Ways for Students to Earn Extra Money and Still Have Time to Study

Ways for Students to Earn Extra Money And
Still Have Time to Study

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From budgeting your finances to cutting unnecessary expenses, this guide will show you how to save money as a college student. Attending college can be expensive.

Fortunately there are ways for you to manage your finances so you are able to cover the basics and still have some money left over for fun. All it takes is some dedicated planning, budgeting and squeezing of the pennies. Although it may seem impossible at first, surviving on a limited income is certainly possible.

College is one of the most memorable experiences you'll have in your lifetime, so it is nice to remember it in a positive light. Having a few extra dollars in your pocket can help with that. If you are a student who's struggling to make ends meet, don't worry. We've got you covered! In this article, we'll look at eight ways to budget your money and eliminate unnecessary expenses. This includes:

Learning how to cut costs, be thrifty.
Applying for grants and scholarships.
Shopping for used textbooks.
Finding a part-time job that won't interfere with your studies.
Creating a budget (and sticking with it).
Avoiding expensive meals and making the most of the money you have.
And, most importantly, taking advantage of student discounts.

Are you ready to take charge of your finances and enjoy everything college has to offer? If so then let's get started.

Apply for Bursaries Grants and Scholarships

1. Learn to be thrifty. When searching for clothing, dorm room furniture or other college necessities, it helps to be thrifty. To save money, avoid major retailers and scout out your local flea markets, garage sales and thrift stores.

Secondhand items are plentiful at these locations. Most of their merchandise is available at a fraction of the cost of brand-new items. At times you can save 75 percent (or more) on items you are searching for. Clothing, in particular is abundant at these places but you can also find desks, tables, chairs, nightstands, lamps, toasters, coffee pots and other items for your dorm room.

Another way to save money involves scholarships and grants. Generally speaking, students should apply for every bursary, grant or scholarship they are eligible for. This free money can help you through the school year, as many provide a hefty sum of cash.

Unfortunately, many students believe their grades must be stellar to receive these benefits, but that is not always the case.Bursaries and grants are often provided by local businesses and government programs. In many cases, their sole purpose is to provide financial assistance to students in need. A simple visit to your financial aide counsellor can help you determine which funds, grants and scholarships you are eligible to apply for.

The sad reality is that much of this money goes unclaimed each year, as many students don't realize that they may be eligible for them. In some cases these programs can dramatically reduce your financial strain, making college much more affordable, and less burdensome. So be sure you apply for these funds. Actively seek out opportunities that are available for you. You have nothing to lose and everything to gain.

Purchase Used Textbooks

Another way to save money is by purchasing pre-owned books and school supplies. You can purchase used items for a much lower price than you would pay for them new. This is especially true for text books, which can cost several hundred dollars (or more) at the campus bookstore.

So where can you find pre-owned educational materials? Secondhand textbooks are often advertised in school papers or on school bulletin boards around campus. In many cases, you can save 50 percent (or more) off the list price by purchasing it directly from a classmate or fellow student. Some college bookstores also sell used textbooks, so be sure to check out their inventory.

The good news is that you can resell these books when you are finished with them. This enables you to recoup some of your money at the end of the semester. Just make sure that you take good care of the books throughout the school year and avoid damaging the pages. If your textbooks are in good or 'like-new' condition, you can charge a higher price for them.

Like the thrift store items we discussed earlier, there are bargains to be had. In summary, you don't have to pay full price for your books or supplies. Watch local store flyers for sales and purchase your school materials at reduced prices. Likewise, you should never buy more than you'll require for the semester. Over-purchasing is an easy way to waste your
valuable dollars.

Find a Part Time Job

Getting a job is the best way to ensure that you have a steady income stream; however, it can be tricky to find a position that has the right hours for a student. In many cases you'll have schedule constraints and require time off to study or do homework. If employers are unwilling to accommodate these needs your grades could suffer. Fortunately, there's a solution.

On-Campus Work:
Some of the best part-time jobs are available on campus. Most colleges and universities post their positions on bulletin boards; however, you may also want to check with your financial aide counsellor to see if they have an 'insider tip' for you. Depending on your financial needs, some schools even offer 'work-study programs' that help pay for your tuition and provide a small stipend.

It never hurts to print a resume and drop it off at the college office, bookstore and cafeteria. You can also advertise on school bulletin boards and offer tutoring services for those struggling with their courses. Math, in particular, is a subject in high demand.

Off-Campus Opportunities:
There are also job opportunities off-campus. Nearby restaurants and stores are aware that students require flexible work hours. As a result, many of them are willing to accommodate your specific needs. These are ideal businesses to apply to. Just make sure that you're up-front about your schedule and time constraints during the initial interview.

If you are looking for piecework or part-time employment, you could also place an ad in the local newspaper to offer your services as a babysitter, dog walker, house cleaner or handyman. You'd be amazed at how many people need yard work or other household tasks done and many of these jobs pay extremely well.

We all have special skills. If part or full-time employment in a local business doesn't sound appealing, you can always use your talents to generate income.

If you are computer-orientated offer your services to those who need help programming or repairing their computer.
If you are artistic, offer to do sketches or portraits for a specific fee.
If you can cut hair, plenty of students are willing to take advantage of a low-cost haircut.
Acting as a proofreader or editor for other students is another way to earn extra cash.
If your math skills are good, then tax time is a great opportunity to prepare tax forms for those who struggle with math.

If all else fails, you can trade your labour for what you need. Bartering your services can result in a 'win-win' situation for you and another student in financial need.

Utilize Your Special Skills and Talents

Survey Sites: In your spare time, try taking surveys for cash. Some of the best survey sites include SurveyJunkie or Ipsos iSay.
Cash Back Sites: An excellent tool for generating passive income involves cash back websites. ie: Swagbucks is one that offers points for doing surveys, shopping online, playing games and performing online tasks. These points are redeemable for gift cards. There are also now quite a few online sites that pay you to play games. Check them out.
Sell Your Services: If you are a creative person, Fiverr is a great site for selling your services (i.e., proofreading, copyediting or making short videos). Check them out and see if there is a niche that fits your specific skill set.
Write Online: Another way to earn money involves writing online. Although it can take several months to generate a steady income stream, writing articles is something you can do at your leisure. This means it won't interfere with your studies.
Sell New/Used Items: One of the easiest ways to earn cash involves reselling items through Amazon or eBay. If you enjoy cruising garage sales and thrift stores, then reselling the items online can be quite profitable. The downside to this venture is that you have to expend cash before you can make it. You'll also need space to store the items you plan to resell (which can be tricky in a small dorm room).
Sell Crafts: If you are artistic, you can always advertise your craft items to students and local residents. Another product that sells well to students are home baked items. College bulletin boards are excellent places to advertise this sort of venture. You can also list your crafts on eBay or Etsy (Aside from selling crafts, you can also list vintage items there).

Create a Budget and Stick With It.

A little financial planning can go a long way toward resolving or preventing a cash crisis. One of the best ways to manage your money involves creating a budget. When you can visibly see how your money is spent, you can assess your finances and set goals for yourself. You can then write out your expenditures and create a clearer image of your situation.

Benefits of budgeting: Creating a budget is a smart financial move. It allows you to see which expenditures require the most money and which areas you can save money. Your budget can also show you how to increase your cash flow. This in turn helps ensure that you meet your financial obligations and responsibilities.

Suggestions and Tips: The information a budget provides is priceless. Just keep in mind that you will have 'essential needs' and 'wants' that must be accounted for. Since college offers a rich social experience so you should also try to budget for entertainment costs when possible. Fortunately budgets are relatively flexible. For example, if you save money in one area, you can always transfer the extra cash to another place where it is needed more.

Although college tuition fees are firm (and cannot be changed), there are many areas of your budget where savings can be made. For example, school supplies, food, clothing, laundry, transportation, entertainment and emergency costs are all adjustable expenditures. By examining your expenses in this manner, you can cut costs and reduce unnecessary waste.

Avoid Expensive Meals

One of the best ways to save money involves being frugal with your food. In general you should try to avoid expensive restaurants whenever possible. A candlelight dinner or potluck meal with friends can be just as much fun as going out to a local restaurant.

You can also bag your school lunch rather than purchasing food at the college cafeteria. Over the course of a school year, you'd be amazed at how much money can be saved by preparing your meals in this manner. That extra money can then be used for an area of your choosing. If your budget allows for it, an occasional meal at a sit-down restaurant is perfectly acceptable. Just don't go overboard. When dining with friends, you should keep a few simple tips in mind.

Try to skip the costly beverage when you order a meal. Ask for water instead as it is usually free.
Avoid appetizers and desserts when possible.
Try to visit restaurants during lunch hours as their prices are usually lower at this time of day.
Use coupons.

Most restaurant, pub, and bar beverages are overpriced so over time, the expenditure for them can add up to quite a hefty sum. By avoiding this expense and drinking water, or lemon water when out, you can save a great deal of money. These savings might even be enough during the school year for the purchase of a few extra dining out adventures.

Seek Out Coupons and Weekly Specials

A good way to save money is using coupons as these can help reduce the overall cost of an item or meal. It is also worth noting that many restaurants offer discounts and specials on certain days of the week (most notably, Monday and Tuesday). This is usually done on slow days to encourage business. Take advantage of these lower cost meal deals as the savings can add up.

One final piece of advice involves drinking with friends. If you must drink alcoholic beverages, you should avoid drinking at pubs and bars and limit your consumption to one or two drinks when you are out on the town. Establishments generally have a markup price (up to 75 percent) and alcohol is an expense can add up quickly. In most cases, drinking on your home turf is a safer and more affordable option.

Take Advantage of Student Discounts

Most businesses know that students require certain items during the school year. For this reason, many companies offer student discounts to woo customers to their products.

Local stores, restaurants, cell phone providers and credit card companies are just a few of the businesses that offer attractive offers to college and university students. When used wisely these incentives can save you a lot of money. Although coupons, discount cards and other freebies are great to receive, some of these may come with an attractive lure that tricks you into spending more than you were planning to. So be mindful of this tactic. Just because you are offered a deal does not mean you have to take it.

For best results, you should always shop around. For example, review cell phone providers to get the best bang for your buck. Some offer special pricing for students. Just make sure that your phone plan is appropriate for your college needs. Likewise, you should always read the fine print to avoid surprise charges.

Bank fees, credit cards interest, and ATM charges are other expenses that can add up over time. Talk to your financial institute to arrange an economical banking plan that won't cost you a fortune in service charges. ATM fees in particular can add up over time so ask your bank if they have a special plan for students. Often times they do.

Having a credit card can also be enticing as it allows you to 'buy now and pay later'. If you choose to have one, try to use the card sparingly and pay off your bill at the end of each calendar month. The interest fees on credit cards are some of the highest charged. In many cases, they are much higher than the rate of a standard loan. Credit card fees are an extra expenditure that you do not want to be paying so try to keep yours in check.

We have reached the end of our guide! Before we close it’s important to recap some known ways to save money. As we have seen, there are several money-saving opportunities available to college students. You just have to know where to look. Here are some final suggestions and tips:

Ditch the car and use public transportation.
Make full use of your school’s amenities.
Split costs with your roommates.
Brew your own coffee (instead of visiting the local coffee shop on campus).
Rent your textbooks.
Cancel unnecessary subscriptions.
Shop for store brands instead of name brands.
Utilize your school’s library for books, movies, video games and laptop rentals.