Knowledge is power, but education is expensive. The resources from colleges and universities are more costly compared to past decades. Is it possible to find financial freedom as a college student?
Believe it or not, it definitely can be done. In this guide, we’ll give you several ideas to implement today to help you find financial freedom as a college student.
10 Ways to Earn Financial Freedom as a College Student
If you’re looking to find financial freedom while you’re still in school, here are 10 ideas that could help.
1. Become an Early Riser.
No one likes having to get up out of bed, even if they’re feeling their best. You do not have to be a morning person, but you can train yourself to be more productive before the day is out.
Set an alarm on your phone or alarm clock and place it in your room out of reach. If you can, get natural sunlight to wake you up as well. Both will make you get out of bed at a comfortable time. If you aren’t used to waking up at 6:30 AM, set an alarm for 6:40 AM.
Use increments of 10 minutes to get down to the desired waking time that works for you and stick to it. Stretching, cold showers, and a wholesome breakfast will increase blood flow and stimulate senses as well.
The start of the day can dictate how you carry yourself the rest of the day. Complete small goals early to achieve the big goals ahead of you.
2. Spill the Beans.
Despite the spike in energy, a cup of coffee can set you back. An average cup of java can cost you anywhere from three to five dollars. If you had a cup of coffee every morning, you would be spending between $25 and $35 per week.
Add a coffee every night, and the weekly expenditure doubles. Rather than put caffeine in you, what your body needs is a glass of water.
The body is 70% water, so it gets dehydrated after sleeping. Stop buying coffee from chains, opt for a coffee bag instead, or cut out coffee altogether. America runs on more things than coffee.
3. Coupons and Discounts
You have laughed at the library of coupon books your mother has. You would also be surprised at the rainy days she avoided every time she shopped with them. If you spend the full retail price, you are shopping wrong.
There are so many ways to save money in college, they are necessities at this point. Apps like Groupon, Honey, and RetailMeNot find you the best price cuts online so your wallet can rest easy.
Much like a coupon, these savings tools are free to use. When you are at the store, ask if they have discounts at checkout. Shop smart by shopping for less.
4. Cancel Subscriptions.
Subscriptions are one of those things that are easy to sign up for. But it’s a lot harder to remember to cancel them…even after we’ve stopped using them completely.
Take a look at your bank, debit card, or credit card statement to see if you have any unused subscriptions that you could say goodbye to. Or you could use a service like Trim that will take of all that work for you.
Also, if you’re paying for traditional cable, you’re probably paying too much. Here are the 15 Best Alternatives to Cable TV.
5. Attend Free Events.
College students get a lot of perks for being college students. Those perks cost less money than you think. Some venues, like museums and campus-wide events, let you in for free with a student ID. Clubs and communities are a great way to reap the benefits of networking too.
While you socialize and pursue your interests, learn how to find the resources you need. Showing up is half the work. Be social. One conversation can give you the answers you are looking for.
6. Pay Attention to Your Food Costs.
Food will make anyone happy for as long as the meal will last. College students tend to eat on the cheap and will eat almost everything. Your next meal yet does not have to be microwave mac and cheese or instant ramen noodles.
Eating out or takeout is an option, but for breakfast, lunch, and dinner, you might as well eat your wallet. One of those hobbies you could take up is cooking.
A trip to the grocery store will save you time and money as you meal plan. You also get to prepare your food the way you like it. Pick a few recipes and enjoy!
7. Volunteer and Look for Scholarships.
Most agree that you should never work for free. You also cannot put a price on credibility. Internships are usually unpaid, but the experience is valuable work experience. Volunteering in a field that you see as your future profession is a step in the right direction.
Build your resume with skills and positions that make sense to you and your next employer. No one will think of you less for volunteering. My first volunteer experience was at my local library. After months of sorting books, I was independent and responsible enough to interact with customers.
What you are working towards now adds to your narrative. Apply for scholarships using services like Big Future or Fastweb. Experience is experience. Cultivate it where you can and with whom you can. The payoff for sharing your story is worth the effort.
8. Side Hustle.
Being a student is a full-time job. Getting a part-time job would be like taking another class, except you get paid for it. If school is more demanding, try working around certain days or hours.
If you have free time, work the hours that no one else will. Or consider starting your own business. During my senior year, I got a job as an English tutor with My Tutor Lab and Wyzant. Becoming a tutor in my subject made sense to me. Teach others how to learn their best while making passable cash flow was a win-win.
Having been a volunteer teacher for Junior Achievement in my junior year, the experience did not go unnoticed. Before graduation, I was also thinking about my business: an on-demand writing service. The month before I graduated, I put myself and my business to the test at local markets and seminars.
There were a few skeptics in the crowd, but it was the supportive folks that kept me going. You have something to offer that will benefit you and others. Add another responsibility under your belt and save up for those student loans.
Related: 25 Amazing College Side Hustles
9. Share a Cash Pool.
Every now and then, we have a grace period when money is slim. Parents are a life-saver, but they are not ATM machines with legs. Between you and your roommates, there are a lot of things you share.
Why not share a cash pool? Like a carpool, a cash pool is a budget where extra money helps with group expenses. Establish house rules to make sure everyone puts back the same amount they take out.
Decide how to divvy out the funds you save amongst each other and for the group. At the end of the semester, you can either save the money for next year or spend it on how you all wish.
10. Budget, budget, budget.
When you earn money, the first instinct is to spend it right away. This is how money works against you. Instead, decide how your money will work for you with a budget. Dedicate your budget to necessities first and luxuries last. Open a savings account or keep a strongbox handy for all the extra money you earn. Knowing how you spend money will help you stretch the dollar without ripping it in half.
Conclusion:
Don’t be like most students and pay off the debt later. There are plenty of ways to be successful with your funds. Instead of taking out huge loans and buying out the bar, go get a bag.
Go ahead and add “compound interest” to your lingo too. You’ll be using it a lot. Give yourself the early graduation gift of financial freedom now.
Author bio:
Brent Wiggins is an English literature alum from the University of Central Florida where he was an editor for Aquifer, the online supplement to The Florida Review. During this time, he was a staff writer for both The Black Sheep and The Odyssey as well as an English tutor with My Tutor Lab and Wyzant. Brent has since been featured in ETCetera, a magazine for typewriter collectors, and UCF’s literary and visual arts magazine, The Cypress Dome. His small literary business, Wiggins’ Words, was born from a love of the written word and the need to help people find the right words to say. Brent lives in Lake Mary, Florida where he writes science fiction, speculative fiction, nonfiction, and poetry.
