In this paper, we explore the benefits of using a magnetostrictive component in a variable reluctance energy harvester. The intrinsic magnetic field bias and the possibility to utilize magnetic force to achieve pre-stress leads to a synergetic combination between this type of energy harvester and magnetostriction. The proposed energy harvester system, to evaluate the concept, consists of a magnetostrictive cantilever beam with a cubic magnet as proof mass. Galfenol, Fe81.6Ga18.4, is used to implement magnetostriction. Variable reluctance is achieved by fixing the beam parallel to an iron core, with some margin to create an air gap between the tip magnet and core. The mechanical forces of the beam and the magnetic forces lead to a displaced equilibrium position of the beam and thus a pre-stress. Two configurations of the energy harvester were evaluated and compared. The initial configuration uses a simple beam of aluminum substrate and a layer of galfenol with an additional magnet fixing the beam to the core. The modified design reduces the magnetic field bias in the galfenol by replacing approximately half of the length of galfenol with aluminum and adds a layer of soft magnetic material above the galfenol to further reduce the magnetic field bias. The initial system was found to magnetically saturate the galfenol at equilibrium. This provided the opportunity to compare two equivalent systems, with and without a significant magnetostrictive effect on the output voltage. The resonance frequency tuning capability, from modifying the initial distance of the air gap, is shown to be maintained for the modified configuration (140 Hz/mm), while achieving RMS open-circuit coil voltages larger by a factor of two (2.4 V compared to 1.1 V). For a theoretically optimal load, the RMS power was simulated to be 5.1 mW. Given the size of the energy harvester (18.5 cm3) and the excitation acceleration (0.5 g), this results in a performance metric of 1.1 mW/cm3g2.