3 Ways for Students to Make Money to Kickstart Their Financial Journey

We've all been students at some point. For some of us it's been a decade or more since we stepped into the school gates and for others, it's a present reality.

Something I think we all can relate to in our schooling years is a general lack of the green stuff, the Benjamins (or in our case the Ishaks?). This is typically attributed to a busy schedule filled either by studying or co-curricular activities. Most of us go home at the end of each school day exhausted and with zero motivation to do anything productive.

However, many of us yearn to earn at least a little bit of spare change to pay our exhorbitant tuition fees, or perhaps kickstart our investing journey and start working towards financial independence. Is it possible amidst the busy schedule of a student? Let's have a look at a few different ways.

Method 1: Part-Time Job

Likely the method we are the most familiar with, part-time jobs range greatly from retail to F&B gigs to administrative/office roles. For younger students, part-time jobs offer great opportunities to learn and have a taste of the working world. There are always companies looking for part-timers as a means to have flexible and relatively low-cost labour, so its not too challenging to find one. This variety also allows students to choose jobs based on certain factors, such as distance from home/school, pay, and industry of interest.

However, part-time jobs typically require a minimum commitment period, with most service-based roles such as F&B requiring you to work on the weekends. This can be a significant downside for students who take the weekend to recharge or catch-up on things they might have missed.

Overall, this is a good choice for students who don't have much commitments on the weekends and are willing to sacrifice family/rest time to earn some additional income.

Method 2: Food Delivery

This has been an increasingly popular avenue for side income for students, particularly since the COVID-19 pandemic started. Many food delivery riders relish the flexibility that food delivery allows them. There is no minimum commitment, and you can choose when and where you work. These types of jobs are a literal embodiment of "You reap what you sow". In terms of pay, they are comparable to part-time jobs, although most food delivery companies offer incentives for riders who work more and do more deliveries, which could motivate some.

Of course, It takes a lot of discipline to work as a food delivery rider. Among my friends who tried doing food delivery, many ended up stopping after a few months or even after a few weeks as laziness and fatigue sets in. There is also a small barrier to entry as the sign-up process for most food delivery companies involves an upfront payment for peripherals such as uniforms and the all-important food delivery bag.

Food delivery can be a good choice for students who have good discipline and an intrinsic drive. It would also be beneficial for students who may not have consistent schedules or limited work availability.

Method 3: Side Hustle/Starting a Business

Perhaps the most involved and time-consuming of the 3, starting your own business is one of the most potentially lucrative ways to earn money as a student. Given enough concentrated effort and time, side hustles can potentially out-earn part-time and food delivery gigs.

While many part-time jobs will only accept if you if you are above 16 years of age, the beauty of starting your own business is that there are avenues to start at even younger ages. I've known of people in their secondary school days flipping expensive designers shoes on Carousell.

However, starting your own business requires two important resources that most students do not have: time and capital. From business ideation to sourcing for your products to actually selling/offering the service, this could easily take 10-20 hours out of your week. Typically, there is an upfront cost to starting the business, whether it is buying the needed supplies to offer a service, or purchasing products from suppliers to sell.

We also have to consider that not all businesses are successful. The harsh truth is that your business idea might not turn out to be a profitable one.

Ultimately, this isn't the right choice for a majority of students out there, especially if you are younger. But if you are willing to make the sacrifices, have the tenacity and grit, and are willing to take on the risk, this would be a great financial and learning opportunity for a student.

The Time/Effort-Pay matrix

We can see that regardless of the method, there will definitely be trade-offs and opportunity costs involved:

Whichever method you choose, you must be comfortable with the commitment and financial situation it requires.

As a student myself, there are definitely times where we feel pressured to start earning money as quickly and as early as possible. I am here to tell you that it is okay to not work and it is absolutely okay to want to enjoy your time as a student.

We're all on different journeys, and there is nothing wrong with starting a little earlier or later than anyone else!