3 Top Trends in Personal Finance to Be Aware Of

These are tough economic times and the only way that you will be able to navigate a way through them is to be able to manage your time and your money. Here are the latest trends in personal finance and money management that we all need to be aware of.

Modern Apps to Keep Track of Your Money

It’s not only your banking app that people are using to keep track of their money and personal spending. There are several interesting and useful money-tracking mobile applications that you can now use to watch what you spend, where you spend it, and how often you spend your hard-earned money.

Whether you use these apps to keep track of your expenses or to keep track of all income, savings and monthly budgets, they have become incredibly useful. The user can also personalize these apps and they are a means to provide a bespoke way of tracking your money and ensuring that you only spend what you can afford to. The top advice is to ensure that the data you enter, and personal and banking information used to set up your profile is kept as safe and secure as possible.

The Rise of the Side Hustle

There has been a marked rise in the number of people who have monetized a hobby or have a side hustle that pays. The idea of a side hustle is a great way to generate personal wealth and additional income and it is about finding the best skills that you have that can be used to generate additional income.

A great example is using your professional skills, so if you have the requisite skills, such as accountant qualifications, then the advice of how to start a CPA firm is readily available and the sector will provide sustainable work. Just make sure that it doesn’t raise any conflicts of interest between your normal day job and the planned side hustle.

If it’s just a hobby that you aim to professionalize and monetize, then you’d be best getting some professional business advice as to how this can be done and the best possible business vehicle for such an initiative.

Cost-Effectiveness Now Trumps Brand Loyalty

Gone are the days when consumers would rather spend double or more on a known brand or one of their favored brands. Yes, quality is important, but the modern lifestyle is all about affordability and cost-effectiveness, rather than blind brand loyalty. The amounts of disposable income in most households have dropped significantly and, as such, all purchases are now arguably more considered. Consumers want to know that they are getting the best value for money, and while they still might have a favored brand for just about everything, they are prepared to forego this brand loyalty for pure cost-effectiveness.

Keeping track of your finances is critical, as is the ability to make a little more money on the side. It’s a new normal way of life that many a professional is having to navigate their way through.

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