Whether you are just starting college or already a college student, you have a lot of things on your mind. You probably must worry about school, tuition, bills, insurance, and so forth. You start having a lot of responsibilities that you get stressed and overwhelmed about everything. Most college students must start being responsible because it is part of life. According to Forbes, college students can waste money up to $49,000 on things like textbooks
You must start being independent and take care of yourself because no one will do it for you. You may have some help from your parents, but overall, you must do most of the work.
You start picking up part-time jobs to pay for your expenses. You want to spend your hard-earned money on things you want rather than your expenses. However, that is not a clever idea. You need to manage your money so that you don’t become broke. Most college students spend almost all their money on parties, clubs, or bars every weekend.
If you want some money after graduation, you should learn to take care of your finance. Here are some tips and tricks on what you should do with your hard-earning money in college.
Work at a store or restaurant
While this trend is not so famous in India, you can go for it if you really want to earn money. Try to convince your parents by telling them it is just a way by which you can earn money to be able to afford things without having to ask them for it. You can apply for a job at McDonald’s or other eating outlets and fix working hours according to your college schedule. This will allow you to earn a good amount of money besides getting you a chance to get free or discounted food as well.
Become a tutor
Parents have a natural inclination for tutors who have studied from the same school as their children. You can use this to your advantage if you are living with your parents. Alternatively, you can register yourself for giving tuitions online and find interested people. You can also teach things to your peers or juniors at college and charge them money for it. Keep your rates lower than professional tutors so that students see an advantage in studying from you.
Sell your craft
A lot of students choose to use their art for earning money. If you are good at arts and crafts, you can sell handmade, customized cards to people. You will find a large customer base in your college itself and you can use college events to exploit the option. Keep track of events like valentine’s day, prom night, and teacher’s day and approach different colleges to allow you to put your stall which will maximize your sale.
Not many students think about investing when they are in school. By investing, you can earn extra money on the side to pay or spend on things. You can start investing in the stock market or cryptocurrency. You can start small and slowly build up your portfolio if you want. However, you must understand how the system works. Don’t put all your money in without a clue what the stock market or cryptocurrency is.
You are doing it at your own risk. Suppose you are afraid of doing it on your own and are busy with your schedule. There are brokerage companies that are willing to do it for you. They will take a percentage, but you do get some returns too.
Investing is a long-term game, so if you start your first year of college, you will have a lot of money when you graduate. Time makes a difference when you start early.
Do online internships
You can apply for an online internship for content writing, proofreading, and designing. There are people looking for candidates just like you and these are not very technical fields so you can easily do these things after college hours and make money while doing something you enjoy. Keep looking for internships on various websites and look for the ‘freelancer’ option. Clear things out about your timing and the number of articles or designs with the employer before starting the work.
Use social media platforms
Did you know, you can earn money by posting videos on Youtube? This happens when you have reached a certain number of ‘views’. A lot of YouTubers started their channel with basic DIY or review videos and marketed them properly. The channel picks up if your content is interesting and original and after substantial promotions. Being surrounded by hundreds of people in college to spread positive word of mouth is surely an advantage that can advance your channel.
If you are into coding, you can take up the job to develop an app for someone. You can also make an app for yourself and sell it on the app store. Do not try to go very fancy as people mostly need help with basic stuff. You can promote your app among your peers to get more business.
Build an Emergency Funds
Personal finance can be confusing to most college students, and you probably might not have an emergency fund yet. According to The Hill, 40% of college students are saving for an emergency fund. Even if you don’t have one now, it is never too late to start one. Some students leave home to go to college, so they are on their own. They are independent and must take care of themselves.
When unpredictable things happen out of nowhere, you are going to need your emergency fund to help you during your dire needs.
Pretend you become unwell, and you must go to the doctor. You get a medical bill that is way out of your budget for the month. This is when you get money out of your emergency funds.
So, it is extremely important to put some of your hard-earned money into an emergency fund when something unexpected were to happen.
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