Here’s How I Earned an Additional $1,200+ in 2023. Spoiler Alert: It Wasn’t From a Part-Time Job or Side Hustle

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Want to earn more money in 2024 without getting a side hustle? You can earn money from your savings. Discover how one writer earned nearly $1,250 in 2024. [[{“value”:”

Many people are seeking ways to earn more money to afford everyday expenses. Boosting your income can make it easier to manage rising living costs. Last year, I earned over $1,200 in additional income without getting a side hustle or doing part-time work. The extra funds helped me reach my savings goals sooner. Here’s how you can do the same.

I earned interest on my savings

I’ve been working hard to save money for various goals, including building my emergency savings. I want a solid stash in my emergency fund to be well-prepared if a costly, unexpected bill comes my way. Knowing that I can afford a surprise bill helps to ease my anxiety.

Because I’ve prioritized this personal finance goal, I now have a sizable stash in my high-yield savings account. Since I keep this cash in a high-yield savings account, I’ve been earning interest while my savings sit in the bank. In 2023, I earned just under $1,250 from interest.

I would have earned nothing if I had kept my emergency savings in my checking account. Keeping your savings in an interest-earning bank account is a great strategy to get rewarded with cash. It requires no extra work to earn money this way. It can be better than getting a side hustle if you have a busy schedule and many personal and professional responsibilities.

How much you earn depends on how much money you have saved and your bank account’s annual percentage yield (APY). The APY is the percentage you’ll earn in a year by keeping your money in a bank account. A higher APY will result in more money earned. It’s essential to review APYs when comparing savings account options so you know what to expect.

Here’s how to boost your earnings

If you have money saved for future expenses or goals, opening a high-yield savings account is wise. The longer your money sits in the bank, the more you can earn. But you may be wondering how to maximize the money you earn from savings account interest. The more you contribute to the account, the more interest you’ll earn. I boosted my annual earnings because I continued to stash more money in my savings account over the course of the year.

This strategy can help you consistently save money

Many people want to save money, but struggle to follow through. Life can get in the way, and some people forget to move money to their savings account, or spend the money they intend to save. One strategy that allows me to stay on top of my goals and remain consistent is automating the savings process.

You can set up automatic transfers through your online bank account. After doing this, cash will be regularly transferred from your checking account to your savings account. You can decide how often you contribute to your account — bi-weekly contributions work well for me.

When you no longer have to rely on making manual contributions, you can save time and stay on top of your goals. Try this strategy if you want to be a more consistent saver in 2024. Check out our list of the best high-yield savings accounts to review current rates — as of this writing, you can find APYs over 5%.

These savings accounts are FDIC insured and could earn you 11x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.

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