10 ways for students to make money while in college or university
I have mainly been posting about elementary and secondary education lately so I thought I would mix it up a bit and venture down the post-secondary path. There are a multitude of subjects in this area, but I wanted to pick something which would be particularly helpful to current college and university students. One of the biggest worries this group have are financial concerns. How do they finance their education and avoid going into massive debt. There is nothing worse than graduating from college or university and being immediately saddled with student debt which has accumulated throughout the years. In fact, in a recent survey “the average university student leaves campus with close to $28,000 in debt, and takes an average of 14 years to pay it off based on an average starting salary of $39,523″ (www.ratesupermarket.ca). The grace period to repay student loans is not very forgiving and graduates often have to start paying off the debt almost immediately.
In order to be of some assistance to this group, I have compiled a list of 10 methods for students to make money while in college or university. The list is very practical and relevant for all students. Also, the objective of the list is to provide simple methods which will not conflict or interfere with the student’s ability to complete their number one priority…getting their education! This post will be quite long if I do not divide it, so I will be making it into 2 posts with the second part coming later in the week.
10 methods for students to earn money while in College or University:
1. SAVE MONEY!
The old saying “a penny saved is a penny earned” is quite valid here. Ultimately, the way you need to reduce your debt is to drastically cut back on your variable expenses (those that are not fixed, like a mortgage).
You are probably thinking…what is he talking about? I don’t waste any money. Yes, I used to think the same think the same thing, but I was dead wrong.
- For a 3 month period keep a record of ALL expenditures. Yes that means every penny. You will find you spend a LOT more than you think.
-At the end of each month total up what was needed and what was not.
- Get rid of unnecessary expenses!!!
Here are some simple ideas to cut back on your variable expenses:
a) Bring your lunch with you (don’t eat out)
b) If you have a student credit card cancel all credit cards and/or transfer a high credit card balance to low interest cards (students should really only have one small credit card with a small limit for emergencies)
c) Reduce your long distance phone calls (use Skype)
d) Get a better cell plan
e) Cancel cable
f) Comparison shop (never buy the first thing you see…compare!)
g) Prepare and follow grocery lists (oh this is soooooo important)
h) Stop eating out (this is the biggest money waster for most people)
i) Shop for cheaper banking/ATM accounts
j) Drink more water instead of pop
k) Stop buying coffee out
l) View newspaper and magazine articles online or go to the library
2. STUDY HARD!
Yes, studying hard can save you funds and it can make you a lot of money. One way this an happen is through maintaining entrance scholarships. Most Colleges and Universities provide scholarships and bursaries to deserving students who have achieved a certain grade point average (GPA) Typically, the higher your grades, the more your scholarship or bursary is worth. Also, many of these scholarships are rolled over from year to year as long as the GPA is maintained. In other words, studying hard can be very cost efficient for you and has the potential to make you a lot of money. Remember, every College or University has a department which oversees scholarships and bursaries. If you connect with them they will point you in the right direction.
3. SELL ITEMS ONLINE:
Students are like everyone else, over the years they accumulate things they no longer want. However, there are a number of people out there who do want that item. Something you can do which is quite simple and low labor intensity is to sell items on ebay. In fact, if that starts going well you can even open up your own ebay store. The potential for profit is quite high. If you had time you could even check out garage sales, pick something up which is quite cheap and then resell it on ebay after you have fixed it up. Also, if you like to make crafts you could turn your hobby into a lucrative side business at etsy. This is a site that allows you to take your homemade craft items and sell them online. Both sites have a lot of potential.
While it is certainly true that tutoring tends to be more labor intensive than the other methods I have listed, it also has the opportunity to generate a lot of income. One thing I have noticed over the years is that there has been a huge boom in tutoring companies and in the demand for tutoring. The marketplace is changing and expanding and parents are looking for people to help their children cope and hopefully overcome academic challenges. Teachers work extremely hard to make sure all our students learn, but sometimes even more help is needed. That is where you will come in. There are a few options for you here, you could either work for an established tutoring company, or set out on your own and build a clientele. If you choose to work for a company your rate of pay will be less than if you establish your own company as the tutoring company will pay you hourly and thus take a portion of the fees. However, in many cases they provide the curriculum (which you will help adapt for the students) and they also do the legwork in getting your clients. If you choose to go it on your own, you can set your own rates but will have to find your own clients. High schools and advertisements are a great way to do that. Some great tutoring companies are Sylvan and Kumon to just name a few. There are also online tutoring companies such as Tutor.com which offer you unique opportunities and flexibility if you have a reliable and up to date computer system.
5. SELL OLD TEXTS
Other students are always looking for old and used textbooks. Lets face it, after you use them it is not too likely you are going to need them again. You can make a lot of money putting your old textbooks up for sale. Many campus bookstores will even buy them back from you so they can sell them in their used book department. However, while that may be less labor for you, it is also less money in the bank as you will lose a percentage. Textbooks are pretty simple to sell on your own and a little ad put up in common areas should do the trick.
There you have it…the beginning of the 10 methods for students to make money while in college or university. Later this week I will complete the second half of this article and by the looks of it I have about 8 more ways to come. However that would equal 13… so for the sake of superstition I will keep the number at 10!
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