How has the pandemic changed the way we earn money

The pandemic altered our personal, professional and financial lives. Throughout lockdown, many people worked from home and kept their social life going over Zoom. Our priorities changed, and we became far more financially conscious. The pandemic threatened our financial security and job stability. Instead of spending it on clothes and material items, we started saving money.

Let’s take a closer look at how the pandemic changed the way we manage money.

Digital tools

Most people became more reliant on technology to carry out their everyday tasks in lockdown. We ordered groceries online, held meetings over video calls and even checked in with family members via text. There are also many digital tools available for finance – from investing to budgeting. There was more time to evaluate our spending and identify problem areas.

Some of us even switched to ultra-modern banks with jam jar accounts, like Monzo and Starling. You can divide your income into different pots and control your spending. It’s revolutionary.

Digital tools make budgeting quick and easy. You can stay on top of your spending and improve your savings. Win, win!

Investing

Investing can be quite intimidating, to begin with. Does anyone really understand the stock market?

However, just nine months into the pandemic, there was a significant rise in first-time investors. More people wanted to make the most out of their money and learn about the financial industry. There are various digital platforms available to help you navigate the investing world.

You just need to figure out what type of investor you want to be – and how much you can invest. Some people stay clear of investing and opt for alternative ways to save instead. You could open a Lifetime ISA and earn a 25% top-up from the government each year.

Earn money from home

After almost two years of covid, we have become well-acquainted with home working. Most of us have a desk somewhere in our home, whether it’s in the bedroom, living room or hallway. You can earn money from home and start your own side hustle. You could launch a freelance blogging business or start your own online store. You could start forex trading on an online platform, like MT4.

Develop good financial habits now, so you can reap the benefits in later life. Save a portion of your income every month, and keep a close eye on your budget.