Adults need to work hard to earn and save money and make sure they routinely contribute to their retirement fund and savings on top of their current obligations so they won’t have to worry about anything in the future. However, in Singapore, residents are expected to take active steps in making sure that their finances are stable enough to meet their needs until they have to retire peacefully. As students, it may be a concern as well to start earning as early as possible to work on your finances. However, the set amount of pocket money you get from your parents as a student could make you feel constrained. You might only have enough money to cover your meals and be unable to purchase certain items or spend more time with your friends. There’s also the possibility that you may not have enough to start saving and starting your way to financial independence.
Because of this, a lot of students hunt for alternative sources of money. Few people, however, can afford to work a part-time job while also attending school. Singaporean students are very particular about their academics and wouldn’t want to get left behind because they are also trying to work at the same time. However, it’s not impossible to do so. There are means for students to still earn money while also studying and making sure that it wouldn’t interfere with their education. We came up with a list of popular techniques to generate additional income that doesn’t demand a lot of time.
It’s possible to work as a part-time tutor for younger children. Undergraduate tutors can still make between $25 to $40 per hour, which is significantly more than most part-time occupations, even though they may not be making as much as a trained tutor with experience. And the best part about this is that you can only commit to it during your free time. If you are only free for an hour or two in a week, you can still be a tutor. It would just really depend on the agreement you’ve entered with your client.
The time (and money, if you’re intending to purchase assessment books) that you may need to prepare and plan for your courses and materials must be considered, though. Being a tutor is not a side hustle just anyone can do it. You must also make sure you have the patience to teach younger students and the devotion to make sure they actually understand the topic.
Investing entails placing your money in a place where you anticipate it will increase in value. Although you don’t have to work nonstop, it does involve analytical abilities, trend-spotting ability, and strategic planning. With this, you also need to have your own source of funds or extra funds to start investing.
When investing, there are hazards, and you run the possibility of losing more money than you make. Be careful to start small. There are different types of investments you can do if you want to start small and learn which way is best for you. There are videos available online as well as courses that can help you teach how to start investing.
Due to how simple it is to begin, starting a small business is currently quite popular among students. Consider what types of goods or services you are good at or are interested in first. Try to focus your ideas and create something that would appeal to the greatest number of people, be original, and not already be on the market. Finally, you can try to market your brand. Social media is one way to about making your brand be known and this can be a great way to carry out your own marketing.
Use the appropriate hashtags and phrases on social media to draw attention to your product or service’s unique selling proposition. It would be quite beneficial if you could produce attention-grabbing viral material. You may even ask for the assistance of your friends to promote your goods and services on their own accounts. The most reliable technique to gain more consumers is by word of mouth.
Additionally, to make sure you are keeping and getting more customers, don’t forget to listen to your customers’ feedback. Not all of them will be 5-stars instantly but it will help you understand their wants and needs and will also help in making sure you adapt for the better. If you disregard their feedback, you may risk your business turning irrelevant and sour before it even begins to take off.
However, you must account for the time it will take you to produce and provide your customers with your goods or services. Just like any business, it may take a lot of time. Assess your ability to balance your small business with your studies.
When you work independently, you can do it whenever you choose and without any restrictions. This kind of job suits students well because you can manage your time and fit it in when you have free time.
Freelance work comes in a variety of forms. Freelance acting, writing, and assisting at events are a few examples. There are several platforms on which you can hunt for freelance work openings. These include any platform for job searching and those that specialize in freelancing like Fiverr, Upwork, etc. Freelancing is an advantageous alternative because it can provide you with work experience that you can add to your portfolio. For example, if you want to be a writer in the future, doing freelance writing can help you get started.
In order to keep or draw in customers, many businesses seek to learn more about their potential clients. These businesses are willing to pay you to provide answers to questions about your personality, routines, and worldview. This may seem extremely simple, but keep in mind that the money you receive for doing each survey may be quite meager, and you will need to complete several surveys to make a sizable sum.
You will undoubtedly discover as a student that you have items laying around that you don’t need. Maybe you own a shirt that hasn’t seen the light of day and you have shoved it to the back of your closet. Do you have shoes you barely wore because they just didn’t fit right? Or maybe you have some bags lying around that you don’t use anymore? Avoid letting these things take up unneeded space because you can sell them for money.
Instead of letting your things litter in your room, you can sell them on platforms such as Carousell or Facebook Marketplace. Aside from that, you can also bring them to secondhand retail shops in exchange of reimbursement. This way you can still make use of your old things while also getting rid of clutter at home.
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