‘I currently live in a third world country where the average living costs are about $200 to $300 per month’: I earn above average but want to manage my money better. How can I make the most of my $1,200 savings?

Hi Money Minder,

Living in a third world country where the living costs are around $200 to $300 a month, I earn $500 to $700 monthly and have saved $1,200. I want to handle my money smarter. Should I try online side gigs or start investing?

Best,
Thrifty Saver

Response from THE MONEY MINDER:

Hello There,

Hello,

It sounds like you are quite diligent in wanting to manage your money better, which is a commendable goal. Given your earnings and savings, exploring online side hustles or starting to invest could be great opportunities to optimize your financial situation. Firstly, I recommend creating a detailed budget to track your income and expenses diligently. This will help you identify areas where you can potentially cut back on spending and allocate more towards savings or investments.

Regarding online side hustles, you could consider freelancing in your expertise areas, such as writing, graphic design, or virtual assistance. These online platforms offer flexibility and can provide an additional income stream. However, ensure to research reputable platforms and protect yourself from scams.

When it comes to investing, starting with a small amount and gradually increasing your investment as you gain more knowledge and experience could be a wise approach. Consider exploring low-risk investment options such as index funds or mutual funds that offer diversification while minimizing risks.

Lastly, continue to prioritize saving a portion of your earnings and building an emergency fund for unexpected expenses. This will provide you with financial security and stability in the long run.

All the best from THE MONEY MINDER.