- February 14, 2023
- Posted by General Electric Credit Union
- 5 read
Bring in the Big Bucks! Here Are 5 Ways to Make Extra Money
Ready to make extra money? Whether you’re motivated by the idea of no longer living paycheck to paycheck, having more disposable income, or saving for something big, there are many ways to put more green.
5 ways to make extra money
1. Rack up rewards
Don’t miss out on rewards for purchases you were going to make anyway! Use a credit card that lets you earn cash back or points when checking out online or in store. While a point or a few cents here and there may not seem like a lot, your overall rewards balance can accumulate over time to a fair amount. In periods of uncertainty, every little bit helps.
- Earn unlimited cash back with General Electric Credit Union’s (GECU) Gold Card.1 We’ll even sweeten the deal with a $100 cash back bonus offer after you spend $1,000 in the first 90 days of account opening.2
2. Grow your balance
Where you keep your money matters. That’s because some deposit products pay out interest on balances. In times of uncertainty, these guaranteed earnings can make all the difference. Weigh the benefits of opening one of the following in the new year:
- An interest-earning checking account. Your money will remain accessible while growing in an interest-earning checking account. Some options even have earning tiers that reward you with a better rate for a higher balance.
- An interest-earning savings account. Savings are typically reserved for longer-term goals or emergencies. Because of this, your savings account balance may be higher and not fluctuate as much. This makes interest-earning savings accounts a fantastic opportunity to earn off a bigger balance.
- A certificate. Certificates provide a fixed and predictable rate of return on your principal deposit. Once the account reaches its maturation date, you can withdraw the earnings plus the principal penalty free.
Outside of these no-risk investment opportunities, checking accountholders can also enroll in their financial institution’s Round-Up program.3 This program rounds up purchases to the nearest dollar and deposits the difference into a pre-selected savings account. Learn more and add Round-Up to your saving strategy today!
3. Start a business
You may be able to take a hobby or passion, like painting or knitting, and turn it into a lucrative business. But you must complete a few steps before you can legally conduct business in your state:
- Name the business.
- Choose a legal structure. Options for structuring a business include a sole proprietorship, partnership, limited liability company (LLC), or corporation.
- Register your business with the Secretary of State. Ohio. Kentucky. Indiana.
- Get an Employer Identification Number (EIN). This number is often required to open a business bank account.
- Confirm your state and federal tax obligations. These may differ based on your location. Consult a legal or tax professional to learn more.
After obtaining an EIN, be sure to open a dedicated business bank account. This will simplify budgeting, streamline tax time, and even limit your liability as a business owner. Learn more about siloing funds in this quick guide.
4. Cut the clutter
People would pay a pretty penny for your unwanted clothes, furniture, and décor – and there are many ways to reach them. From online marketplaces like Poshmark and Facebook Marketplace to more traditional methods like a garage sale, you can quickly turn unwanted items into cash.
5. Up your income
If your existing income doesn’t cover your needs, consider applying to other positions within your company that may be a good fit for you. Or, if you want to keep your current position, you may even ask for a raise based on your stellar performance or years with the company. Learn more in our guide to negotiating a higher salary.
From our great rates on deposit products to our dedicated Business Services team, GECU has a wealth of resources to help you reach your goal of making extra money in the new year. Don’t wait to up your earning potential. Become a member and unlock all we have to offer here at the Best Credit Union in Cincinnati.