The COVID-19 pandemic and the ensuing public health measures left a huge impact on our societies. One of the biggest was the way our collective and personal economies were thrown for a loop. So many businesses had to close completely for months on end, while others had to change how they operated to a whole new system. In one way or another, we were all affected.
As health measures seem to be lifting on a somewhat permanent basis, we can think about how to stabilize our finances again. In recent years, we have seen a number of now technological tools that can aid us in this goal. Here are some top tips to using tech to get your finances back on a stable path.
Invest in Stocks from Your Phone
Stock markets are a traditional and very old form of creating wealth. While it is by no means a guarantee that any one person will make money over a set period of time, it has been a golden rule for decades and decades that the stock market goes up over time if you wait long enough.
This is exactly why stocks can bring stability, and now that we have the possibility to invest without the need for an expensive intermediary. Betterment is a good choice if you are looking for an investment app. You can calibrate your portfolio based on how much risk you want to tolerate. You can even create a socially responsible portfolio using this special feature.
Add a Revenue Stream
Now that things are opening back up in an important way, it is easier and easier to find new ways to bring in money. Nothing works wonders on our bottom lines like adding in another revenue stream. That is a sure way to balance the books, but with our busy schedules, how do you find the time?
One way is to sign up with one of the online casinos recommended by Vegas Slots Online. They recommend casinos online in Canada where you can play free slots. They test out over 1,200 casinos on tablets, iPhones, and Android mobile phones. This way you can play table games and jackpot slots whenever you have a minute or two of down time.
Luckily these types of new apps provide this opportunity to be able to work whenever you get the chance. Sometimes working out schedules for more than one job can be impossible, or at the very least a pain in the neck. Signing up here means you can try your luck in small bits of time.
Use an App to Track Your Spending
With life having opened back up, we are running out and excited about all the places and events that we have missed out on for so long. This is undeniably a nice thing! But it does mean we are likely to be spending a bit more than we normally would. Stabilizing our finances means keeping an eye on the money that comes in, but also on the money that goes out.
There are now several apps that you can use to track your spending. Intuit Mint is a great one that is also free to use. Users can modify how they categorize their expenses. You can even link it to your credit card account. Other features include showing your incomes, your expenses, your credit score, and overall net worth. This app or another one like it is a big step towards stabilizing the outflow of the money you earn.
Staking Provides a Stable APY
A new way of making a reliable income is called staking. As Fontica points out, you can do this with a number of different cryptocurrencies. Basically, you set aside some of your cryptos and let the blockchain use them to verify transactions. In exchange, they will reward you with a fixed annual percentage yield, which is paid out normally on a weekly, bi-weekly or monthly basis.
The best part of staking is that it is a passive income. When you earn passive income, you let your money work for you! No need to find extra time to add another part time job to your schedule. On the contrary, you put your money here and watch it grow at a predetermined rate.