10 Free Money Opportunities You’re Missing Out On

Have you ever reached into the pocket of an old coat and found a $20 bill? “Free money!” It feels good to find a little bit extra with hardly any effort. 

If you look around you, there are plenty of places where money might be hiding. Whether that means opening a new bank account or taking advantage of cashback offers, there are a ton of ways to earn a little extra income with little to no extra work on your part.

Here are some ways you might be missing out on free money right now.

A 401(k) account is a retirement account typically sponsored by your employer. Employers incentivize workers to contribute to retirement accounts by offering a match of the funds deposited up to a certain percentage.

In 2023, the average 401(k) match was 4-6% of your salary. That means if you aren’t contributing up to the full amount your employer matches, you could be missing out on hundreds or thousands of dollars each year. 

Not to mention that 4-6% compounded over your entire career could result in tens of thousands of dollars being added to your retirement accounts.

Rebates are money-back offers on purchases made in stores or online. They usually require you to fill out a rebate form and submit proof of purchase, like a receipt and the barcode or UPC from the product packaging.

Only 2-3% of rebates are ever redeemed, which means a lot of people leave money behind simply because they forgot or didn’t think it was worth the trouble. 

Rebates may take a while to receive — anywhere from 6-12 weeks — so they won't be an instant fix to your bank account woes. Even if you have to wait, a small amount of effort can result in free money in your pocket.

The National Association of Unclaimed Property Administrators estimates that 1 in 7 people have unclaimed property floating around. 

This type of property may include uncashed checks from past jobs, financial institutions, banks, or insurance companies, refunds from inactive accounts, unclaimed safe deposit boxes, and more.

The majority of claims can be completed online, and you can be on the way to getting your money.

More than 90% of companies have some kind of loyalty program. 

While it may not be advantageous to sign up for every single rewards program from every single retailer, you should sign up for the ones from merchants you frequent. 

Even if you’re only saving a small amount on each purchase, whether that’s 1% cash back or free shipping, those rewards can save you hundreds of dollars over time.

Sites like Rakuten or TopCashBack offer cash back when you click through their portals to shop on your favorite websites. They essentially operate as affiliates for various brands and pass some of that commission onto you for using their links. 

The cashback amounts vary and are often low, like 1-2%; however, some retailers boast up to 20% savings. While the amount you can make will vary based on your shopping habits and retailers, many bloggers report saving over $100 a year.

Some companies offer health and wellness programs for employees to motivate them to make healthy choices. 

Incentive activities may include things like going for your annual physical or completing step challenges, and rewards can be cash prizes, gift cards, merch, extra PTO, and more. 

Taking advantage of these available programs can not only put money or free stuff in your hands but can improve your health as a nice side benefit.

Tax credits are dollar-for-dollar reductions in your tax bill. Some tax credits are refundable, so if you don’t owe a lot of tax, you can actually get that credit back as a tax refund. 

There are tax credits for all kinds of things: childcare, health insurance premiums, energy-efficient appliances, and education, just to name a few. Even if you don’t qualify for the refundable tax credits, you should still take advantage of whatever credits you can to reduce your tax bill.

So many companies offer welcome bonuses for signing up. Credit cards, bank accounts, coupon apps, and more all want your business and are willing to pay for it. 

And since getting a new customer can cost companies up to seven times more than keeping a current one, handing out a $5, $10, or even $25 bonus seems like a reasonable rate to pay for new customer acquisition.

Take advantage of these offers, but watch out for the fine print. Some companies may require minimum actions to be eligible for the bonus. For example, a bank may offer $150 for opening a checking account but require you to have a direct deposit linked to that account for a minimum of three months.

“Are credit cards worth it?” This question has pitted financial experts against each other for decades. 

While the science shows people spend more when they use a credit card, others point out the free money you can get for everyday purchases. 

The key to getting free money from your credit card rewards is to make sure you pay them off in full each month. Otherwise, the amount you pay in interest negates the cash back.

A high-yield savings account (HYSA) is like a regular savings account but pays a much higher interest rate, usually around 4-5%. 

Experts suggest using a HYSA for long-term savings like an emergency fund or house fund–money that you won’t withdraw for at least several months or years. 

The longer that money sits in the account, the more interest you earn. Be forewarned, though, as the IRS treats that interest just like income, so you will need to claim it on your taxes.

Free money isn’t that hard to find, but it might take a little effort on your part. Most of the ways listed require an extra step or two outside of your normal routine — but can pay off big in the long run. 

While $100 a year won’t necessarily change your lifestyle in the next 12 months, compounded over several years, the savings could boost your bank account and have a significant impact.