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7 Effective Ways To Make Money With Pinterest

7 Effective Ways To Make Money With Pinterest

Looking for ways to make money with Pinterest? Rather than looking at Pinterest as a simple photo-sharing network, consider it your own global bulletin board. In November of 2013, Pinterest had 70 million users, 80 per cent of them women, and received 2.5 billion page views per month.

There are many ways to make money with Pinterest, and as the network continues to grow, your opportunities will grow too.

Let’s look at some effective ways in which you can make money with Pinterest.

1. Follow your passion, build an audience and sell to them.

What are you passionate about? If people are spending money in an area you love, you can make money.

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Let’s say you’re a fitness junkie. You love being fit, and staying fit. You choose a target audience: women in their twenties who want to be fit and attractive. Create a Pinterest account and boards that attract this audience.

Get followers to your boards, and create a mailing list. Some keen Pinterest users have a million followers and more. You don’t need that many followers to your account to sell to your audience. If you don’t know what to sell, don’t worry. Once you have a few thousand followers, marketers will approach you with offers.

2. Choose a company to promote, and ask for sponsorship.

Target a group, and build your Pinterest followers as we discussed above. Then select companies offering products that appeal to your audience. Staying with our “fitness” audience, you could approach companies that sell gym machines, or sports drinks.

Share your Pinterest account’s statistics with the companies you approach, and ask for sponsorship. Offer them a deal: they can use their branding on your account for a year.

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3. Promote affiliate products.

Many companies want affiliates who will promote their products for a small commission on the sales that result. Find companies that sell products you can promote, and sign up as an affiliate. Then promote the products on your boards, using your affiliate links.

Tip: use an URL-shortening service like Bitly to manage your links. You’ll be able to track your pins and boards for the number of clicks.

Regarding spamming. Periodically Pinterest takes action against affiliate marketing spammers. If you get caught up in this, link your pins to your own website, where you can use affiliate links.

4. Use search engine optimization (SEO) strategies to get found on Pinterest.

If you want to make money on Pinterest, people have to be able to find your pins and boards, so use SEO strategies. Not only will you be found on Pinterest, you’ll also be found via the major search engines, like Google.

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Make the most of your “About” profile. You’ve got 200 characters (around 50 words.) Be clear and descriptive, using the keywords you expect searchers to use.

Also, use SEO strategies on your pins. Each pin allows you 500 characters (around 100 words) of description, so make the most of it by adding keywords and links. Include keywords naturally, rather than in a spammy way.

5. Create contests on Pinterest to sell your own products.

Perhaps you want to sell your own products on Pinterest. Consider creating contests. They’re popular, and can help you to make money.

However, keep Pinterest’s guidelines in mind:

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Contests are a common tactic businesses use to get people to engage with their brand, and we’ve learned a lot about how they work on Pinterest. Done well, they can be a trigger to help people think about and talk about your brand. But they can also motivate people to add Pins they aren’t truly interested in, which is why Pins from contests can often feel irrelevant and even spammy.

Pinterest guards its users’ experience. This is wonderful because it ensures that the network will continue to grow.

6. Re-pin others’ pins to win an audience and make money.

Pinterest is a social network, so the easiest way to get people to re-pin your pins is to be active. Pin others’ pins, particularly those people in your target audience. They will notice you, and may even start following your boards.

7. Make money by teaching Pinterest strategies to others.

As Pinterest continues to grow, a small industry has developed around it, with people developing tools to help Pinterest users.

After you’ve been using Pinterest successfully for a while, consider making money by teaching your strategies to others. Create e-books and courses teaching what you’ve learned.

So there you have it: seven effective ways to make money with Pinterest. You’ll also develop further strategies of your own when you become active on the network.

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Last Updated on November 27, 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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