We all know how stressful college life is. You have to focus on your studies and you still want to have a good social life. During that period, you always need some extra money, but not everyone has time to find a part-time job. Passive income is a great way to get some cash, however, many people think that is not possible.
Every person wants to have a bigger income and we try to make that happen by getting a second job or working on freelance projects. Those things sometimes take too much time, and when you are balancing between studies, taking care of your apartment and trying to have a healthy social life, that can seem like a bit of a stretch. Studies suggest that college students are prone to mental health issues because of all the stress they have when it comes to studies and trying to make ends meet.
Here we are going to give you some tips on how to get some passive income. Follow this guide when you feel like you don’t have enough money and try to incorporate them into your everyday life. Even though you can start using these things when you are in college, it does not mean that you have to give them all up once you finish your education and start working.
Rent out your car
If you own a car, you know how often you use it and how much you need it. So, an easy way to get some extra income is to rent it out. However, you will need to check your country’s laws and see if you need any permits for it.
You will also need to get special insurance in case anything happens to it. Rent it only to trusted people and make sure you have a GPS device installed so you can track it at all times.
Create an app
Nowadays the demand for new applications that can support both iOS and Android is getting higher by the minute. It is said that there are more Android developers than iOS ones and that people who can develop for both platforms are really rare to find.
So, if you are a programmer and if you have some free time, then you can develop an app. You can contact companies to hire you, or you can just create the app and later on, sell it. Do some research on what the market needs right now and start spending your free time doing something that will bring you some extra cash.
Create a course
Is there something you are really good at? Maybe that is social media marketing, blogging or just tutoring. The easiest way to turn your knowledge into money is to create a course and sell it on a website like Udemy. Socialyy.com suggests that these courses are in demand nowadays and that things you know can give you passive income.
If you have a free storage unit, then you are on the right path! Many people need extra space, so storages are a great way to keep and protect the things you don’t always need or use.
It is a great way to get some passive income and you don’t have to worry about too many things. You will get your extra money at the end of the month, and you can even invest in more units to get even more cash.
This is a partial passive income because you will still have to get up and replenish the machines. However, you won’t need to do too many things and you will be getting extra money all the time.
You can invest in a few vending machines and put them in several places. Make sure you choose safe neighborhoods so you don’t risk the machine being broken into. Buy things in bulk so you can earn more money when people rebuy them.
List your place
If you have an extra room where you could accommodate people, you can list it on a website like Airbnb. This is an amazing way to get some extra money and to make new friends. If you leave your apartment for summer or winter break, that’s even better.
You can choose when you want to list it and when to accept guests. You can always check the people who want to rent your place, so you can be sure they are trustworthy. It is an amazing business idea where you only need to possibly invest in a new bed and to keep the place clean.
Other ways you can get some extra cash without doing anything include:
- Sell digital files on Etsy
- Design shirts or hoodies
- Affiliate marketing
- Sell stock photos
- Sell eBooks
- Start a blog
- Sell study materials and notebooks
- Invest in Stocks
Have you ever tried any of these things? What is your best tip for college students and getting some extra cash? Saving money may seem hard, but if you are smart about your funds, you will realize that you won’t have to struggle for cash every month.
Try to cut expenses on things you don’t need and try to follow your budget. There are a lot of different apps that can help you track the money you are making and the ones you are spending. When you first use the apps, you will feel like it is too much trouble to add all the things you spend money on, but in a short period, you will realize that the process helps your life. That way you will realize where your money is going and what you can do to spend less.
Experts recommend changing your TV or internet plan, so you cut some expenses on that. For example, if you mostly use your phone to go online, then you don’t need to have that many text messages or free minutes included. Go to your provider and ask them to give you a different plan that will still benefit you, but it will be at a smaller cost. Do the same with your TV plan and try not to use all the streaming services. In just a few months you will realize how much money you are able to save from all that.