The majority of the world has access to a mobile phone, and as there is an app for everything, it might be time to explore the ones that can help make you money. 2020 was a turbulent year for many and was detrimental to some people’s finances. As the world looks for ways to improve its financial situation and make money in 2021, why not use mobile apps to help you, and generate additional income and opportunities straight from your smartphone?
Regardless of your financial goal, there is an app to suit everyone, from trimming your expenses to managing your savings and expanding your investment portfolio. Make money whilst on the move or at home, and learn about new and exciting opportunities to earn an additional income straight from your pocket.
If you’re interested in using mobile apps to help make you money, keep reading to find out which one’s we recommend for 2021.
Cut costs and learn how to budget
Making more money this year might be easier than you think. The best place to start is reevaluating your finances and looking at costs and monthly expenses that you can lower or get rid of. Many people pay for unused subscriptions or are placed on higher tariffs than they need to be. Track your transactions with an app like Trim to monitor your spending habits and cut back on subscriptions and utility bills. Some apps such as these will also negotiate internet, TV and mobile phone costs on your behalf to help find the best deals. Trim will also automate any savings you have and put them into a high yield account to receive a 4% annualised bonus on your first two thousand dollars.
Once you’ve cut some costs, you can look for better ways to budget. Everyone wants their money to go further and it can, providing you know how to manage your money in the most effective way possible. Use apps like Mint to set up different money pots and allocate your monthly income accordingly. For example, you may want to save for a wedding or a car or look to start your own business (there are apps for this too!). Take the time to divide your paycheck into the necessary pots; that way, you can see how much you’re spending and even have money set aside for a rainy day fund. The Mint app also gives you the opportunity to monitor your credit score so that you can remain responsible when it comes to borrowing money. This way, lenders will be more inclined to give you better deals on things like a mortgage or personal loan.
Invest your money
Now that you’ve got your finances in check, you could look to set aside some of your budget for investing. Those interested in making their money work for them and taking a hands-off investment approach look to use apps like Acorns. This app takes a percentage of your money and invests it for you with the aim to grow your capital over time. Simply download the app, connect a debit or credit card, and you’re good to go. Acorns will set aside the spare change from your future transactions and transfer it into an investment account for you. Sit back and let the app do the hard work for you, or take the opportunity to learn more about the stock market so you can be more involved when it comes to investing.
Buy a rental property
If you wish to widen your investment portfolio further, consider buying a rental property. The app Zillow is favoured by many property investors and people working in the market. Zillow real estate provides users with a list of properties for sale, and with more than a million listings, there should be a suitable investment for you. One of the reasons this app is so popular is because of its video walkthrough feature, which has helped with viewings whilst face-to-face contact has been limited. Virtual tours are becoming increasingly popular in the property industry, with leading companies using this technology to showcase developments and secure deals with investors worldwide.
Tip – For those looking to secure their first buy to let home, you can also check out property podcasts or download free online guides straight to your phone from property investment companies like RWinvest.