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Making Money Work for You in the Year of Squeeze

Like investing, you may not be able to save.

Cropped shot of African-American male holding cell phone in one hand and credit card in other, making transaction, using mobile banking app during lunch at cafe. His working papers and laptop are on the table. Online payment and shopping concept.

Just when we think things can’t get any worse, 2022 is shaping up to be a challenging year. Since early 2022, you have probably had to endure the global Covid-19 pandemic and all that comes with it. But two years later, the virus still claims lives. On top of that, almost everything is disproportionately increasing in cost compared to earnings. But there are some tricks to making money work for you during high living costs.

Invest What You Can

Understandably, not everyone has the funds to invest. However, it would help if you considered an investment a viable long-term money-making solution. Cryptocurrencies like Bitcoin and Ethereum are among the most popular. However, they are costly. Fortunately, there are many lower-priced digital funds available. Dogecoin is a popular choice at the moment and is tipped to become one of the highest-priced over the next few years. You can purchase Dogecoin with Swyftx online. Investing now might help you further down the line. 

Consider an At-Home Side-Hustle

Millions of people lost their job, worked from home, or have taken reduced hours because of Covid. On the other hand, it might be the case that you have more time because of Covid. When the kids are at school, your partner is away, and all your chores are done, it’s easy to become restless. However, you can begin a side hustle to make more money. Side-hustles refer to online jobs you can perform to make more money easily and quickly. Of course, you will make the best money doing something you are good at. But other jobs like data entry, blogging, and affiliate marketing are popular.

Understand Your Finances

Of course, you can continually improve your finances and take action to get them under control. But, unfortunately, most people spend more than they should, things they don’t need when they cannot afford to. Therefore, you need to control what goes out in relation to what comes in:

  • Cut spending on unused stuff like a subscription
  • List your expenses
  • Cut vices such as smoking or drinking
  • Don’t take out new loans or payment schemes
  • Try to spend money on important things first

Changing your financial habits isn’t easy, but it isn’t impossible either. With time and patience, you can do anything. You just need to understand what you can afford and what you can’t. Making a list will allow you to visualize these expenses and take action against them. Additionally, financial action can help with mental health.

Pay Off Debts ASAP

You shouldn’t be embarrassed about debts. People from all walks of life get into money trouble, and it’s how you deal with it that helps. Rich and poor people alike owe money to someone, and you can help yourself live a good life by reducing debts as quickly as you can. You will get into money trouble by ignoring demands. And never get a loan to pay a debt as you are just adding more debt to your situation. Instead, cut what you can and negotiate with creditors. In almost all cases, you can come to an arrangement that suits everyone, but you can’t do this if you ignore them.

Make Sure You Have Emergency Funds

Like investing, you may not be able to save. However, if you can, you should keep what you can when you can. Having a small nest egg helps with your future. However, it also helps if you need emergency money. Around 50% of people don’t or can’t save for an emergency, yet anything can happen at any time. Fire, flood, and earthquake are possible scenarios. But even things like your boiler breaking down in winter could be a disaster. Therefore, it is recommended you save at least 10% of your income each month. 

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