5 Outrageously Simple Ways to Make an Extra $650 Before the End of the Year

If you've been struggling to save money lately, you're not alone. Around 65% of Americans dubbed "middle class" are struggling financially, according to a survey by the National True Cost of Living Coalition. What's more, the same poll found that 46% of Americans surveyed don't have $500 saved in a rainy day fund.

That got me thinking. Surely, there must be some way for Americans to put $500 aside in an emergency fund, even if they're living paycheck to paycheck. As I started surveying the options to make extra money, I realized there are actually quite a few ways to make not just $500, but $650 or more.

If you've put saving money on the back burner so you can cover your monthly expenses, these five tips and tricks could help make it a priority again.

1. Get a bonus on a new bank account

Many banks are paying big bonuses to clients who open new checking or savings accounts by certain deadlines and who meet qualifying activities. With today's best bank bonuses, you can expect to earn $200 to $400.

Our Picks for the Best High-Yield Savings Accounts of 2024

Capital One 360 Performance Savings APY 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	APY 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.	Min. to earn $0
American Express® High Yield Savings APY 4.25% Rate info 4.25% annual percentage yield as of August 23, 2024 Min. to earn $1 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	APY 4.25% Rate info 4.25% annual percentage yield as of August 23, 2024	Min. to earn $1
UFB Portfolio Savings Account APY 5.15% Rate info To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts. Min. to earn $0 Open Account for UFB Portfolio Savings Account On UFB's Secure Website. Member FDIC.	APY 5.15% Rate info To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.	Min. to earn $0

For example, SoFi® is offering a $300 bonus to new SoFi Checking and Savings account (member FDIC) customers who set up qualifying direct deposits and receive $5,000 or more within 25 days.¹ Even if you receive $1,000 to $4,999 within the same period, you would earn a $50 bonus. Terms apply.

2. Snag a welcome offer on a new credit card

Like bank bonuses on new bank accounts, welcome offers on credit cards have been through the roof lately. In fact, depending on the card, you might earn $650 or more on today's best credit card sign-up bonuses.

Often, the higher the bonus, the heftier the spending required to earn it. For example, a new business credit card may offer a $750 cash back bonus, but then ask you to spend $6,000 in the first three months of opening your account to earn it. This could encourage you to start spending more than you normally would just to hit the bonus.

In my experience, the best time to chase a new credit card offer is right before you're about to make a big purchase -- one that you have the financial means to pay off, of course. For example, I'm moving across the country this month and ordered a moving container to ship my belongings coast to coast.

The shipping container was $3,590, the cost to ship my car was roughly $1,500, and the cost to fly my family was about $1,200. I put these expenses on a new business credit card with a $750 sign-up bonus. Together they hit the spending requirement of $6,000, thereby helping me save money on my move.

3. Take advantage of referral programs

Many banks and credit card companies will pay you bonuses for successfully referring your friends and family to them. For example, my bank is currently offering a $75 referral bonus when my referrals open an account through my shared link and fund it with a minimum of $50.

Credit card companies will offer even more than this. One of my credit cards was offering $150 per (approved) referral, up to $500 per year.

4. Put your savings in a high-yield savings account

Today's savings accounts have such great yields, to earn anything lower than a 4.50% annual percentage yield (APY) means leaving money on the table.

In fact, the best high-yield savings account today can earn 5.00% APY or higher. These rates are variable, meaning they will likely change when the Federal Reserve begins reducing its federal fund rate in the near future. In the meantime, however, you can still earn significant interest on your savings, helping you climb up to the goal of $650.

5. Open a high-yield CD

Like savings accounts, the best certificates of deposit (CDs) have rates above 5.00% APY. In some ways, CDs can be even more lucrative than savings accounts, as their rates stay fixed for the duration of their terms.

Of course, you'll generally need to meet certain minimums to open the best CD offers, such as a $1,500 deposit. That said, some banks are offering great rates on CDs with little or no minimums to meet. For example, Barclays has no minimum deposit requirements and offers 3.75% on a 1-year CD.

If you deposited $5,000 in a 1-year CD at a 5.00% APY, you'd earn about $250 by the end of your term.

These are simple ways to earn $650 or more. Of course, you could also pick up a side hustle, like delivering groceries or renting out your car, to bolster your income. If you don't have the time to do that, however, I'd start with these options first. You might not be able to do them all, but even trying out a handful could get you closer to a $650 savings goal.