Want more cash? Get wise to mobile money management, says Save the Student. Here are their top tips for making, saving and bossing your cash on the go!
Earn on your mobile
Earning cash on your phone may not make you a millionaire, but there are plenty of opportunities to nudge you on your way.
If you fancy freelancing, there are a loads of business ideas which work on a smartphone. You could be a personal assistant or life coach, provide a remote phone answering service, or even teach what you know via video or messaging apps. Setting up as freelancer isn’t complicated, plus it gives you extra earning opportunities: get the goss here, then give it a whirl!
For jobs on-the-go, take a look at Streetspottr, Field Agent or Roamler, apps which ping you with mystery shopping opps in your area. Tasks might include visiting a store, taking photos or answering questions, and typically pay a couple of quid a time.
Feedback sites like UserTesting pay you to try out apps, and cough-up between $10-15 for every 20-minute video task you complete. The catch is you’ll need to be filmed testing the apps on your computer’s webcam. Alternatively, have a scout on freelance jobs market Upwork.com for any app testing gigs going.
Surveys and rewards apps aren’t going to net you big bucks, but they can kill time at bus stops. Try Swagbucks or Gift Hunter Club (Android only), which award points for answering surveys, installing apps, or playing games. What do points make? Cash – eventually.
Save on the fly
If you never seem to get round to putting cash away in a savings account, a.) you’re throwing away potential income from interest and b.) coping with unexpected bills, blunders or last-minute holidays is probably harder than it needs to be. Happily, the savings habit is easy to crack – and the latest run of apps make cash-hoarding effortless.
Automatic-savings apps work by analysing your spending (via your bank account), and calculating how much you can afford to save every few days. They then siphon that amount into a savings pot and keep it safe until you want to withdraw it – obvs the best thing to do is leave it to brew a decent back-up fund!
Like the sound of lazy savings? Chip offers a base rate of 1% interest, which you can boost to a bank-beating 5% by referring friends. Plum doesn’t yet offer any interest, though you’ll still be building up savings in the meantime.
It’s early days in the auto-savings game, but security’s built-in from the go: they only have read-only access to your bank accounts, and automatically pause if you become overdrawn. That said, you’ll also want to check for yourself
– Where your savings will be held, and whether the cash gets Financial Services Compensation Scheme (FSCS) protection (a safeguard if the bank runs into trouble)
– What personal details the app holds, and what happens to them if you want to unlink your bank account
– Any fees for using the app or withdrawing cash (both Chip and Plum are free).
Keep your cash in check
If you want to keep more of your cash in hand, you need to know where it goes, when and why. Whether you use an old-school spreadsheet or an app built for the job, set-up a system that helps you forecast how you’ll spend your money, and then lets you track how you get on.
Toshl and Monefy (free or subscription) do both, although transactions have to be entered manually as they don’t link up to your bank account. You can allocate funds to different spending or savings goals and, if you stay on top of logging your outgoings, it’ll help you see what’s eating through your cash. YNAB (You Need a Budget) does all of that, but hooks into to your bank balance so you get a real-time view of your cash flow. YNAB gets you a few extra bells and whistles, but after a free trial period you’ve got to pay.
Not ready to get hyper-tech? There’s no need to get stung for overdue fines or late-payment charges when you’ve got a personal assistant at the end of your arm. Any time you borrow library books or know you’ve got bills landing, just stick the due date in your phone’s calendar. Ideally, you’ll want to time an alert to pop-up a couple of days before the payment deadline, so you’ve got time to get yourself or your cash in order.
TL;DR? Find ways to make extra cash, stick some in a savings account, and don’t let the rest run out on you. Boom: more money for you, less time fretting. Go forth and prosper!
Image – ©iStock.com/gpointstudio