How to Make Money While Studying?
<div class="user-question">I'm 18 and recently moved to college. I worked a job before that and have around $3,500 in the bank, in my checking account. I quit the job because of commute and am looking for one at the moment. In the meantime, how should I ration my money so that I still have savings, so that I'm building credit, and so on. Also I recently joined a credit union.</div>
When I was in college, I wasn't exactly rolling in cash. My friends and I had to get creative with how we earned and saved money. Right now, you have a lump sum of cash and that's great. But that can only take you so far, so you need some kind of monthly income or else you will be strapped for the rest of the year (especially if you don’t get an allowance). The most important part of budgeting is having a consistent income flow or else you will have nothing to budget!
There are ways to make money, have some semblance of a monthly income and balance school without feeling like you're drowning. Here's how I did it, and how you can too.
How to Make Money When You're a Broke College Student with Zero Work Experience
1️⃣ Affiliate Marketing: Turn Influence Into Income
Affiliate marketing was one of my go-to ways to make money as a college student. It’s a straightforward way to earn passive income by sharing products you love.
Here’s how it works: you promote products through unique links on your social media platforms, and every time someone makes a purchase using your link, you earn a commission.
- Sign Up: Start by signing up for an affiliate marketing platform. I used Kubyo, which made it easy to find brands that matched my interests.
- Promote Products You Love: Focus on products you genuinely use or believe in. Authenticity is key - followers will know if you're just in it for the money.
- Earn Commission: Every sale through your link brings in a commission. I remember the thrill of seeing those first few dollars roll in - money I earned just by recommending something I was already using!
2️⃣ Content Creation & Social Media: Building a Brand from Scratch
You don’t need a huge following to make money through content creation. When I started, I had fewer than 5k followers, but that didn’t stop me from landing sponsorships and collaborations.
- Start Small: Begin with the platforms you’re comfortable with—TikTok, Instagram, or YouTube. Choose a niche that excites you, whether it’s fashion, fitness, or finance.
- Affiliate Marketing and Sponsorships: Use affiliate marketing to get the ball rolling, and once you have a small, engaged audience, start pitching brands. Here’s my pitch that helped me earn thousands even with a small following:
3️⃣ Paid Surveys, Side Hustles, and More
- Quick Cash Options: If you need extra cash without committing to a job, look into paid survey sites like InboxDollars or FreeCash. You won’t get rich from them, but you can earn a bit of free cash for sharing your opinion in your spare time. It's a low-effort way to make some pocket money when you're studying or waiting in between classes.
- Part-Time Jobs: SideShift is a fantastic platform for finding part-time work that fits your schedule, whether you’re looking for local or remote gigs. It streamlines the job search by connecting you with small businesses in need of quick help.
- Jobs for College Students: Check out HFC for opportunities for you to get hands-on experience in fields you're interested in, without having to commit to long-term internships. This is a great way to build up your resume with real skills and earn some money at the same time.
Tips for Managing Money as a Broke College Student
Now that we’ve walked through some ways to make some money, let's walk through ways to keep that money (and If possible, make that money work for you). Let's get practical: if you’re trying to stretch every dollar while still building a financial foundation, you’re going to need a game plan:
1️⃣ Budget Wisely When You Can
You mentioned you have around $3,500 in the bank, which is a solid start. Try not to spend it all in one place. Especially as a student, your monthly income can be precarious and change often depending on the season and how busy your school schedule is. Here’s how to ration your funds to make sure they last even if you have less than $3,500 in the bank:
- Essentials (50%): Rent, utilities, groceries, and transportation - cover the non-negotiables first.
- Wants (30%): This is your spending for fun and leisure. Yes, even a college student needs to have a life, but keep this portion limited. I think all my wants went toward the sorority and getting my nails done every two weeks lol!
- Savings & Investments (20%): Aim to save at least 20% of your monthly allowance or leftover funds. You can use apps like PocketSmith to track your spending and ensure you’re staying on target!
2️⃣ Build Credit and Get Some Income
You’ve already joined a credit union, which is a great step. Use that to your advantage by:
- Getting a Student Credit Card: Credit unions often have more lenient approval processes for student credit cards. Use the card for small purchases - think gas or groceries - and pay off the balance in full every month. This helps build credit without getting you into debt.
<div class="frich-tip">Here are some student credit cards that the Frich team loves!</div>
- Keep your money in a High Yield Savings Account: Do not just let your money sit in a checking account without yield. Make your money work for you by putting it into a savings account so you can get some extra income on the side. I love these because of the high interest rates!
3️⃣ Emergency Fund
Aim to have at least $1,000 set aside for emergencies before doing anything else. That's what your savings should go towards. Even if you have $3,500 this month and only $2,000 the next month, try to reserve that emergency fund no mater what your income situation is like. You need to get used to having a cash emergency fund instead of living paycheck to paycheck. And remember to put aside this money in a High Yield Savings Account.
Btw - here's how others are doing👀
Would you recommend a friend to get a part-time job while studying?
💰30% Yes - it’s a great way to earn extra money & be more independent
📝26% Absolutely - it’s great for resume building
😌24% I’d be cautious because it can be distracting
🫡20% I wouldn’t recommend it
Making money as a broke college student and making that money lastwithout much work experience is totally doable. With a mix of creativity, discipline, and a willingness to hustle, you can manage your money well and even create new income streams that’ll set you up for the future. Remember, you don’t have to be rich to start; you just need to start!
xx,
Kristina
