How to Turn $20 Into $40: Try These 5 PROVEN Ways! (2023)

Sick of never having enough cash?

It’s frustrating when you can’t afford simple pleasures or extras.

But what if we told you there’s an easy way to double a small amount of money?

How to Turn $20 Into $40
How to Turn $20 Into $40?

Read this post to learn proven strategies for turning $20 into $40 so you can stop scraping by and start building your savings.

Take Advantage of Sign-up Bonuses for New Accounts

Maximize your money by signing up for new accounts that offer lucrative bonuses.

Turning $20 into $40 has never been easier!

Here’s how it works:

Types of Accounts With Lucrative Sign-up Bonuses

Some of the most common accounts that offer sizeable sign-up bonuses include:

  • Bank accounts – Major banks like Chase and Bank of America often offer $100-$300 bonuses for opening a new checking or savings account. The bonuses do require maintaining a minimum balance for several months to avoid penalties.
  • Credit cards – Many top credit cards offer bonuses ranging from $100-$500 for spending a certain amount on the card within the first 3 months. Just make sure to pay off the balance each month.
  • Investment accounts – Opening a new IRA or taxable investment account with a robo-advisor like Betterment or Wealthfront can score you a $100-$200 bonus. You do need to maintain a minimum account balance.
  • Referral bonuses – Some banks offer $20-$50 just for referring a friend who goes on to open an account. Both you and your friend can take advantage of this easy money.

How to Find the Best Sign-up Bonus Offers?

The simplest way to find the top sign-up bonuses is to search for terms like “best bank account bonuses” or “highest credit card bonuses”.

Importance of Saving Money
Importance of Saving Money

Major personal finance sites like NerdWallet constantly update their rankings of the most lucrative offers.

You can also go directly to bank and company websites to see what if any, promotional offers they are currently running.

Pay attention to the dollar amount offered, as well as the requirements to earn the bonus without penalty.

Completing the Account Sign-up Process

Once you’ve identified a solid sign-up bonus offer, complete the new account sign-up process.

This usually entails:

  • Submitting an online application with your details
  • Getting approved for the account
  • Making any necessary initial deposits to activate the account
  • Using the account if required (such as making X amount of purchases on a new credit card)

Be sure to carefully read all terms to ensure you meet the requirements within the specified timeframe.

Act fast, as these bonus deals generally expire after a certain date.

Claiming the Bonus and Avoiding Penalties

Most banks will automatically credit your new account with the bonus within a month or two after you meet the requirements.

If your bonus is tied to a minimum balance, leave the funds in your account for the specified duration to avoid early withdrawal fees.

With credit cards, make sure to pay off your balance each month so interest charges don’t eat into your bonus.

By taking advantage of just a single sign-up bonus deal, you can easily turn $20 into $40 or more.

And since there are always great deals out there, you can continue earning nice lump sums of cash by opening various new accounts over time.

Resell Items for a Higher Price

Another effective strategy for doubling a small amount of money is to resell items you already own or can buy very cheaply.

Here are some tips for getting started:

Products With High Resale Value

Products With High Resale Value
Products With High Resale Value

Certain product categories tend to have high resale profits thanks to demand that outstrips supply. Smart picks include:

  • Sneakers – Especially limited edition, highly coveted sneakers that sell out quickly.
  • Game consoles – Old and new gaming systems can be resold for considerably higher than retail.
  • Lego sets – Unopened Lego sets gain value over time and can be resold for exponentially more.
  • Designer handbags – Gently used designer handbags often resell for close to the retail price.
  • Collectible toys – Figures, dolls, and toys that are part of nostalgic or pop culture collections.

Where to Find Discounted Items to Resell

Look for underpriced items and hidden gems to resell at these go-to sourcing spots:

  • Garage sales
  • Thrift stores
  • Clearance racks and closeout sales
  • Estate sales
  • Online auctions like eBay
  • Wholesale suppliers and liquidators

Reselling Locally Through Garage Sales/Flea Markets

One approach is to resell locally through platforms like Facebook Marketplace, Craigslist, garage sales, and flea markets.

Price items at least double what you paid.

The advantage of local selling is you save on shipping costs and get paid immediately in cash.

Just be sure to factor in estimated taxes on your profits.

Using Online Platforms Like eBay to Resell Items

For more reach, use online marketplaces like eBay, Poshmark, and Mercari to resell items.

You’ll pay seller fees and shipping costs, but can usually charge higher prices than locally.

Selling platforms make it easy to manage listings and payments. Most serious resellers open shops on multiple sites to maximize profits.

With some experience and an eye for valuable finds, reselling is an excellent way to consistently turn a small investment of $20 into $40 or more.

The key is sourcing products at low cost and knowing what’s in high demand.

Take Paid Surveys in Your Spare Time

Taking online surveys for money is an easy, flexible way to earn extra cash.

Though you won’t get rich taking surveys, they are an effective way to gradually turn $20 into $40.

Take Paid Surveys
Take Paid Surveys

Well-Known Survey Companies to Try

Here are some reputable survey sites to check out:

  • Swagbucks – Earn points (SB) redeemable for gift cards. Cash-out starts at just $3.
  • Survey Junkie – One of the most popular survey sites. Cash out with PayPal or gift cards when you hit $10+.
  • InboxDollars – Complete surveys and other quick tasks to earn cash. The minimum payout is just $5.
  • Opinion Outpost – Simple surveys with instant cash-outs starting at $5 via PayPal.
  • Toluna – Wide variety of surveys with instant product rewards and sweepstakes.

Maximizing Your Survey-Taking Efficiency

Follow these tips to earn the most from your time spent taking surveys:

  • Take surveys on your smartphone during spare moments of downtime throughout the day.
  • Stick to survey companies that offer the highest payouts. Avoid overly-long surveys for little pay.
  • Provide honest, thoughtful responses. Don’t rush just to finish quickly. High-quality responses lead to more survey opportunities.
  • Cash out your earnings frequently instead of letting points accumulate.

How Much You Can Reasonably Earn From Surveys?

Expect to earn an average of $1-$3 per survey, with most taking 5-20 minutes to complete.

Earnings From Survey Sites
Earnings From Survey Sites

By taking 2-3 surveys per day consistently, you can easily average $20 per week or around $80-$100 monthly.

Just don’t expect to replace your full-time income with surveys alone. But it is a simple, flexible way to turn small amounts of money into bigger sums over time.

Sign up for multiple survey sites to maximize your earnings.

Got More Money? You Must Try…

Search Your Home for Valuable Items You Can Sell

You may be sitting on hidden sources of cash and not even realize it.

Take some time to scour your home for valuable items you no longer want or need.

Items You Can Sell
Items You Can Sell

Then resell them locally or online. Here are some tips:

Types of Valuable Household Items to Look For

  • Electronics – Old iPods, iPads, laptops, and gaming devices often have resale value, even if no longer working.
  • Designer clothing and accessories – Outdated luxury or formalwear can still fetch decent resale prices.
  • Jewelry – Real gold, silver, gemstones, and vintage costume jewelry can be surprisingly valuable.
  • Antiques – Have items appraised. Quality antique furniture, art, china, etc. can sell for hundreds or thousands.
  • Collectibles – Trading cards, stamps, coins, memorabilia, and rare toys may have serious collector demand.

How to Determine if an Item Is Valuable

Do some quick online research by looking up sold listings on eBay for similar items to gauge potential resale pricing.

Have expensive items like jewelry appraised by professionals.

Reputable pawn shops can also assess the resale value of luxury goods.

Selling Household Items Locally vs. Online

For one-off, bulky, or fragile items, selling locally via Craigslist, Facebook Marketplace, garage sales, etc. is convenient.

But for small, shippable goods, online platforms like eBay, Poshmark, and thredUP often yield higher prices.

You’ll pay seller fees and shipping costs but gain exposure to more buyers.

So whether you declutter your closet, clear out the garage, or comb through the attic, reselling unused household items is an excellent way to turn $20 worth of value into $40 or more.

Other Quick Money-Making Ideas To Turn $20 Into $40

Beyond the main strategies already covered, here are a few more ways to easily generate an extra $20:

Freelancing Gigs

Lend your skills for quick cash on sites like Fiverr, Upwork, and Freelancer.

Popular gigs include data entry, graphic design, web research, data entry, and more.

Participating in Focus Groups

Get paid $50-$100 for 1-2 hours of your time sharing your opinion in focus groups.

Check sites like Respondent and FocusGroup.com for local opportunities.

House Sitting/Dog Walking

Offer up your services to neighbors and friends planning vacation travel.

Easily earn $20-30/day caring for homes and pets.

Renting Out Parking Space or Spare Room

Use apps like JustPark or Neighbor to rent out an unused driveway, parking space, or extra room in your home to bring in cash.

Final Thoughts

As you can see, with just a bit of effort, it’s possible to turn a small amount of money into a larger sum.

Start with just $20, pick one or more of these money-making ideas, and watch your money grow.

The important things are taking initiative, thinking creatively, and tapping into multiple income streams.

Over time, continually doubling your money – even in small increments – adds up.

So put these strategies to work if your goal is learning how to turn $20 into $40.

Just imagine where repeating this process could take you financially down the road.

Consistency and discipline are key, so get started today!

I'm Rahul, a money-making expert who helps others make money online through survey sites, side hustles, the gig economy, and more. On Moneyfreed, I share actionable tips and tricks to help you create a flexible and profitable online income stream.

Leave a Comment