“Lots of people out there just need an extra hand,” says Liz Frazier, a financial planner and the author of Beyond Piggy Banks and Lemonade Stands: How to Teach Young Kids About Finance. “If this is in person, you could offer to run errands, shop, or help around the home. Virtual assistants can provide proofreading, translating, accounting services, or help with many other tasks.”

These 19 frugal tricks can slash your grocery bill.

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Share your computer skills

“If you are tech-savvy, provide computer tutorials,” says Liz Frazier. “This can be especially helpful to older generations, particularly ones looking to move into a job that requires computer skills.”

Find out how one woman put away $40,000 with this money-saving hack.

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Two male friends looking at clothes in a clothes shopMonkey Business Images/Shutterstock

Be a mystery shopper

This can be fun and easy, and you may be able to get paid for visiting stores where you already shop. As a mystery shopper, you go “undercover” to evaluate services at stores, restaurants, and other establishments. You must be observant and detail-oriented, as you will be writing reports that include specific details about your visit to the store. Just make sure to be aware of (and, of course, avoid) some common mystery shopping scams, per the FTC.

Here are 10 money saving tips your should definitely ignore.

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Get paid to do online surveys

Sites like Swagbucks let you earn money for taking online surveys, watching videos, and doing a variety of other tasks. You earn points, which you can then redeem for gift cards and other items. The amount you can earn can vary; longer surveys tend to pay more.

Are you being manipulated at the grocery store? Here are 50 supermarket tricks everyone falls for.

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Downsize and streamline your life

Mateusz Grzesiak—known as Dr. Matt—promotes a life mantra he sums up as: “Live a lifestyle of voluntary simplicity.” He urges people to minimize their material consumption. “This will not only save you a lot of money, but also help find inner peace,” he says. Having a hard time doing that? These mindful shopping tips can help.

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Turn your phone into a money making machine

“New apps are constantly appearing that offer people ways to make a little extra change in their free time,” says Lou Haverty, CFA, founder of Financial Analyst Insider. “Many companies are taking old concepts like focus groups and adding modern technology with apps like Swagbucks.”

Haverty says there’s also a growing trend in which companies monetize everyday activities—which can produce new income-generating activities for users. He cites the example of Halo, a company that attaches LED screens on top of cars (primarily rideshare vehicles) that broadcast targeted ads, while letting car drivers/owners make extra money. Next, check out these financial resolutions worth making this New Year.

Reader's Digest
Originally Published on Reader's Digest