Whatever your income, if you’re a student you can easily supplement what you earn with a side hustle. In this article, Peter Watton from OddsMonkey shares his tips for turning over a small profit on the side.
It’s always nice to have some extra money coming in, especially when you’re a student. Whether you’re relying on your loan or working part time to supplement it, it’s likely that you’re left with less than you’d like in your bank account after rent, bills, and expenses. So, why not consider taking up a side hustle?
Side hustles are becoming increasingly common in the UK. Our research found that 1 in 4 of us have a second job on the side to bring in some additional income, whether that’s running blog, renting out a room, or something more obscure. Most importantly, we also found that Brits can earn roughly between £150 and £300 a month on average. That’s a nice amount of spare cash for anyone to earn!
If you’re thinking about starting a side hustle but are wondering where to start, below I’ll share five intriguing ways you can make money as a student.
One thing every student has access to is a mobile, computer, or laptop, and that’s all you really require to become a website tester. You don’t need any special IT skills or anything like that, just some time set aside, a broadband connection, and a microphone. The website testing company will ask you to navigate a given site and perform a few tasks, like clicking links, watching videos, or completing a purchase, to see how useable the site or app is. You’ll just have to keep an eye out for bugs or give feedback afterwards.
Rent out your things
Selling your possessions online is one of the most lucrative side hustles you can do, and you start to see results straight away. But, if you don’t want to part with your possessions permanently, so could consider renting them out instead. If you have electrical goods, tools, musical instruments, photography equipment, or something else people need, you can use an online rental service to make money from your items. There are even apps for renting out clothing, which is ideal if you have any occasion wear hanging in your wardrobe that you’re not using.
The more entrepreneurial among us might be looking for ways to start running a retail business online. The problem with this is that running a shop from your student accommodation isn’t ideal, as space will soon become an issue. Dropshipping is different because you don’t actually hold any of the stock you sell yourself, you simply source it from a supplier. That means all you have to do is create the storefront on a platform or website and handle the customer side of things, then organise the delivery to them from the supplier.
You may have seen or heard of matched betting before, but if you haven’t already tried it, you could be missing out. Unlike gambling, where you bet on one outcome of an event, matched betting guarantees that you either break even or make a profit every time — as long as you do it correctly. It works by taking advantage of the free bets offered by bookmakers, placing one on each outcome so that no matter what happens, you at least get your initial payment back. Over time, you build up a decent pot of cash to spend on anything you like.
Go on a gameshow
This may seem extreme, but a great way to make a lot of money in one go is to apply for a TV gameshow and win a cash prize. As there are so many game shows to choose from, you can apply for as many as you like and see where you end up. Or, if there’s a certain show you do well at when you’re playing along at home, keep applying for that one until you get selected. In some formats, you compete in teams or take a partner along with you, so if you have any brainy friends, you should apply together!
These are just five examples of side hustles for students that can earn you a nice amount of money on the side. If you’re looking to make your loan go further, why not give one of them a go?