Financial freedom might sound like a dream for students juggling classes and limited income. But it’s absolutely possible with the right strategies and mindset! You don’t need to work two jobs or survive on nothing but ramen – just learn how to manage your money wisely and seize extra earning opportunities. Let’s talk about how you can start doing it right now.
Smart budgeting
Budgeting might not be the most exciting thing, but it’s the backbone of financial freedom. It’s more than just limiting your spending – it’s about making the most of what you have. Knowing exactly where your money is going will help you stay on top of expenses and avoid unnecessary stress. And even the tiniest adjustments can make a great difference over time.
Differentiate needs and wants. Sure, that daily coffee shop run or Spotify subscription might seem small, but they add up in the long run. Prioritize essentials like rent, food, and tuition before splurging on non-essentials. It might be more difficult to decide whether paying for help with dissertation writing is a need or want, so always take your unique situation into account.
Track your expenses. You can’t go far without knowing how much you spend and on what. Apps like Mint, YNAB (You Need a Budget), or even a simple spreadsheet can help you. These tools will track your spending habits and where you can cut back. For example, if you find you’re spending too much on takeout, you can plan to cook at home three nights a week instead.
Use the 50/30/20 rule. This simple budgeting strategy divides your money into three categories: 50% for needs, 30% for wants, and 20% for savings or debt. You don’t have to stick to these percentages perfectly – just use them to find a balance that will keep your finances in check. You can also adjust based on your own priorities. If you have high tuition costs, you might reduce your “wants” budget and increase the “needs” for some time.
Take advantage of student discounts. Many businesses offer discounts to students, including software, transportation, and restaurants. For example, you can get Microsoft 365 Personal at 50% off. When in doubt, ask if there’s a student rate before buying. What’s more, websites like UNiDAYS and Student Beans list hundreds of discounts, so check them out to save time and effort. Remember that a dollar saved is a dollar earned!
Earning extra income
A part-time job isn’t the only way to make money while studying. Students have more opportunities than ever to earn extra cash on their own terms with the rise of remote work and the gig economy. So let’s talk about some great ways for you to get more money without putting your education in danger.
Do you have skills in writing, graphic design, coding, or social media management? Platforms like Fiverr, Upwork, and PeoplePerHour can connect you with clients willing to pay for your time. You can also do transcription or translation work with Rev and TranscribeMe, which will compensate you for converting audio files into text. Note that these platforms protect you from being scammed, so you better avoid offering your services to randos on social media.
- Online tutoring
Do you excel in any subjects? Do you enjoy explaining things to others? If yes, then tutoring might be the right fit for you. Websites like Chegg Tutors or Wyzant let you teach from the comfort of your home and set your own rates. And if you’re a native English speaker, you don’t even need to be an expert on anything. Websites like VIPKid, Cambly, and iTalki can connect you with non-native speakers who just need conversational skills.
- Selling notes
If you’re great at taking helpful notes, why not make money out of it? Platforms like Stuvia and Nexus Notes let students upload and sell their study materials. You can only charge a small fee, so don’t expect to get rich, but you can easily rack up an extra $500 in one semester. Just make sure your notes are organized and detailed, so that people will want to buy them.
- Entrepreneurial ideas
This part is trickier than other suggestions because it demands extra creative work. If you love creating content, platforms like YouTube or TikTok can generate ad revenue and sponsorships. It takes time, but successful creators earn thousands! Or you can buy items from thrift stores, garage sales, and Facebook Marketplace to resell them at a higher price online. eBay, Poshmark, or Depop is the way to do it if you can handle your own little business.
Imagine being able to graduate with minimal debt or even a small savings cushion – how empowering would that be? You can set yourself up for a brighter future. But remember that it’s not about perfection – it’s about consistency. Start small, adapt as you learn, and find your own ways to become more financially secure along the way.
