We all aspire toward financial freedom, but only 1 in 10 people achieve it. This is due to low salaries or poor money management that makes you spend more than you can afford.
However, reaching financial freedom is much easier thanks to the digital revolution. For example, you can receive passive income and use various tools to record your earnings and expenditures. Let’s find out more about these tools.
Bandwidth-Sharing Apps
There are more than 5 billion Internet users all over the world. However, not all of them use their entire bandwidth. This applies even more to those with unlimited Internet, who only use their network for several hours daily. That excess bandwidth often remains unused, going to waste whenever you renew your subscription.
To turn it into passive income, you should use bandwidth-sharing apps. These earning apps allow you to share your excess Internet connection, offering you a commission each time someone accesses it. If you have limited bandwidth, you can choose the level you are comfortable sharing and let the passive income come your way.
Budgeting Apps
Budgeting apps can help you track your income and expenditures. These apps record everything from your monthly income to any type of passive income coming your way. You can connect them to different apps, and many should calculate a budget for you to follow that month.
Depending on your budgeting tool, it may send you bill reminders, budget alerts, or track your expenses and spending. Such an app helps you keep all your money in one place, so you do not spend more than you have that month.
Investment Trackers
Investment trackers manage your finances and prevent losses. Their purpose is to “track” the investments in your portfolio, showing your earnings and your future growth. These tools put all your assets together so you know exactly where you stand from a financial point of view.
Investment trackers are handy if you have multiple investments across various brokerages. This way, you will not lose count of your income sources.
Rental Property Apps
Do you have an extra space lying around that will be wasted? In the real estate investment world, you may have multiple properties rented around, bringing you passive income.
In this case, rental property apps can help you out. These tools can list your properties and calculate the income you get from them. Some apps can even give you income estimates for the future based on your past activity, making it simpler to navigate your finances.
Expense Management Software
When you have multiple expenses to go through over time, expense management software can be used to simplify the payment process. This software gives you a full report of what you spent or earned during a month through automation.
Expense management software can give you a big picture of what you spent, but also of the cash that you can earn. For instance, most tools can help you calculate tax returns based on your expenses, ensuring you get back the money you owe.
Online Shopping Reward Apps
Nowadays, some apps can reward you for anything you do, including shopping. Many big retailers collaborate with shopping apps to increase their sales, offering rewards each time you purchase. The more you shop, the more bonuses you can get. The app will send you notifications when there’s a good offer so you can take advantage of it.
The cashback you receive for your purchases will add to your funds. The best part is that you will not have to do anything extra except buy the required items.
The Bottom Line
Nowadays, managing your personal finances is quite simple. The apps presented above can come to your aid, helping you keep all your bank accounts and income sources in one place. Once all your accounts and investments are connected, you will have a clearer picture of your finances. This way, you will be able to make smart purchases and investments and even save money.
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