5 proven ways to make more money

5 proven ways to make more money


No, selling clothes on Poshmark doesn’t count

by Crissi Cole, Founder & CEO of PennyFinance

While financial advice is gender-free, it’s still hard to find good financial tips for women online. 

Today, we will correct that by sharing 5 of our favorite smart money moves.  


1. Set up your 401k + IRA – ASAP!

This is always our #1 bet for any money goal, big or small, because the long-term benefits for you (and your wallet) are PRICELESS. 

Your 401k and IRA are retirement accounts that either: 

  • your employer sets up 4 you (401k) or 
  • you set up yourself (IRA)

Here’s why we love 401k + IRAs so much:

  • The tax deductions and tax benefits are amazing .
    Depending on which account you set up, you either pay less taxes now, or less taxes later. Either way, you save on taxes! (and less taxes = more money in your wallet)
  • The power of compounding interest.
    Compounding interest is pure magic. If you ever had to open an investing or savings account with your bank, this might sound familiar. 
  • Over time, any money in these accounts will double, triple, etc. And the earlier you start, the more money you make. 

2. Change your exemptions on your paycheck from 0 to 1

When we’re talking about taxes, Exemptions and withholding allowances are the same thing. 

The number of exemptions you select determines how much of your income gets withheld for taxes.

0 = you want the most amount of tax withheld so you don’t have to owe money – and you will likely get a tax refund in April (safest bet)

1 = you want the least amount of tax withheld so you have more in your paycheck – and you will likely pay the government in April 

Keep in mind: if you aren’t withholding enough money for your taxes, you can get penalized. 

3. Refinance your mortgage or student loans 

Rates are so low right now. If your mortgage or student loan interest rate is more than 4%, you could save on your monthly payment by resetting the rate to something lower (and more digestible for your wallet).

But be warned: Watch out for upfront fees required to do this! Sometimes the juice isn’t worth the squeeze. 

4. Open a credit card with cash-back or rewards points benefits

Cash back cards are exactly that: the more you spend on your card, the more money you get back at the end of the month or year (usually up to 5% of how much you spent).

With rewards credit cards, instead of getting money, you get points that can be used as cash to buy whatever perk your credit card is connected to: travel, retail store, etc. 

Just remember, you have to pay it ALL off at the end of every cycle! Otherwise you end up paying more than you bargained for, and those benefits won’t be as beneficial to you and your wallet.

5. Move to a low-tax state

If you are truly up for anything, you might want to consider moving to a low-tax state,  especially now when work from home is more accepted!

Here are 7 states with NO personal state income tax: 

  • Florida 
  • Nevada
  • South Dakota 
  • Texas
  • Tennessee
  • Washington
  • Wyoming

For more good financial advice, follow us on IG @startwithapenny

Edited by the GNL Editorial Staff

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