3 Ways to Earn an Extra $500 in 2023 – Without a Pay Raise

Here’s how to earn an extra $500, with no pay raise, second job, or side hustle required.

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Key points

• There are several financial products you can open to earn hundreds of dollars or more.
• Many bank accounts and credit cards offer introductory bonuses to new customers who meet the qualifying requirements.
• I bonds are a low-risk investment offering a generous interest rate.

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Making more money is always a popular goal. You can do a lot of things with extra money, like investing, increasing your savings, or using it to pay for vacations. Usually the hardest part is finding a way to earn more.

You can boost 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 earn more money without having to increase your workload or progress at work. Here are some simple and easy ways to earn $500 in 2023.

1. Bank account bonus

Bank account bonuses are incentives offered to new customers who open an account and meet the bonus requirements. Many banks offer them on checking and savings accounts, with bonus amounts ranging from under $100 to over $1,000.

There are two common types of bonus requirements. Some bonuses have minimum deposit requirements, where you must deposit and maintain a balance for a certain period of time. For example, a bonus might require a $15,000 deposit and you maintain that balance for 90 days.

Other bonuses have direct deposit requirements, where you must receive a minimum amount of direct deposits within a set time frame. For example, a bonus might require you to receive $5,000 in direct deposits within 30 days of account opening.

If you can meet the requirements, bank account bonuses are a great way to earn money. I normally make hundreds of dollars a year this way. If you opt for a big enough bonus or win several, you could easily collect $500 or more.

Want to find a good bonus opportunity? Check out the best bank account bonuses from The Ascent.

2. Credit Card Signup Bonus

Bank accounts are not the only option for getting a bonus. You can also earn introductory bonuses with many 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’re looking for something that doesn’t require a lot of money to deposit.

Bonus amounts and spending requirements vary from card to card. There are several cash back credit cards that offer bonuses of $200 to $250, with spending requirements of $500 to $1,000 in the first three months. There are also rewards cards with an annual fee that have much larger bonuses, as well as higher spending requirements.

This is another type of bonus that makes earning extra money a breeze. You could earn a $500 bonus with just one credit card, as there are plenty with bonuses of equal or greater value. Alternatively, you can open two or three cards with smaller bonuses throughout the year.

Interested in the biggest bonus offers? Here are The Ascent’s best credit card sign-up bonuses.

3. I have obligations

One of the most popular low-risk investments is the I bond. 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. As inflation has been extremely high, this variable rate has increased accordingly.

Although rates have since fallen from the start of the year, I bonds are still paying over 6% interest. You can purchase up to $10,000 in e-Bonds per calendar year. If you have some spare cash and are looking for a safe way to grow it, buying I bonds might do the trick.

Want to get more information? Learn how to buy I bonds in four easy steps.

There are more ways to earn extra money than many people realize. With Bank Bonuses, Credit Card Bonuses, and I Bonds, you have three options to increase your income in 2023. The best part is that all three are as safe as possible, so there’s no risk of losing your money.