Making Extra Money

Living independently, in a dorm room or an apartment, comes with a new set of financial issues. How does one afford to eat, have fun, and pay bills while focusing primarily on school? Working part-time is an option, but with most jobs available to college students paying minimum wage or slightly higher, the time one spends at work could have a higher opportunity cost than pay rate. For example: if working 10 hours a week at a wage of $8.50 per hour yields a weekly paycheck of $85 (without taking taxes into consideration, of course), working for one semester (typically 15 weeks) yields $1,275. Nice chunk of change, right? But what if you failed a course because you were too busy working to study? A four-credit course can cost $4,500, so failing is virtually the same as throwing money in the trash, not to mention the value of your time wasted on attending a class without getting any credit for it.

Working part-time works for some students, but for others it may be easier to make money more flexibly without using up a ton of scheduled time. Check out our suggestions and start making some extra cash today!

• Scour your closet for gently used clothes you haven't worn in the last three months and don't forsee yourself wearing. There are a few venues where you can sell gently used clothing. If you have some designer jeans take them to a consignment shop. Consignment shops will not pay you up front for your clothing, but once they sell you'll receive a check. You can try online auction sites, but considering the fees placed on most sales and the cost of shipping the item, this may only be a good option for those with very valuable goods to sell. Of course, there's always good ol' Craigslist.
  
• Get crafty! So many young people have done fairly well for themselves by polishing up a hobby and creating goods. Knitting, jewelry making, pottery, and sewing are hobbies that many of us have already, so why not make money from them? Crafting provides serious flexibility, though you'll have to be prepared to make trips to the Post Office if your business operates online. Visit local dollar stores to score great deals on mailers, bubble wrap and packing tape to save a few bucks at the Post Office. Etsy.com is a great place to sell handmade goods. Craft fairs and flea markets are also great options if you don't like the idea of selling online. Besides setting up shop outdoors on a nice day is far more fun than working indoors at a part-time job.
  
• Make a list of things you like to do and are good at. Determine if someone would be willing to pay for your services. If you're a musician, parents may be willing to pay you to give music lessons to their young children. If you're an artist, try creating an online portfolio of your work and offer your services through commissioned work or the sale of completed work. If you excel in academics, try putting up flyers around town offering tutoring to younger students. Be sure to charge well below what a professional music instructor, artist and teacher would charge. Your main draw is that you can perform these services but for a significantly reduced rate.

Have you had success in starting a small business or making money from a hobby? Leave us a comment or send us an email and tell us about it! We'll post your stories in a forthcoming post.

Thanks for reading,

Savvy Student