Here’s how to make an extra $500, without a pay raise, second job, or side hustle.
the main points
- There are many financial products that you can unlock to earn hundreds of dollars or more.
- Many bank accounts and credit cards offer introductory rewards to new customers who complete the qualification requirements.
- Bonds are a low-risk investment that offers a generous interest rate.
Earning more money is always a popular goal. There’s a lot you can do with the extra money, like invest, add to your savings, or use it to pay for a vacation. The hard part is usually finding a way to earn more.
Could you Increase your income with a raise or a second job, but these may not be realistic options for everyone. Fortunately, there are also several ways to bring in more cash without having to increase your workload or move up in the business. Here are some simple and easy ways you can earn $500 in 2023.
1. Bank account rewards
Bank account bonuses are incentives offered to new customers who open an account and complete bonus requirements. Quite a few banks offer them upon check-in Savings accountswith bonus amounts ranging from less than $100 to over $1,000.
There are two common bonus requirements. Some bonuses have a minimum deposit requirement, where you need to deposit and maintain a balance for a certain period of time. For example, a bonus may require you to deposit $15,000 and maintain that balance for 90 days.
Other bonuses have direct deposit requirements, where you need to receive minimum direct deposits within a specified time frame. For example, the bonus may require that you receive $5,000 as a direct deposit within 30 days of opening the account.
If you can meet the requirements, bank account rewards are a great way to make money. I usually make hundreds of dollars a year this way. If you go for a big enough bonus, or win a few different bonuses, you can easily collect $500 or more.
Want to find a good bonus opportunity? Check out The Ascent’s Best bank account rewards.
2. Credit Card Sign Up Rewards
Bank accounts are not the only option to get a bonus. You can also earn introductory bonuses with many more popular credit cards. With most of these bonuses, the only requirement is to spend a certain amount on purchases. This makes them a good alternative to bank bonuses if you are looking for something that does not require a lot of money to deposit.
Reward amounts and spending requirements vary from card to card. There are many Cashback credit cards It offers bonuses ranging from $200 to $250, with spending requirements ranging from $500 to $1,000 in the first three months. There are also annual fee rewards cards that have much larger rewards, along with larger spending requirements.
This is another type of bonus that makes earning extra money easy. You can earn a $500 reward with just one credit card, as there are plenty of rewards out there that are worth that much or more. Alternatively, you can open two or three cards with smaller rewards throughout the year.
Are you interested in the biggest bonus offers? Here is The Ascent’s The best credit card sign up rewards.
3. I bond
The I Bond is one of the most popular low-risk investments. An I bond is a government-backed security with a combination of a fixed interest rate and a variable interest rate. The variable interest rate is linked to inflation, and changes every six months. Since inflation was so high, this variable rate increased accordingly.
Although interest rates have since fallen from what they were earlier in the year, the bonds still pay interest of more than 6%. You can purchase up to $10,000 in electronic I-bonds per calendar year. If you have some money saved and you’re looking for a safe way to make it grow, buying an I-bond can do the trick.
Want to get more information? learn How to buy an I bond in four simple steps.
There are more ways to make extra money than many people realize. With bank rewards, credit card rewards, and I-bonds, you have three options to add to your income in 2023. The best part is, all three are about as safe as they get, so there’s no risk of losing your money.
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