Generating more income and cutting expenses can be helpful ways to reach a financial goal, whether that's kickstarting your emergency savings with $1,000 in the bank, investing more, or covering a big bill. But they’re not the only ways to uncover more cash. When you're earning as much as possible and come up empty on fresh ideas to save more, try these 6 tactics for finding money you didn't realize you had.
1. Search for unclaimed money
According to the National Association of Unclaimed Property Administrators (NAUPA), about 1 in 7 Americans has unclaimed funds or property owed to them by financial institutions, businesses, or governments. Think: forgotten bank and retirement accounts (or accounts marked dormant following an extended period of inactivity), insurance payments, refunds, safety deposit box contents, CDs, paychecks, and security deposits.
NAUPA's 2024 annual report revealed state unclaimed property programs returned nearly $4.5 billion to their owners. The average claim, per NAUPA, was $2,080, while the median claim was $100. Sites to search include Missingmoney.com, which allows you to search multiple states (individual states also have their own sites and search functions) and Unclaimed.org, where you can also search by state.
Plus, you can proactively contact individual federal agencies to learn if they have money that’s yours, such as the Department of Labor for missing paychecks, the US Treasury for abandoned bonds, or the IRS for uncashed tax refund checks. According to the IRS, unclaimed refunds are mostly linked to not filing a tax return for a potential refund owed. By law, you have 3 years from the original filing deadline to file a return in order to claim a past refund, otherwise it’s forfeited. If you filed a tax return, however, and your refund from that return was mailed but was then uncashed or undelivered, due to an address change issue, for example, then your right to that money in theory might never expire.
2. Sell or use old gift cards
Assuming digging through your sofa cushions and old winter coats for spare change didn’t yield much, open your wallet next. Got an unused gift card that’s been taking up space for too long? Actually using it on something you were already planning to buy could help free up cash in your budget.
Don’t need or want anything from that retailer? Turn your unused gift card into cash by reselling or trading it on an online marketplace, donating it (and possibly getting a tax deduction), or depositing the balance into an investment account.
3. Peek inside your virtual wallet
Check payment apps for forgotten balances that could be transferred to your checking or savings account. It’s generally a good idea not to leave balances sitting in payment apps indefinitely anyway, as they don’t offer bank protections, such as insurance by the FDIC (Federal Deposit Insurance Corporation) of up to $250,000.
4. Earn and redeem credit card rewards
Depending on the type of rewards credit card you have, you might be eligible to earn cash back with every purchase and possibly even more on special rotating categories. For example, maybe you earn 1% on everyday purchases but a higher percentage of 3% from January through March on groceries. The following quarter, perhaps you're rewarded for buying gas. Whenever possible, strategically time your purchases to earn more cash back—and get closer to your money goals—during bonus category months. You can typically redeem those rewards in a variety of ways, including as a statement credit, gift card, or deposit into a linked brokerage account.
5. Work your perks
Leveraging your employee perks could potentially be worth hundreds or even thousands of dollars in found money. For example, employers might contribute to or match your contributions (up to a certain percentage) to retirement plans or accounts like health savings accounts (HSAs) or emergency savings accounts.
Your company might also offer reimbursements for a portion of wellness-, phone-, or tech-related expenses—or help with covering school tuition or student loan payments. Some offer to cover a chunk of fertility and adoption-related costs as well. Keep in mind that some of these perks may need to be reported as taxable income on your tax return.
Besides cash, your employer could offer free services that can help keep money in your pocket, such as flu shots or skin cancer screenings, lab tests, backup child care, and transportation, including pre-tax commuter benefits or free rideshares after unexpected late nights or in an emergency.
6. Try (passive income) streaming
Another potential source of found money could be passive income streams—aka money you receive without much effort required to earn it—such as collecting interest paid on savings in a high-yield savings account or a money market fund.
If you have a side gig that generates income, like a blog with ads, an e-book, or images you’ve contributed to an online stock photography agency, check if you have balances in your account from ad revenue, royalties, or usage fees. You’ll likely owe income taxes on those earnings, so you should expect to receive a 1099 form come tax season.