Luckily, there are several small tweaks you can make to your life to start building wealth without even getting off the couch. Below, CNBC Make It has rounded up seven easy ways to save and earn more.
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 employer sponsored 401(k) plan, if you have one, 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 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.
Legendary investor Warren Buffett favors index funds over most other investing options, and for good reason. "It's the cheapest and easiest way to diversify your money that you're investing," Nick Holeman, a certified financial planner at Betterment tells Make It.
Not only are index funds low-cost, but they don't require much effort to manage. You just make the investment and let it do its thing instead of following, buying and selling shares in particular companies.
And because they don't require much trading, index funds are tax efficient as well. Managers are "not constantly buying and selling within that fund," Holeman says. "Anytime that you do a lot of buying and selling, there's the potential to cost yourself a lot in taxes."
That can translate to more money in your pocket. Because you aren't paying an advisor as much as you would for actively managed funds, you're probably saving money in fees that could cut into your returns, Holeman says.
Ditch your daily latte. Choose a home-brewed cup of joe from the couch and put the money you saved to work instead.
Bach 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 use that money to invest.
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.
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 your extra earnings into savings. Generating two incomes and living off one is a favorite money saving strategy of comedian Jay Leno.
Walk into a 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."
This is an updated version of a previously published article.
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