With the COVID-19 pandemic inducing a global recession, it is no surprise that many people across the world are struggling with economic uncertainty. Whether you are struggling to find a job, or had to close your business, you may already be feeling anxious about what the new year has in store for you (and your bank account).
Thankfully, there are various things you can do to help improve your financial situation in 2021.
Earn Money Online
Our reliance on technology and digital platforms means that it’s never been easier to make extra money online. There are thousands of ways you can now earn extra cash from the comfort of your own home. This includes:
- Selling old belongings (Clothes, furniture, books, DVDs)
- Filling in paid surveys
- Attending online focus groups
- Participating in market research
- Selling photographs to stock photo suppliers
- Advertising your skills online (graphic design, copywriting, web building)
- Teaching online classes and tutoring
Investing is another great way to grow and expand your bank account, even if you have never tried it before. One of the simplest ways of earning money through investing is by getting involved in crypto trading. Despite a sometimes negative media portrayal, there are many reasons why you should consider crypto trading.
To begin with, the currency remains yours throughout – you have immediate access to your ‘coins’ and can withdraw the funds at will. Additionally, they allow you to safely and securely invest in a variety of projects and products – increasing your earning potential significantly.
Pick up a Side Hustle
A side hustle is work you take on alongside your current job and can be a great way to earn extra money on the side. However, it takes a lot of hard work and effort to do so successfully. Therefore, you should ensure you start by selecting a hustle you are particularly passionate about.
Something which you find thrilling and exciting, as you will have to continue to work on this project after a busy day at the office. Secondly, you need to ensure that it is something that you are exceptionally good at – be that graphic design or creative writing – so that you can ensure the services you are offering are unique and worth the money.
You should ensure that you price your work appropriately – do not undersell yourself, especially if you are providing a quality service or good that customers would pay more for elsewhere. Even if you are just starting off on your venture, you must know your worth.
Saving money is never easy, especially as there is always something you need to pay for – be that bills or car repairs, however, it is important that you start saving sooner rather than later. One way in which you can do this is by putting a small amount of money aside each week. Even £5 a week will build up quickly over time, and you can set aside more if it is possible to do so.
Ideally, you should open a separate bank account to store your savings so that you aren’t tempted to spend the money.