Alex LarsensBeing a student is hard enough, even without all the difficulties you have to face on a daily basis. But what nobody tells you is how tough it can be when you finish college but have student loans accumulating and is yet to have a stable income or any means of paying off your debt.
So how can you afford to pay off loans without a job? How do you work two jobs and save? There may be similar questions circling around in your head at the moment, but there is only one answer. You should save now while you can, as soon as you can and make a means of paying off your student loan by the time you land your first real job.
Here are a few tips to get you actively saving as a student in a modern era, so that you won’t have to cancel those fun, summer holidays!
Freelance Writing and Translation
Chances are pretty good that if you have made it as far as your second year in college or university, that you have the ability to write well enough to begin doing some freelance work online. The ability to work as a freelancer provides you with a great opportunity to earn some additional income doing freelance writing work online. There are numerous freelancing sites online where piecework can be easily found. However, it is better, especially if you are still studying, to look for long-term clients that will provide you with a steady supply of work and spending money. If you are one of those people who were fortunate enough to grow up in a bilingual household, you may even want to try your hand working as a translator online.
A Solution for the Online Gamer
If you, like many other students, have a keen interest in gaming, you should capitalize on that. Online gaming tournaments are commonly held nowadays, and more often than not, there are some pretty impressive payouts.
If that isn’t exactly up your alley, you can try something more volatile but more intriguing, such as NetBet gaming. In addition to this, there is also Bitcoin gaming which allows you to complete blockchains in order to receive rewards throughout your gaming career.
Bitcoin Mining
Bitcoin is on the rise and it always has been despite its sudden drop in 2018. It is a great investment if you have a keen eye for trading and the stock market. Before investing, it is advised to speak to a financial expert to better understand how mining works and how your investment will grow.
Bitcoin miners could be a long term investment, but this would mean you would have to spend money before making money. So if you currently have the funds, you could look into this as a great avenue.
A Pocket Saving Account
You already have an active bank account and probably earn a little cash on the side or receive an allowance from your generous family. Either way, there is a way you can turn your small change into savings. Speak to your bank about opening a pocket savings account which is linked up to your bank account. This is an account which the bank uses to make minimal deposits from each transaction you make on your bank account.
For example, if you swipe your card and there is a small amount of change, this amount will be transferred into your pocket savings account. The great innovative idea behind this is that the pocket savings can be capped, so you need to give your bank a head’s up in order to withdraw any funds from it. Interest is earned on accounts like this, depending on which financial institution you are banking with.
Help your future self by creating a healthy nest egg which could help you pay off loans. If you don’t have any loans to pay off, it will still be worth it to invest in these saving skills so that your future is well kept.