For the majority of students, going to university is a time of both adventure and development, with many having their first taste of independence. It can also, however, be a time of financial hardship, as they must learn to manage their money on their own, something which can certainly be challenging in the first instance.
As such, it can be useful to look at ways to boost income whilst at university in order to remain financially stable. Here are some of the options.
The majority of students’ unions across the country have regular part time work available, which is often aimed at the students studying there. This can include being an ambassador, university tour guide or even bar staff. There will likely be local businesses (pubs, shops, amenities) which will also offer part time work with student-friendly hours.
Those students who are willing to work for a bit of extra cash may want to consider work like this, as even a small amount of extra money each month can go far in a year, and it may just save them from financial mishaps in the future.
For those who need a heftier amount of money fast, a short term loan may well be the best solution. These are often very accessible, and there are a number of lenders which are geared solely towards students, with lower interest rates and decent repayment terms.
Of course, seeking out a loan for a short term financial issue should only ever be a last resort, as loans do cost money, but they can come in useful for emergencies. Before taking out a loan, though, it is important for students to have a repayment plan in place.
Perhaps one of the most effective ways to boost income in the long run, cutting costs in every area of life could help finances dramatically. This could range from finding a cheaper house to rent to opting for the cheaper brands in the supermarket.
Even cutting the smallest costs can make a huge difference if it is done on a regular basis. As such, it is also worth drawing up a budget to serve as a guide for monthly expenditure.
Boosting income as a student, then, is not as difficult as it seems, and for those students who are suffering severe financial hardship, universities often have an emergency fund reserved for special cases.