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10 Apps You Probably Didn’t Know Can Earn You Extra Money

10 Apps You Probably Didn’t Know Can Earn You Extra Money

You probably already know that there are apps you can use not only for entertainment, but for earning extra money or saving some. But, you may not know about these apps, which are some of our favorites. Check out these 10 killer apps you can use to save or make extra money in your spare time.

1. Foap

Download links: Android | iOS

foap

    This is an app that allows you to make money by taking photos. You can charge as much as you like per photo, which means that your money-making opportunities through Foap are virtually limitless. People are always looking for a huge variety of photos, and you may be surprised at how much money you can make with a photo of your cat.

    2. Bookscouter

    Download links: Web-Based

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    bookscouter

      If you have old books you want to get rid of, use this app to sell them. Scan the barcodes with your smartphone, and Bookscouter will let you see comparisons of payouts from more than 20 book buyback companies. Once you find the best offer, fill out some information about where payments should be sent, and ship the books to the buyback companies.

      3. Fieldagent

      Download links: Android | iOS

      field

        This is a great app that can help you earn money. From the main navigation window you can locate jobs through the “Jobs List” or through the ”Map View.” Select a job to see additional details and accept it. Once a job has been selected, you will have two hours to complete the task. Be sure you’re near the objective before you start the task.

        4. Cash For Laptop

        Download links: Web-Based

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        CashYourLaptop

          You can make extra money by selling your old laptop, and this app will let you do it. Simply select the type of device you wish to sell, add a description of the device, pack it up and ship it (free of charge), and get paid with a cheque or Paypal.

          5. Expensify

          Download links: Android | iOS

          img_receipts_02

            If you are having problems with your expense reports, you can save time and money by using Expensify. This app lets you capture receipts, track time and mileage, track business travel, create expense reports, and more. Using this app will allow you to get these things done quickly, so you can spend more time actually making money.

            6. Ibotta

            Download links: Android | iOS

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            ibotta

              Take photos of your receipts and receive rebates using this app. Sign up for a free account, download the mobile app, and click on “Rebates”. Here you will find loads of great offers. Rebates will vary depending on the product and the promotion.

              7. Casual

              Download links: Web-Based

              Casual

                You might be surprised, but the project management app Casual saves a great amount of money by helping reduce fails with deadlines and problems with the team. Casual helps handle tasks and projects in a new way: plan your tasks just by drawing them as flowcharts. Amazing feature is that Casual helps visualize dependencies between tasks. Become much more productive by using it.

                8. Receipt Hog

                Download links: Android | iOS

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                receipt

                  This is a lot like Ibotta, because you can take photos of receipts and get rewards points for Paypal or Amazon gift cards. Unlike Ibotta, you don’t have to shop at specific stores. You can shop anywhere, and still earn points. But, it is slower to cash out than it is with Ibotta.

                  9. Ncponline

                  Download links: Android | iOS

                  ncp

                    Earn rewards points as a panelist for Ncponline. Scan your purchases, and send the data in to get points. You may also be contacted occasionally for opinions. You can make money through this app, and it only takes an hour each week. You get points for every interaction, and when you have enough points, you can cash them in for rewards.

                    10. i-Say Mobile

                    Download links: Web-Based

                    i-say

                      When you need a survey app, this is definitely the one to choose. It is from the Ipsos company, which does much of the polling during presidential races. If you have some free time, you can make money completing surveys. Or, you can collect points, and redeem them for gift cards from Amazon, iTunes, etc., or cash them in through Paypal.

                      Featured photo credit: Woman Using a Smart Phone via shutterstock.com

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                      Jane Hurst

                      Writer, editor

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                      Last Updated on September 2, 2020

                      How to Set Financial Goals and Actually Meet Them

                      How to Set Financial Goals and Actually Meet Them

                      Personal finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. That’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

                      In this article, we will explore ways to set financial goals and actually meet them with ease.

                      4 Steps to Setting Financial Goals

                      Though setting financial goals might seem to be a daunting task, if one has the will and clarity of thought, it is rather easy. Try using these steps to get you started.

                      1. Be Clear About the Objectives

                      Any goal without a clear objective is nothing more than a pipe dream, and this couldn’t be more true for financial matters.

                      It is often said that savings is nothing but deferred consumption. Therefore, if you are saving today, then you should be crystal clear about what it’s for. It could be anything, including your child’s education, retirement, marriage, that dream vacation, fancy car, etc.

                      Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives that you foresee in the future and put a value to each.

                      2. Keep Goals Realistic

                      It’s good to be an optimistic person but being a Pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going beyond what you can realistically achieve will definitely hurt your chances of making meaningful progress.

                      It’s important that you keep your goals realistic, as it will help you stay the course and keep you motivated throughout the journey.

                      3. Account for Inflation

                      Ronald Reagan once said: “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman.” This quote sums up what inflation could do your financial goals.

                      Therefore, account for inflation[1] whenever you are putting a monetary value to a financial objective that is far into the future.

                      For example, if one of your financial goal is your son’s college education, which is 15 years from now, then inflation would increase the monetary burden by more than 50% if inflation is a mere 3%. Always account for this to avoid falling short of your goals.

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                      4. Short Term Vs Long Term

                      Just like every calorie is not the same, the approach to achieving every financial goal will not be the same. It’s important to bifurcate goals into short-term and long-term.

                      As a rule of thumb, any financial goal that is due in next 3 years should be termed as a short-term goal. Any longer duration goals are to be classified as long-term goals. This bifurcation of goals into short-term vs long-term will help in choosing the right investment instrument to achieve them.

                      By now, you should be ready with your list of financial goals. Now, it’s time to go all out and achieve them.

                      How to Achieve Your Financial Goals

                      Whenever we talk about chasing any financial goal, it is usually a two-step process:

                      • Ensuring healthy savings
                      • Making smart investments

                      You will need to save enough and invest those savings wisely so that they grow over a period of time to help you achieve goals.

                      Ensuring Healthy Savings

                      Self-realization is the best form of realization, and unless you decide what your current financial position is, you aren’t heading anywhere.

                      This is the focal point from where you start your journey of achieving financial goals.

                      1. Track Expenses

                      The first and the foremost thing to be done is to track your spending. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you will be surprised by how small expenses add up to a sizable amount.

                      Also categorize those expenses into different buckets so that you know which bucket is eating most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pumping up your savings rate.

                      If you’re not sure where to start when tracking expenses, this article may be able to help.

                      2. Pay Yourself First

                      Generally, savings come after all the expenses have been taken care of. This is a classic mistake when setting financial goals. We pay ourselves last!

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                      Ideally, this should be planned upside down. We should be paying ourselves first and then to the world, i.e. we should be taking out the planned saving amount first and manage all the expenses from the rest.

                      The best way to actually implement this is to put the savings on automatic mode, i.e. money flowing automatically into different financial instruments (mutual funds, retirement accounts, etc) every month.

                      Taking the automatic route will help release some control and compel us to manage what’s left, increasing the savings rate.

                      3. Make a Plan and Vow to Stick With It

                      Learning to create a budget is the best way to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be organized

                      Nowadays, several money management apps can help you do this automatically.

                      At first, you may not be able to stick to your plans completely, but don’t let that become a reason why you stop budgeting entirely.

                      Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options, and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

                      You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

                      4. Make Savings a Habit and Not a Goal

                      In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that, in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

                      Make savings a habit rather than a goal. While it might seem to be counterintuitive to many, there are some deft ways of doing it. For example:

                      • Always eat out (if at all) during weekdays rather than weekends. Weekends are more expensive.
                      • If you are a travel buff, try to travel during off-season. You’ll spend significantly less.
                      • If you go shopping, always look out for coupons and see where can you get the best deal.

                      The key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice, which will be harder to sustain over a period of time.

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                      5. Talk About It

                      Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission.

                      Therefore, in order to stay the course, surround yourself with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

                      6. Maintain a Journal

                      For some people, writing helps a great deal in making sure that they achieve what they plan.

                      If you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

                      When you have a written commitment on paper, you are going to feel more energized to follow the plan and stick to it. Moreover, it is going to be a lot easier for you to track your progress.

                      Making Smart Investments

                      Savings by themselves don’t take anyone too far. However, savings, when invested wisely, can do wonders.

                      1. Consult a Financial Advisor

                      Investment doesn’t come naturally to most of us, so it’s wise to consult a financial advisor.

                      Talk to him/her about your financial goals and savings, and then seek advice for the best investment instruments to achieve your goals.

                      2. Choose Your Investment Instrument Wisely

                      Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about the common ones, like a savings account, Roth IRA, and others.

                      Just like “no one is born a criminal,” no investment instrument is bad or good. It is the application of that instrument that makes all the difference[2].

                      As a general rule, for all your short-term financial goals, choose an investment instrument that has debt nature, for example fixed deposits, debt mutual funds, etc. The reason for going for debt instruments is that chances of capital loss is less compared to equity instruments.

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                      3. Compounding Is the Eighth Wonder

                      Einstein once remarked about compounding:

                      “Compound interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.”

                      Use compound interest when setting financial goals

                        Make friends with this wonder kid. The sooner you become friends with it, the quicker you will reach closer to your financial goals.

                        Start saving early so that time is on your side to help you bear the fruits of compounding.

                        4. Measure, Measure, Measure

                        All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments and taking stock of how our investments are doing.

                        If we don’t measure progress at the right times, we are shooting in the dark. We won’t know if our saving rate is appropriate or not, whether the financial advisor is doing a decent job, or whether we are moving closer to our target.

                        Measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

                        The Bottom Line

                        Managing your extra money to achieve your short and long-term financial goals

                        and live a debt-free life is doable for anyone who is willing to put in the time and effort. Use the tips above to get you started on your path to setting financial goals.

                        More Tips on Financial Goals

                        Featured photo credit: Micheile Henderson via unsplash.com

                        Reference

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