Want some practical ideas on how you can improve your financial situation this year? Well, here are seven things you can do to improve your finances, most you can start in under 5 minutes.
In This Article
1. Use Cash Envelopes
Want an easy way to stay on track with your finances? Use a virtual cash envelope system.
Cash enveleopes is where you put a certain amount of money in an envelope for a given budget category. Particularly, categories that vary every month like groceries, entertainment, etc.
This way you only spend the money in that is in the envelope and avoid overspending.
Well, now there is a virtual envelope system with Qube. They have made it easy to put your money in digital envelopes so that you don’t have to use physical cash anymore.
2. Get Life Insurance
Protecting your loved ones with life insurance is a smart money move that most people should consider.
Unfortunately, signing up for life insurance can seem like a hassle because no two companies are exactly alike. There are different rules and rates for every policy and company, which can make life insurance seem confusing.
Luckily, AIG makes the process simple and offers life insurance coverage for $250,000 as low as $14 per month.
3. Make More Money Today
One of the best things you can do to increase how much you can invest is to find ways to increase your income. Here are a couple of ways that you can do that starting today:
Survey Junkie will pay you for taking surveys in your spare time. They have over 10,000,000 members, and this company is cool because they will pay you instantly with cash via Paypal.
Swagbucks will pay you for doing every day tasks like searching the internet and shopping online.
They have a Trustpilot rating of 4.3/5 and have paid out over $498,000,000 to its members.
4. Stop Paying Hidden Investment Fees
Tired of losing money from your investments because of high fees? Blooom is here to change that. Do you have a 401k?
Blooom helps assess your 401k fees, your stock/bond mix, and the opportunity cost associated with your investments. Opportunity cost is how much you could be missing out on by not investing more, or by investing too conservatively.
They claim to help their clients cut their hidden investment fees by 66%.
5. Make Money Playing Games
Do you like playing games on your phone? Mistplay is an app that pays you to play games. When you download the app, you’ll get a mixlist that has new games for you to play.
As you play the games on your app, you’ll start earning points. You can use your points to get gift cards to Visa (i.e. cash!) Amazon, Starbucks and more.
The app also has a chat feature where you can chat with other gamers. And you can earn points when you invite friends to download and play.
Looking for a little competition? You can compete with other gamers to rank in the Mistplay leader boards.
6. Deliver Food and Get Paid
Gone are the days of needing to wear a greasy pizza uniform to be a food delivery driver. Now you can deliver for a variety of restaurants using DoorDash.
DoorDash partners with a variety of restaurants in most cities to bring over 10 million orders to hungry customers!
All you need to get started is a reliable vehicle, moped or good walking shoes, along with a smartphone, the DoorDash app, plus a valid drivers license and insurance.
7. Invest in Real Estate (Affordably)
Owning and renting out real estate can be a great way to make money. However, purchasing a home can be costly since you usually need about 20% down plus closing costs to buy a rental home.
But with Fundrise, you can get started with real estate investing for just $500.
Fundrise is a crowdfunded real estate investing company. They will use your money (and money from others) to purchase and manage large-scale rental properties and give you a cut of the profits.