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  • Writer's pictureJessica Proctor

Creating Multiple Streams of Income as a Student

As a student, it is increasingly difficult to get sources of income. Having a lack of experience, competitiveness for job placements and age are all factors in why it may be difficult to find a job in our day and age. Sometimes dog walking, babysitting and newspaper rounds just don’t pay enough (although these are also good opportunities to take up). However, there are many other options for students when looking to accumulate income.

Freelancing

A freelancer is somebody who is self-employed, and not committed to a person or company – usually by offering a service to somebody online such as writing essays or tutoring. Websites such as people per hour are a good basis to start doing this as they provide a platform for sellers and buyers of services. This is very flexible as you can set your own charges and work in your own time frame so you essentially control your own wage. Professional freelancers can make millions so there is nothing to say this couldn’t become a stable career as well if you are good at it. Unitaskr is also a great platform for university students to make money – you sign up with your university email and complete tasks such as essays for others at an average of £5 per task. This can all add up.


Stocks and shares

In the last decade buying shares of a company has become increasingly popular with young people as when it is done correctly if you invest enough it can make you a lot of money quickly. It is best to start investing with small amounts of money with different companies to see which works best and then build your way up. This is not a hugely secure income method as the market is subject to huge fluctuation. It is worth doing some research into this as there is a very specific process in doing it and requires good knowledge of how it works. Apps such as trading 212 are a good starting point for buying stocks.


Starting a business

Starting a business is potentially one of the easiest ways to make money on your own terms, as long as you know how to gain interest from customers. This could be as simple as selling your unwanted clothes online, which will cost you almost nothing, to offering a service from homes such as beauty therapy which requires much more specialisation and training. This may cost you money however you can profit more from this. Reselling deadstock trainers is also a very popular trade right now and again very profitable. When starting any sort of business you must be careful to keep it small as you don’t want to be accused of tax avoidance, if you want to be professional with your business and use it as a career you must declare yourself self-employed.


Influencing

Influencing through social media sites such as Instagram is described as the job of 2021. People are starting to make careers out of it. If you already have a large following you are in a great position to start, however, if you don’t it is more difficult to build it up. There are many groups you can join on Instagram where people exchange likes and follow with each other to build up each other's Instagrams in the hope of becoming influencers. This is a very good source of income for a student because even if you are not being paid for advertising or posts, part of the deal is the items you are sent to promote are free of charge which will save you money on clothes, healthcare &beauty products.

Premium bonds

Buying premium bonds can be a very good way of investing your money with the chance to win money every month. You can’t lose money from it so if you are looking to store your money somewhere in an NSI account is a good start. You are essentially putting money into a savings account and it can then be entered into a prize draw. Sometimes you might win £25, or on a rare occasion £5000 depending on your luck, but if you don’t win you don’t lose any money.


Writing

If you have a flair for writing, there are many opportunities and platforms for young writers who will often pay. People always need content writers whether it’s for blog posts, youtube videos, or promotions for their brand. Looking out for these being advertised or reaching out to people is the best way to get started. It can end up being a well-paid and consistent arrangement. It’s also a good piece of experience to put on your cv for future jobs, especially as it doesn’t require much experience to become one.


Surveys

Online surveys are increasingly popular – if you find a good website you can make a few pounds for a 5-minute survey so the more you do the more money you make.

UberEats / Deliveroo

If you have a car; this platform is perfect for you. You can sign up online and are sent all the information you need, and when you open the app you are notified of deliveries needed and how much you can make from it. This is good for students as you can do whatever you want, on your own terms, as often as you want. If you have a spare couple of hours a few evenings a week you could make £100+ depending on demand.

Of course, if none of these options work for you a part-time job is probably the best choice.

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