38 ways to make more money in 2020

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.

But first, be prepared to make a strong case. “Keep track of your professional achievements and how your work positively contributes to your organisation,” 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.

Here are 14 careers that could make you a millionaire before you retire. 

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.

Here are 25 more things in your house that could be worth money. 

Meghan Fox, a savings expert, suggests users maximise their savings by buying discounted gift cards and then using those cards at a site that pays cash back. Check out sites such as Cashrewards and PricePal which offer cashback rewards for purchases at a variety of retailers and websites.

“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.”

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!”

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.”

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.

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.

Carpooling can save you thousands of dollars each year on petrol and vehicle expenses, in addition to helping you decrease the stress and anxiety of commuting.

All over the world, there are millions of unused bedrooms in homes that could potentially be rented out. “This is often especially true for empty nesters and retirees,” says Wendi Burkhardt, CEO of Silvernest. “Rather than letting them gather dust, profit from them by renting them out to a long-term housemate. Estimates show that you can earn an average of $10,000 a year per room. 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.”

“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,” 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.”

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.”

Invest in a solar energy system to take advantage of the rebates and incentive schemes available while reducing your utility bills.

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, 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.”

See if you can refinance your student loan to get a better interest rate and pay less over the duration of your loan.

“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. “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 utilised, like paying down debt.”

If you really can’t put off that car purchase any further, save money when you buy with these secrets that car dealers will never tell you. 

“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!”

“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. “A lot of you might be surprised by how much that daily coffee is costing you. Little things add up. Be aware and look for cheaper alternatives.”

Discover the money mistakes that could be costing you thousands!

“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.” Learn how to earn more money based on your zodiac sign.

“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 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.”

Learn 6 more surprising ways you’re wasting money.

“Many online savings accounts are now hovering around 2 percent without any major hoops to jump through,” says Taylor. “If you have your savings in a regular brick-and-mortar savings account, odds are you’re making a fraction of that in interest. This simple move could put hundreds in your pocket by the end of the year.”

Drivers could be missing out on hundreds of dollars a year by not comparing insurance prices. “Many people overpay for auto insurance because they just let their policies auto-renew instead of shopping around. Use an online tool to compare prices once a year,” says Palmer.

“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 percent of their money.”

“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.”

When is the last time you went through your closet? Head online to sell used clothing, shoes, and accessories that have sat in your closet for years.

“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.”

“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 cashback 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 cashback rewards or points you can redeem for things like electronics, groceries or gas.”

Here are 12 credit card rules you should never break. 

Be sure to check if your workplace offers any 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.”

“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.”

This is where you open (and later close) credit card accounts to take advantage of lucrative sign-up offers. It can be high risk but offers high return. Only attempt this if you are highly organised – 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.

Here are 5 more ways you can save money using credit cards. 

“I can say without hesitation: For 2020 and beyond, the best investment is always you,” says Joseph Deitch, author of Elevate: An Essential Guide to Life. “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, prioritise spending time and money on improving yourself. It’s a guaranteed return on investment, no matter what the market is doing.”

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, upload designs you create, and then get royalty payouts each time they sell and print one of your shirts,” she explains.

“One pretty easy and fun way to make extra money is through user testing,” says Dylan Houlihan, founder of Swift Salary. “All you need to get started is a computer with a microphone, and you can make up to $30 an hour testing websites and apps. You don’t have to be super tech-savvy to do this. As a user tester, all you’ll be doing is using a website or app like a normal user would, making sure it functions properly. These types of tests are typically around ten minutes long and pay out about $10 each, sometimes more.”

“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.”

“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.”

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.

Certain sites 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.

Mateusz Grzesiak – known as Dr. Matt – promotes a life mantra he sums up as: “Live a lifestyle of voluntary simplicity.” He urges people to minimise their material consumption. “This will not only save you a lot of money, but also help find inner peace,” he says.

Here are 50 simple pleasures that make life worth living. 

Sign up here to get Reader’s Digest’s favourite stories straight to your inbox!

Source: RD.com