Luckily, there are also several small tweaks you can make to start building wealth without even getting off the couch. Below, CNBC Make It has rounded up eight easy ways to save and earn more without overhauling your lifestyle.
Kick back, relax and start putting your money to work.
As self-made millionaire David Bach advocates, pay yourself first. That means setting up your savings like a bill that needs to be paid, so a certain amount is automatically transferred from your checking account to those accounts each month.
"You'll never forget a payment again — and you'll never be tempted to skimp on savings because you won't even see the money going directly from your paycheck to your savings accounts," Bach writes in "The Automatic Millionaire. "
Once you've set up your finances to automatically put money away, take things one step further by incrementally increasing your savings every year. Even a 1 percent bump to your 401(k) plan can make a major difference over time, thanks to the power of compound interest.
You can check online to see if you can set up "auto-increase" for your employer-sponsored 401(k), which allows you to choose the percentage you want to increase your contributions by and how often. This way, you'll never forget to up your contributions, or talk yourself out of setting aside a larger chunk.
Ditch your daily latte. Choose a home-brewed cup of joe from the couch and put the money you saved to work instead.
Bach also coined the term "The Latte Factor," which basically says that if you eliminate your $5 daily latte (or muffin, smoothie or any other unnecessary daily expense), you could save quite a bit of money over time, especially if you put that money to work instead.
It worked for for self-made millionaire Chris Reining, who crossed the $1 million threshold at age 35 and retired at 37. Reining says that forgoing his daily coffee helped him save over half of his income.
"I know there are some people out there that say you shouldn't worry about the $5 latte, but the more I think about it, cutting out the $5 latte was a good place to start. Because if you try to downsize your house, get rid of all yours cars and make all of these drastic changes, it's so overwhelming and you're not going to do any of it," he tells CNBC Make It.
"Millions of people sign up for 30-day free trials of things, intending to cancel within 30 days — and then they forget," writes Yahoo tech columnist David Pogue in his 2016 book, "Pogue's Basics: Money. " "Or they sign up for certain services but have long since stopped using them."
Take stock of what you're paying out for each month for subscriptions to magazines, software and online services. Next, ask yourself which you can eliminate and cancel them on the spot to save a couple hundred dollars a year.
You won't miss the magazines you never read or the online accounts you never use.
Generating passive income takes some effort up front, but once you get into a groove, it can become easy money. You could rent out your spare bedroom on Airbnb, or pet-sit, or place ads on your personal blog, or come up with a whole new idea.
Once you've set up a low-maintenance revenue stream, divert all of your extra earnings into savings. Generating two incomes and living off one is a favorite money saving strategy of comedian Jay Leno.
In fact, thanks to micro-investing apps such as Acorns, you can start with only your "spare change." The app will round up your purchases to the nearest dollar and automatically put any spare change to work.
The rich never stop learning. Walk into any millionaire's home and you're likely to find an abundance of books, if not an entire library, Keith Cameron Smith observes in "The Top 10 Distinctions Between Millionaires and the Middle Class. " That's because millionaires know that learning doesn't stop when you finish school.
"Success is a process," Smith says. "If a percentage of your income isn't going toward a financial education, you will stay trapped in the middle class. The more money you spend on financial knowledge, the more money you will make."
The cheapest and easiest way to start investing in your financial education is through books. If you need some inspiration for where to start, check out the favorite books of billionaires such as Elon Musk and Warren Buffett.
Ultimately, the best way to boost your income is to earn a higher salary, whether that means nabbing a promotion or pivoting into a new job. You can start educating yourself on how to reach that goal now by enrolling in a class to learn a new skill or reading up the qualifications needed to switch careers.
Tony Robbins and Warren Buffett agree: Investing in yourself — and your future — is the smartest investment you can make. For Robbins, that meant completing a personal development seminar with coach Jim Rohn.
"[Jim Rohn] made me stop focusing on what was outside of my control … and taught me to focus instead on what I could control," Robbins writes in his book "Money: Master the Game. " "I could improve myself; I could find a way to serve, a way to do more, a way to become better, a way to add value."
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