Answer: In the US, it's not unusual for children to earn some extra money. Some young children sell lemonade, while the older ones offer services like babysitting, dog walking, lawn mowing, and newspaper delivery.
Here in the Philippines, most students focus on their studies. However, opportunities also abound for the student to find some extra money, and some college students, have in fact taken advantage of them.
There are many ways you can do to make some extra money. The best thing to do is to start first by assessing your talents and gifts. What are you good at? Below are some ideas:
1. Emceeing: If you have the gift of gab, you may emcee at events (even wedding programs) for a fee.
2. Singing/Dancing: If you sing/dance well, you can gather a group of friends and sing/dance at parties, again for a fee.
3. Cooking: Are you good in cooking? Then whip up some food specialty, package it well, and sell it as a gift item...
4. Trading: Buy stuff you like from wholesale suppliers (examples: clothes, accessories, etc.) and sell these in bazaars or even through websites. Many enterprising students do business online through sites like Multiply, and they do well.
5. Coaching: If you excel in one sport, you might be interested in coaching sports teams for grade school kids. Sports programs that need coaches include soccer, basketball, and volleyball.
6. Writing: Think you have a knack for words? Consider contributing to the youth section of your favorite newspaper, where you will get paid for every article that gets published.
7. Scrapbooking: Some people want to have scrapbooks but do not have time to make them. Network with scrapbooking clubs as they offer this service to interested people.
8. Editing: Edit other students' papers for a fee, but don't make the mistake of doing the writing for them.
9. Dog breeding: If you like pets, consider breeding dogs with the help of your family.
10. Modeling. People with the look, flair and style can earn much by modeling for print and TV ads. Check out legitimate modeling agencies for more info.
These are just some of the things a college student may do. The possibilities are endless; just look at what you have. It's important to bank on your talents and gifts so working will not be a chore. It will instead be something you enjoy and look forward to doing outside class hours. But be sure your work will not affect your studies.
So you're earning; now what?
Let's say you have zeroed in on a way to earn more income. There are some things you should keep in mind if you want your earnings to be maximized.
1. Save. Because times are hard, and because you want to be financially secure someday, make it a habit to save at least 10 percent of your extra income. If you can commit to save more, so much the better. Deposit this in a savings account under your name, and don't touch it as much as possible.
2. Invest. Savings accounts give only a small amount of interest as compared to other forms of investment. When you have enough in your savings account to make the minimum investment required, move some of your money to a time deposit which will give you a higher rate of interest in return for you keeping your money in the bank for an agreed term (30 days, 90 days, 1 year, 5 years - it's up to you).
There's also another way to let this money earn more: by investing in pooled funds like a mutual fund or a unit investment trust fund. There's some risk involved as market values of investments go down, but with it comes the possibility of earning more. Study this option and talk to a bank officer, financial adviser, and your parents about it.3. Limit your spending. It's nice to spend what one has earned, but if you spend for unnecessary stuff, you may end up with hardly nothing at all. Use your money wisely by prioritizing your needs. Steer clear of buying branded goods and expensive gadgets. If you can live with simpler stuff, do so. Your friends love you for who you are, not for what you own.
INQUIRER.net and Citibank invite readers to ask questions regarding financial matters. Send your questions to personal_finance@inquirer.net or comment through our personal finance blog called MoneySmarts: The Value of $8.00)
*Disclaimer: Readers are solely responsible for their own investment decisions and should thus conduct their own research and due diligence and obtain professional advice. INQUIRER.net will not be liable for any loss or damage caused by a reader's reliance on information obtained from our web site. INQUIRER.net receives no compensation of any kind from companies or industries or funds that are mentioned here.
(This is part of Take Charge of Your Money, a partnership between INQUIRER.net and Citibank to help readers handle their personal finances well.)
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