If you’re in high education then your focus is most likely going to be on studying, yet at the back of your mind will be the ever present stress of money management. Of course, some people are in the privileged position of having their parents take care of the finances of education, yet for many others, money can be tight and a genuine concern.
When it comes to managing your money as a student, there are two factors to think about, first is to reduce the amount you spend and budget wisely - for instance, you could use a best budget app to keep on track when it comes to managing your spending. Then, on the other side of the coin is that of making money, which is what this article is going to focus on.
The challenge when it comes to making money as a student is that in most jobs you are having to trade your time for money - and with a limited supply of time, due to the fact you will be in lectures and seminars, then studying independently, time can be in very short supply.
This is where you need to start thinking of ways to make money that either don’t rely so heavily on the exchange of time for money, or pay better rates, meaning you can work less hours but still make enough money to survive.
Here are three aspects to consider:
1. MAKE MORE MONEY
If you can make more money per hour, then you can work less hours. Consider setting something up yourself such as a micro business offering a service such as mowing lawns or cleaning windows. It might sound basic, but let’s say you charge $20 for a lawn. In a day, you could easily service six clients which would be $120… meaning, you only need to do a day or two in order to make the same amount you would working many more hours in a conventional part time job.
2. USE THE TIME WISELY
There are certain jobs where you can use the time you have at work to simultaneously study, for instance, if you were to be babysitting when the children go to bed, rather than watch a film you could use the time to focus on coursework.
Similarly, some jobs such as night security or receptionist jobs in hotels, allow for plenty of time that you can use to focus on work. Indeed, because you don’t have much better to do, you might be more motivated - plus you will be paid whilst studying, making it a win-win.
3. CREATE PASSIVE INCOME
Today, there are all sorts of ways to create passive income. For instance, you could create a blog and start to monetize the blog with advertising, affiliate marketing, or by creating your own online courses. You could similarly leverage a platform such as Udemy to promote your course and let them take care of all the advertising and marketing.
Let’s say you have a course sold via Udemy that you receive $25 for, each time it is sold. It’s very possible to sell a course 100 times each month, meaning you would be bringing in $2,500 per month without having to trade your time for money - as you are leveraging the asset you created.