8 Ways To Boost Income and Cut Costs Without a Side Gig
Written by
Jordan Rosenfeld
Edited by
Molly Sullivan
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The gig economy has been great for many people to earn extra income and have more flexible work. But with costs of living on the upswing due to both inflation and tariff spikes, some people are taking on too many side gigs to get by, burning themselves out and still struggling.
Finance experts offered ways to boost your income and cut costs without stretching yourself thin across multiple side gigs.
Get a Good Rewards Card
While cutting out discretionary spending is crucial for managing your money and boosting your budget, there are purchases you can’t avoid making and using a cash-back credit card can boost your budget, according to Andrea Woroch, consumer and money saving expert at Andrea Woroch.
If you don’t have a great rewards card, she urged looking for one that will give you extra money back for the purchases you make the most or the stores you shop at the most to boost your budget.
“Review your credit card statement over the last few months to figure out where you spend the most or which categories you spend the most on and then compare options at sites like www.CardRates.com to see which card will give you the most back,” she said.
Open a High-Yield Savings Account
Saving money is great, but making money on your savings is even better, Woroch said. Open a high-yield online savings account (HYSA) that pays high interest on the money you have stashed away, whether it’s for an emergency fund or toward a specific savings goal.
“For example, Bread Savings is a high-yield savings account that offers 4.25% annual percentage yield which is compounded daily and deposited into your account at the end of the month so your savings makes money for you effortlessly.”
Plug Budget Leaks
You could be wasting money without realizing it and this is the first place to make cuts, Woroch urged.
This could look like:
- Canceling those unused subscriptions or monthly memberships
- Unplugging unused gadgets that continue to consume energy and account for about 10% of your home’s energy bill
- Reviewing your mobile data usage will reveal if it’s time to switch to a lower tiered plan
- Bundling insurance policies and increasing your deductible for up to 20% savings on monthly premiums
Maximize Employer Benefits
If a raise is not on deck for you at this time, and you aren’t taking advantage of the benefits that come with your employment, you may essentially be leaving money behind, according to Emmanuel Desmolieres, a financial services professional at New York Life Insurance Company.
“Many workers overlook 401(k) matches, HSA (health savings account) contributions or tuition reimbursement programs, all of which effectively add income without extra hours,” he said.
Free Up Money in Your Paycheck
Another way to free up money in your paycheck is to adjust your tax withholdings, Desmolieres said. This is especially important “if you consistently get a large refund, that’s your money locked up all year.” That’s essentially loaning the IRS money you could be saving or investing yourself.
Cut Everyday Expenses (Without Feeling Deprived)
There are always small expenses you can cut, but these might change from quarter to quarter or year to year. Desmolieres suggested auditing your subscriptions and other expenditures every quarter. “Many families save $50 to $100 per month just by canceling unused services.”
Other small habits, like shopping for groceries with a meal plan and improving energy efficiency in your home can reduce waste and save money.
Make Smart Money Moves
If you need to free up more significant money, Desmolieres suggested such strategies as debt refinancing or consolidating high-interest credit cards. Or, consider low-effort passive income like renting out storage space, selling unused items or monetizing a skill through digital products.
Focus On Clarity
If you feel at a breaking point, focus first on clarity, Desmolieres said. “Write out exactly where your money goes. Often, the biggest relief comes not from more work, but from aligning spending with priorities and cutting what doesn’t serve your goals.”
By focusing on smart spending, maximizing benefits and making your money work harder, you can boost your income and cut costs without burning out on extra gigs.
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