We don’t need to tell you that for many people, 2020 is going to be a down economic year. The economy all but screeched to a halt from mid-March to mid-April and was just barely showing signs of squeaking open when social unrest led to closure extensions.
If you’re feeling the burn from lost earning opportunities and are desperate to make a few bucks, you’ve come to the right place. As it turns out, you can download several money making apps on your phone which can help you bridge whatever financial canyons you’re facing as a result of economic downturn.
These apps vary in the opportunities they offer so chances are, at least one of our suggestions will align with your needs and help relieve some of the pressure you’re feeling.
Investors know that one of the best ways to make money is to collect interest on the money you already have. Therein lies the value of one of our favourite money making apps, Marcus.
Marcus is a banking app that’s managed by Goldman Sachs. It’s essentially high-interest savings account that you drop your money into and at the end of each month, you’ll receive a rate of anywhere from 1.3% to nearly 2% in interest depending on what rates the federal reserve has set.
With a decent amount of money in your savings, you could rake in $50.00+ per month in passive income.
Rakuten is one of many apps that allows you to earn quick cashback on all of the purchases you make. The way that it works is you go to the app, use it as a gateway to whatever online store you want to shop at, and then, upon checkout, you’ll receive some percentage of your purchase back in rewards.
Cashing out those rewards means more money in your pocket just for shopping for things you would have bought anyway.
For those of you that live paycheck to paycheck, Earnin is among the best money making apps to break you out of your pay cycle. It allows you to collect up to $100.00 per day of the income you’ve already earned.
For example, if you get paid $100.00 per day and receive your paycheck every two weeks, you could use Earnin to get paid daily after you complete each of your shifts. The catch here is that Earnin requests you leave a tip on each early withdrawal. This is not required.
We don’t have to tell you too much about Uber as it’s one of the most popular money making apps on the face of the planet. If you have a car and it meets Uber’s standards, you can turn on the application and pick up passengers to collect fares.
While Uber has come under fire recently for not doing enough for its drivers, most people love the app for the straightforward and flexible earning opportunities it offers.
It’s not a new concept for handy people to sell their services putting together shelves, maintaining yards, cleaning homes, and the like. It used to be though that you had to sell those services under a traditional business name through a website that, if you were lucky, would get a hundred or so visitors per month.
TaskRabbit lets you stop needing to pour over tips for website traffic, branding, and everything else that goes into being a business owner and instead enables you to operate as a freelancer on its platform. All you have to do is snap a photo of yourself, list your skills, your hourly rate and you’ll be automatically connected to people in your area that need help with various activities around their homes.
Acorns is one of our favourite investment apps for beginner investors because it does all of the heavy liftings for you. The application automatically rounds all of the purchases you make with your credit card up to the nearest dollar (a $0.70 cup of coffee would be a $1.00). That money then gets put into the stock market with the hopes it will grow per prevailing interest rates.
When you want to withdraw your money from your investments, you can without fear of penalties.
7. Google Opinion Rewards
One of the oldest means of making money online is filling out surveys. Businesses pay agencies to find individuals in certain groups to answer questions that are relevant to what the business is selling. That insight is then used to perfect products.
Given widespread survey fraud, most businesses have moved their money away from online surveys which have all but killed that small economy. Google Opinion Rewards, however, is one of the last standing reputable places where you can still make a few dollars answering questions.
If you have old things laying around your house that you’d rather not have anymore, download OfferUp and get rid of those things. OfferUp is a lot like Craigslist in that it lets you sell items to local buyers. If you have apprehensions about meeting with strangers in person, you can also ship your item nationally much like you would on eBay.
The Right Combination of Money Making Apps Could Secure Your Financial Future
If you’re going through tough financial times, you’re not alone. The good news is that there are ample options you can explore which can help put you on the path towards feeling secure again.
We hope our money making apps have made that clear and that at least one of them can aid you in your quest for financial stability.
If you’d like more insight on how to bolster your finances in today’s uncertain times, consider reading additional content on our blog.