• Line Ettrich

3 Ways To Get More "Free Money" For Your Business

Updated: May 11

Lately, I've been obsessed with "free money" (aka. free cash) — and if you're a business owner like me, you probably love free stuff too! I mean, who doesn't love a free lunch? Turns out, there are some pretty simple ways to put hundreds (or thousands) of dollars back into your business each month. All it takes is a few tweaks to manage your money, what to do with a cash surplus and how to pay for expenses you already have.


That means 3 things:

  • Stash your cash in the right places

  • Get rewarded for spending money

  • Get rid of bad debt

Let's break them down one by one.


1 - Stash your cash in the right places

If you have a lot of money collecting dust in your checking account, it's time for you to take advantage of a high-yield savings account. It's low risk, keeps your money accessible, and most importantly, you'll start earning interest. Let your money work for you!


Sure, it's not the sweet honeypot it used to be, but every dollar counts, right? A good savings account earns anywhere from 0.4-1% interest a year. It does seem a little sweeter compared to the devastatingly low 0.03% national average you might get from checking accounts.



Every company is different, so your rate can be higher or lower. Bankrate offers a free savings calculator to give you a feel for your potential payoff.

That being said, if your company does have a decent grasp on cash management and a solid emergency fund (> 3 months of business expenses), you can also consider riskier, medium-high reward options, like term deposits or a securities account.



2 - Get rewarded for spending money

Using a credit card to pay for your monthly expenses is a simple way to earn a little extra cash - as long as you choose the right card and pay it in full every month! There is no magical one-fits-all solution, so the trick lies in getting the best expense-reward match.


1. Find your 2-3 biggest expense categories

Start by looking at your financial statements and write down where all of your money is going each month. Are you spending a good chunk of money on office supplies, travel, dining, entertainment, or phone bills? Is there a specific vendor that eats away most of your cash? Whichever it is, there is probably some credit card company that wants to reward you for it.


2. Double down on the right credit cards

Next, look for a card that gives you the highest rewards for those categories. Comparison sites like Finder or Comparecards can help you filter out 2-3 good options. You can then use CardBenefit to compare the different rates and factor in your spending behavior. A few seemingly 'minor' differences can go a long way, so don't skip the math! Consider the following example:


Before choosing a card, ask yourself:

  • How complicated and transparent is the reward structure? The more complex the reward terms, the harder it is to know the card's true value. Suppose it has rotating bonus categories, high spending caps, different loyalty tiers, or other contingencies that could impact your savings. In that case, you might be better off with a flat-rate cash-back card.

  • What combination of annual fee, sign-up bonus & monthly reward earns you the most over 1-2 years? A high sign-up bonus can be tempting, but if the reward rate is lower than the one of a competing low-bonus card, you are probably better off choosing the latter because it'll save you more in the long-run.


To keep your credit score in good shape, only use about 30% of your credit line. If you want to spend more, pay it off early and it will bounce back to the original limit.

3 - Get Rid Of Outstanding Debt

Few things kill your growth potential, like debt, because it keeps your cash tied up. If you have a surplus of cash and a healthy emergency fund, consider paying a little extra to lower your monthly payments and free up money for other things. You can try this free calculator to get a feel for your payoff scenario.


Before jumping into extra debt repayments, make sure the math adds up. Some cases don't make sense. High early payment penalties, low interest rates (<5%), or fixed repayment terms, are a some of those cases. Strike them off the list - they are not worth it.


Keep in mind that paying off debt competes with other investment opportunities. Suppose you can earn a 24% return on every dollar you pour into your business, and the interest rate on your debt is 17.6% — investing the money into your business certainly makes more sense!


Get Started Today!

There you have it - 3 simple ways to get more free money for your business. Grab your free cash rewards and see it grow month after month. No doubt, you will love the feeling.







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