How can you make money in college? Find out!

You can save and make money in college or university whether or not you have a job.  Learning how to manage your finances is key to making money while you’re at school; it’s also a key to making money after you graduate with your degree.

If your parents are paying for your college tuition, books, room and board and other expenses related to college life, there’s a good chance that they’re also giving you a little spending money so you can purchase meals and maybe even go to a sporting event or a concert with your friends.  You can build your savings if you put 10 dollars a week of the money your parents send you and deposit it into an interest bearing savings account at a local bank.  In one month, you will have saved forty bucks.  Depending on the amount of interest on the account, you can also earn an additional 14 dollars in interest a year on the account, if you don’t withdrawal your deposits. 

College Students Not Waiting to Graduate to Grow Investments

Of course, if you’re completing an internship or a work/study program, you can increase the amount of money you deposit in your interest bearing savings account by 5 to 10 dollars a week.  You can also sign up to participate in your employer’s retirement accounts like 401Ks and IRAs.  Because these accounts are tax exempt, money that you invest in the accounts is not taxed by the Internal Revenue Service (IRS) as long as you don’t take deductions from the accounts, allowing your money to continue to grow until you’re ready to purchase a home, pay for your own child’s college or university education or retire.

College and University Students Growing Their Finances

Additional ways you can make and grow money in college are:

  • Tutor a classmate or another student on campus
  • Babysit for neighboring adults
  • Walk the dogs of local residents
  • Get a job at the local diner or campus cafeteria
  • Freelance for online firms (e.g. web design, article writing)

You can also search your college or university community or announcement boards for job openings.  Student Affairs and Career Counseling departments also list jobs that you can apply for on and off campus to start making and saving money while you’re in college or university.  And remember, if you don’t find a job through an employer, you can also create your own job.  In fact, some of the hottest companies that have been created over the last few decades (e.g. Facebook, Yahoo!, Google, WordPress, Microsoft, Napster, Reddit) were created by college students.

Avoid Credit Cards and Debt in College

As you concentrate on making money in college or university, avoid the temptation to get one or more credit cards to purchase clothes, sneakers, meals, etc.  In fact, if you look at credit card expenses as personal loans that you must always pay back with interest, sometimes late fees and penalties as well, you can resist the temptation to use credit cards to pay for products and services you’re not going to use often or appreciate.  Also remember that the way you use and make credit card payments (e.g. paying your monthly credit card bills on time) impacts your credit rating.  By avoiding credit card debt you can help keep your credit rating strong and increase your chances of getting approved for student loans, apartment leases, mortgages, auto loans, etc.

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