7 Ways You May Be Missing Out on Free Money

Every once in a while, I see an article about how people find all kinds of unclaimed money. (This government site tells you how to find out if you have any unclaimed money out there.) And it got me thinking. What other ways are people essentially just missing out on free money because they don't know about it?

As it turns out, it could be a lot. Here are just a few ways I've known folks to miss out on free money.

1. Health insurance rebates/points systems

Many health insurance plans will have a variety of programs designed to encourage desirable behavior. For instance, your insurer may offer a points program that rewards your preventive care, such as getting physicals or exercising.

Another common part of insurance plans is rebates for gym or fitness memberships. While you may have to jump through some hoops (receipt submissions, etc.), it could be worth the time and effort if the value is there.

2. Tax credits and/or government programs

There are a surprising number of ways you can get free money from the government, be it the federal folks or your local municipalities. For instance, there are all sorts of tax credits you may not even know you qualify for. (This goes double for homeowners and business owners.) 

The best stuff tends to be local, though. Your village, town, city, county, or even state could have all sorts of useful -- and valuable -- programs that could help you accomplish your goals. This may be anything from credits for home repairs to grants to start a business or charity. 

A lot of these programs can be uncovered online these days; even smaller towns should have some sort of basic website. If you have a specific need in mind, it may also be worth calling (or visiting) your local offices.

3. Shopping portals and cash back apps

You can find a ton of third-party websites and mobile apps that will save you money on most things you buy. For example, cash back apps offer you rebates for scanning your shopping receipts after buying items from partner brands.

Similarly, most credit card issuers have partner offers or shopping portals that will give you cash back for making specific purchases. These are a little easier, since you don't need to scan receipts, just add the offer to your card and then use that card to pay.

4. New account welcome bonuses

Any time you open a new account for, well, anything, you should look for a bonus or promo. And I really mean anything. The majority of businesses are driven by the need to acquire new customers, so you can often make them pay for the privilege.

From a personal finance perspective, this could mean everything from a new bank account to a new credit card. In fact, credit card welcome bonuses have helped me travel for free for years. And I rarely open a new bank account without getting some sort of cash back.

But apply this to other areas of your life, too. New shopping account with a retailer? Look for a discount code. First-time delivery from a meal kit? Get your free meals, friend.

5. Credit card purchase rewards

Anything I can pay for by credit card, I do. And I've optimized my rewards credit cards such that I earn a minimum of 3% (but often more) back rewards on pretty much all of those expenses.

In other words, if you're not using credit card rewards, you're missing out on easy money.

You don't need to complicate things to the extent that I have, of course. A single 2% flat-rate cash back rewards card could earn you a ton of rewards -- especially compared to earning no rewards at all. 

(Just make sure you pay off your balance in full every month to avoid interest fees.)

6. High-yield savings accounts

We all love the big multinational conglomerate banks because they have branches -- and ATMs -- on every corner. They're convenient, the apps are nice, and we've been banking there for years. Why change now?

Because your interest rate is probably terrible, that's why. 

If you have your money in a regular savings account with a 0.47% APY (yup, that's the national average, folks), you're losing so much money to inflation. And you're definitely not making any money.

Did you know you can find high-yield savings accounts right now with 5% APYs? Sure, they're generally online-only banks, but when was the last time you actually went to the bank about your savings account?

You can keep your checking account where it is. But if you have any kind of significant savings -- or even insignificant savings, we're talking about 10 times higher rates -- consider moving it to a high-yield account. Your net worth will thank you.

7. Employer matches/perks

A surprising number of people aren't taking full advantage of all the perks that come with their job. Perhaps the most common example is employer retirement matches. 

Many companies will match some portion of your retirement contributions (usually as a percentage). So, at the very least, be sure you're contributing at least that much to avoid leaving money on the table.

However, IRA matches may be just a part of your perks and benefits. Large corporations, for instance, tend to have a variety of employee programs that could get you anything from tuition reimbursement to discounts with partner companies to rebates on your gym membership.

It could pay off to spend some time exploring your company's employee portal/app and/or talk with HR about the resources available.

No penny left behind

Few budgets are so perfect they can't benefit from more money. So why leave any behind? Ideally, this list helps you find some of the extra money and savings you could be overlooking in your everyday life.