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7 Ways to Make Money While Studying / How to Earn Easy Money for Kids and Teens
Making money as a teenager can be hard work, especially if you also attend school. However, with determination and a little courage, there are at least 7 ways to make more money while studying.
Saving money is one, less enjoyable method of making money, and the most important. While this is not always applicable, it is important to remember the old adage:
"A penny saved is a penny earned."
Saving your cash reduces the need to make more. By exercising discipline, you also gain important skills that are useful in determining what is truly important in your life. By depositing your savings in a bank account, you can even make money from interest.
There are several steps to take to be able to save money:
1. Eliminate debt.
Whether it be credit card debt, or just the $20 you borrowed off a friend last week, in order to save money, you need to eliminate your already accumulated debt. Many times if someone receives a large amount of money, they will devote it to a holiday or similar expense. But not you. Now, to save in the long term, money received should be first devoted to removing debt. Interest on loans, sucks.
If you make a bet with a friend that you'll achieve your financial goals, it increases the likelihood that you'll follow through and achieve your goal. Especially if you're betting with honour.
2. Set Realistic Goals
By setting realistic goals, you increase the likelihood that you will save money. Each goal needs to be specific, with a time-frame and value. A bad example of a goal:
"I want to save money"
While the above goal can be a starting point, it doesn't provide a framework for the future. Ask yourself how much you want to save, why you want to save it, and the amount of time you have to save it.
"I want to save $1535 before March for a new laptop"
In the above improved example, you have been given a time-frame and a specific goal to aim towards.
3. Keep a Record of Expenses
Get a logbook, or a scrap of paper, and religiously record everything you spend money on. From the $3 cup of coffee to the $89.95 textbook, it should all be written down.
This provides you with a unique perspective. That daily cup of coffee is suddenly a major expense. As with coffee, it's the small, regular, purchases that add up to a big overall cost.
Of course, you need a source of income to be able to save it.
When it comes to honest labour, the possibilities are nearly endless. When you're at school however, it becomes more difficult to make fast cash. Depending on your individual skills, you may want to try your hand at these:
1. Yard Work / Mowing
Nearly everyone wants a clean front yard, but not many have the time to clean it. You can use this conundrum to your advantage by using your free time to clean nearly everyone's front yard!
All you require is an eye for detail, some old clothes and a little elbow grease: Nearly anyone, male or female, old or young, can pull weeds and cut grass.
2. Detail Cars
Maybe dirt isn't really your thing, or maybe you just prefer that 'new car' smell. If so, you'd be surprised how many people want their cars cleaned.
A little investment, a trustworthy demeanour, and some basic cleaning knowledge is all you really need to make money cleaning cars. It doesn't hurt to bring along some like-minded friends, as some people find it hard to trust individuals with their pride and joy.
3. Personal Shopper / "Runner of Errands"
Start a errand-running service in your campus or area for those that don't have the time to get everything done. You can expect jobs such as shopping for groceries, fetching dry-cleaning and various chores.
4. Dog Walking / Pet Sitting
Dog walking and pet sitting sound cliché, but some will pay good money for people to care for their pets, particularly if they are going away for a long time. You need both some patience to pull this off, as well as knowledge of the pets you plan on caring for.
With jobs like those above, it is particularly important to advertise. Marketing your skills through flyers and word-of-mouth can help to bring business. Remember also that none of these jobs are exclusive. They can all be done together if you devote yourself to your work.
3. Tutor Others
Tutoring other students is a good idea if you genuinely wish to help people, or if you are interested in a job in education. It is a community-minded method to make money, that helps everyone involved.
If you're particularly gifted in a certain area of learning, consider tutoring people in your grade or the grades below. This helps others learn, and keeps your fundamental skills sharp while you earn spending money.
However, if you are interested in tutoring, it should be something you approach carefully. Remember that this is a person's education, and not just a way for you to make money.
4. Hold A Yard Sale
An old-fashioned but effective way of making money is to hold a yard sale. Even if you believe you have nothing to sell, it can be surprising how little sales add up.
There are several things to remember when holding a yard sale:
1. Learn how to haggle, and be willing to compromise. Bundle together similar or low-value items. If you have worthless clothes, consider tearing them into strips and selling them as rags.
2. Let people know why you're holding a yard sale. People can be amazingly generous if they know where their money is being spent.
5. Make Crafts
Recently the market for home-made and crafted goods has increased with the rise of websites such as Etsy. If you are an artistic person, consider making decorative pieces for others and selling them.
If you can make jewellery, carve wood, dye clothes, or make paper-crafts, there is a market for your skills online. Ebay (World-wide) and Madeit (Australia) are excellent marketplaces to sell your products every hour of every day.
When I tell people there's profit in the recycling business, lots of people will skeptically ask, "How can you make money recycling?"
The answer is: Often when you accumulate recyclable material, it can sold to a nearby rubbish depot or recycling service for a neat profit. There are plenty of opportunities to recycle in all areas of life. Part-time jobs and public events can generate a lot of rubbish, much of which can be recycled.
Even my father recycled: He once bought tonnes of scrap metal from his employer, then sold the same metal to recycling plants for a reasonable profit, by only sorting the aluminium and copper.
Examples of things you can recycle:
- Unspoiled (dry) paper
- Glass bottles, preferably not broken
- Aluminium cans
- Approved plastics, identified by their Recycling codes
If you're unsure of which materials you can recycle, you should always refer to your closest recycling authority.
7. Freelance Write
Writing freelance is definitely my favourite method to make money, and one for teens and adults alike. It requires a good command of literacy and a great deal of dedication, as the amount of money you can make depends entirely on the quality of your writing.
However, freelance writing is not limited to sites such as Elance and Hubpages. You can get paid to write for local newspapers, promotional companies, and even people looking for just one job to be completed in your local area.
Don't expect to be able to give up your day job for freelancing. If you enjoy writing, it can be simply a way to supplement your income, and have fun at the same time!
Which is your Favourite Method to Make Money?
Thank you for taking the time to read my article. Please feel free to comment below, your feedback is welcome and certainly appreciated. Also, if you choose 'other' in the poll above, comment your ideas!