It is very easy to enter college with high hopes of working a 15 hour week, limiting unnecessary spending, and sticking to a strict budget. However, as many students realize as the semester continues, following through with that budget and setting goals to make money to finance expenses can be difficult and time-consuming. It is easy to become discouraged and give up putting effort into being financially savvy. However, there are many methods to making (and saving) money that are sometimes overlooked, but are nonetheless easy and rewarding.
To earn money:
1. Become a brand ambassador.
This essentially means that a company hires you to promote their business. I recently was hired to be an ambassador for MathCrunch, an app that allows users to connect instantly with math tutors at low prices. I advertise the app in my free time and report to the company briefly once a week by email, and I am paid for every referral I make. It is a very easy and non-time consuming way to pick up some extra money that requires no set schedule and strengthens your marketing experience.
2. Office jobs on campus.
Need a job but have a lot of other time commitments? Office and receptionist positions are usually not very demanding, and there is a lot of downtime on shift for working on other assignments. Everyone has to do their homework at some point, so why not get paid while doing it?
(Disclaimer: This is not to say that every office job will be easy and that all bosses will let you work on homework during your shift. Get recommendations from other students before applying.)
3. Paid note-taking positions.
Some professors will hire note takers for their courses. Much like the office position, you have to attend class anyway, so you might as well earn some cash while being there. If you have good handwriting and need incentive to pay more attention during lecture, a position like this may be for you.
4. Psych studies.
These are great if you have extra free time one day and need $20 for your weekend trip. Many schools usually offer multiple studies a week and do not ask for a lot of notice in advance when students sign up, so it is an easy last-minute way to make cash on weeks where you are less busy. Most experiments last one to two hours.
5. Work at sporting events.
A lot of sporting events on-campus will hire students to work at games. If you enjoy attending sporting events, why not earn some cash while you are there? That way, you can watch parts of the game while being productive. I have friends who have earned up to $50 doing this kind of job and have had fun while doing it. Email coaches or talk to the athletic director at your school to see what opportunities are offered.
To save money:
6. Use your work-study money wisely.
Work study checks can be a blessing and a curse. The money does not go toward your tuition but is deposited directly in your bank account as spending money. Aim to put at least 25 percent in a college fund and 25 percent in savings. I once met someone who said they spent their entire work study earnings throughout the year on alcohol, which defeats the purpose of it assisting you in paying for college.
7. Always ask about student discounts.
I have seen so many people forget about this easy, money-saving technique when buying something at a store. Even if the business does not offer students discounts, it doesn't hurt to ask. Even just 50 cents off is better than nothing at all, because that is still 50 cents you could be putting toward something else.
8. Groupon.
Groupon is a website that sells gift cards to restaurants and stores for a fraction of what the gift card is worth (for example, you only pay $5 for a $10 Starbucks gift card). While avoiding spending money at restaurants and fast-food joints off-campus all together will save you the most money, if you know already that you won't be able to resist the occasional late-night Domino's pizza or you get tired of the dining halls and want to eat off-campus every once in a while, you can minimize your spending with this savvy website.
9. Invest in a coffee maker if you regularly drink coffee.
While it will require a higher initial cost, you will end up saving hundreds of dollars over the course of your time in college. A simple coffee maker (Mr. Coffee is a good brand) is usually only $15-$20. Plus, you are being environmentally friendly (as long as it is not a Keurig).
10. "Forget" your wallet.
I used to bring my wallet with me every time I went to the library or walked to the Claremont village, and would usually end up buying a latte or something else that I did not really need. Then, I stopped bringing it to places where I knew I didn't need to have money on me and I reduced my spending greatly. Nothing was ever worth walking back to my dorm or borrowing from a friend for.
