It’s no secret that college can be extremely expensive. Tuition and housing are costly enough.
But, as a college student, you’ll also want some spending money.
It’s never a bad time to start thinking about saving for the future and starting to pay off loans, either.
Or, maybe you’re ready to start your future even sooner and you’re saving up for an engagement ring (congratulations!) or to buy a house after you graduate.
If all of those costs seem daunting, you’re not alone. For a college student, spending money alone can be around $200 per month. So, how can you make money during college while still focusing on your studies and maintaining a social life?
Whether you’re a first-year student or you’re going to graduate this year, it’s never too late to start making or saving money in college. Let’s cover a few ways you can make it happen without stretching yourself too thin.
Pick Up a Side Hustle
Side gigs have become increasingly popular in recent years for people looking for extra income. It’s estimated that 67% of Americans with a side hustle started it within the last three years.
The beauty of starting a side gig today is that you can do it online or find an in-person job. Some of the best face-to-face jobs for college students with time constraints include:
- Food delivery
- Picking up an on-campus job
When you’re considering a side hustle, think about how many hours you can dedicate to it. You might be able to work fewer hours at an in-person job, but because many remote positions have more flexibility, you can find more time for them.
Then, think about how your skills can translate into side work people actually need. Some great examples include freelance writing, transcription, graphic design, or social media management.
One of the great things about picking up a side hustle is, for the most part, you’re completely in control. You can decide how often you want to work. As a result, the amount of money you can make will differ from month to month, but the sky’s the limit depending on your schedule and productivity.
Start a Business
If you want to dedicate more time to making money and you have a great idea to get off the ground, consider starting your own business. One study found that 70% of new college graduates would prefer to start their own business rather than work somewhere else.
So, why not get started before you graduate?
You don’t have to have a lot of money to start your own business. But, you do have to have an idea for something people want and a strategy to launch. Some of the best businesses to start with little money include:
- A cleaning service
- Lawncare/snow removal
At first, these might seem like standard college jobs. But, if you’re good at what you do and can market them the right way, you can turn something as simple as running errands for people into a full-fledged, popular service within your college town.
If your business idea is outside the box or you have a unique angle, don’t be afraid to run with it. Start small, and you’ll be able to look back when you’re successful and realize that you built that success while eating a cup of noodles in your dorm room. What’s better than that?
Earn Passive Income
If you’re strapped for time and cash, one of the best things you can do is to earn passive income. The Internet has made that easier than ever to do, so you can keep most of your focus on your studies, your friendships, and any extracurricular activities you’re involved in.
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Earning passive income does take some time and dedication, especially as you’re getting started. But, the idea money will continue to flow in regularly without a daily commitment or much effort from you.
Yes, you can make money while you sleep.
Some of the easiest ways to earn a passive income are:
- Selling items online
- Starting a blog
- Creating an online course
If you’re willing to make a time or monetary investment upfront, starting a steady cash flow with passive income is definitely a possibility. If you choose to invest in things like real estate or stocks, make sure you do your research first.
Anyone can throw their money into investments, but if you’re on a tight budget you’ll want to make sure you’re putting your funds into something more likely to give you the best possible outcome.
As you can see, there are plenty of ways to make money in college. Whether you have a lot of extra time to devote to a side hustle or you’re inspired to start your own business, consider your needs, your dedication, and what might inspire you right now so you can bring in the income you need to live comfortably each month.
Image Credit: ways to make money during college by envato.com
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