You don’t need to be a mogul to create a little wealth. In fact, about 20 percent of working adults regularly add to their net worth without working overtime or taking on a second job. The good news is that practically anyone can build up their bottom line by investing extra cash, refinancing student loans, making certain to have an emergency fund to cover monetary downturns, asking the boss for a higher rate of pay, and strategizing at tax time. Here’s a roundup of the most effective ways to make your bank book a little thicker with a minimum amount of effort.

Invest

There’s a huge misconception about investing in that people tend to think that you have to have big stockpiles of cash to do so. In fact, with as little as $25 per month to spare, you can put your money to work and earn a nice return. Whether you choose a fractional stock account, a high yield savings instrument or precious metals like silver and gold, $300 invested annually can make a difference 10, 20, or more years from now. Technically, the definition of investing simply means to earn interest on the money you already have. That’s easy to do even if you put in just a little at a time.

Refinance Education Debt

Refinancing student loans is a way for building wealth because the move has several positive results. For one thing, you’ll free up money in your monthly budget with a refi, get a lower interest rate on the amount you still owe and have much longer to pay back the balance. Convinced yet? Find a reputable online lender, and the path to improving your finances couldn’t be easier.

wallet, cash, credit card

Create an Emergency Fund

Most financial counselors suggest having at least three months’ worth of income in an emergency fund. That represents the gross amount of what you take in each month, times three. Even if it takes you two years to accumulate that much spare cash, it’s worth doing so because you won’t have to borrow to cover things like car repair expenses. Having an e-fund is key to building and maintaining wealth.

Negotiate for Higher Pay

If you haven’t had a raise in more than a year, consider asking for one. Surveys show that many managers and decision-makers in corporations are open to the idea but often like the employee to show initiative. After a positive annual review, you might want to pop the question in a formal, no-nonsense way.

Minimize Taxes

Sometimes the best way to increase what you have is to decrease the outflow of funds. When it comes to taxes, that’s certainly the case. What are the quickest and simplest ways to cut your tax bill? According to the IRS, you should figure each year’s taxes with and without itemization and opt for the method that saves you the most. Second, consider investing in tax-free instruments like municipal bonds. Finally, it’s possible to chop some heft off your tax bill or increase your expected refund, by maxing out on IRA contributions every year.