The economy is far different now in 2023 from before the pandemic. Despite the rise in inflation for a variety of reasons, such as the disruption in the global supply chain, technology has made managing and making money easier.
Although the income-earning power of the internet is not new, more people became aware of it during the lockdown. So, if you want to get ahead financially in the current economy, you’ll need to know the rules of the money-making game online.
Here are some tips that will help you stay on top of your cash flow and in control of your spending and savings.
Make Money Online
During the lockdown in 2020, remote working became commonplace. With more people spending time online, many became interested in making a side income on the web. The way to earn online depends on your skills and goals. Signing up for Amazon’s fulfillment service, for instance, is a good way to get started if you’re interested in eCommerce. In fact, an Amazon FBA seller who sells items in high demand can earn thousands per month.
Here are some other ways to build a full-time sustainable income:
- Create a blog
- Create an online tutorial
- Become a freelancer.
If, however, you have a full-time job and you just want some extra income, try the following:
- Take online surveys.
- Market items on eBay that you no longer need.
- Test websites.
- Sell your arts or crafts.on Etsy.
- Set up a YouTube channel.
However, be careful when looking for online side hustles. Besides the risk of scams, even some legitimate platforms are not worth the effort. With a few, like Amazon Mechanical Turk, you’ll end up earning less than $5 an hour.
Use Apps to Manage Your Personal Finance
Even if you succeed at making money online, it doesn’t mean you’ll become wealthy. You’ll need another skill, too: the ability to manage your money well.
The following are three of the most common financial mistakes people make:
1. They have no idea where their money goes. A budget guides your finances. It shows you how you spend money. Without one, it is easy to overspend. Since people aren’t naturally adept at carefully spending and saving, use an app to do most of the heavy lifting. For instance, Mint or YNAB are popular choices. With them, you can track your spending and live within your means. They can also help you identify areas where you might be able to save.
2. They procrastinate on retirement planning. Save for retirement early, even if it seems far off. The sooner you save, the longer your money can grow. Regardless of the investing system you choose, the critical thing is to be aware of your spending and ensure your investment decisions align with your financial goals.
3. They never anticipate financial setbacks. An emergency fund protects your finances. You can use it for unexpected expenses like car repairs or medical bills. Without an emergency fund, you can quickly fall into debt. However, by setting aside a certain amount each month, you’ll create an account that grows every year.
Use Technology to Improve Your Finances
Telecommunication tech is often used for staying connected or for entertainment, but it can help you increase your income and grow your money. Take advantage of the Internet to find a market for your skills and manage your money with apps that automate calculating your incoming and outgoing cash flow. There are other creative ways to use technology to boost your finances, too. For example, video conferencing software can help you increase your profits by cutting costs on business travel.