A Guide to Being Financially Independent While Studying

A Guide to Being Financially Independent While Studying

Students are often faced with the question of how they can support themselves financially while studying. Students’ financial future is a big concern for parents, teachers and the students themselves.
Many people think it is impossible to make money while studying and that students should focus on their studies first. However, there are many ways that you can make money while you study.

How Can Students Make Money?

Most students want financial freedom, which is why they always look for ways to make money. The best way for students to make money is by working online. There are a number of part-time jobs that students can do from the comfort of their homes or hostel.

The internet has made it easier than ever to find a job or internship. There are plenty of freelance marketplaces where you can find freelance jobs and many websites that offer resources and information on how to get a job or internship.

Pros of working as a freelancer while you are a student

  1. Flexible schedule: Choose your own hours, and work whenever you want.
  2. Remote work: Work from home and save time and money by not traveling to work.
  3. Available for all kinds of skills and levels of expertise.

Freelance Jobs that students can do

Following are a few of the many jobs students can do part-time as freelancers.

Sr. #SkillSkill Level
1Data EntryBeginner
2Flow chart designingBeginner
3PPT designingBeginner
4Manual SQABeginner
5Social Media ManagerBeginner
6Article WritingBeginner
7Voice over artistBeginner
8Customer SupportBeginner
9Virtual AssistantIntermediate
11Copy WritingIntermediate
12Graphic DesignIntermediate
13Video EditingIntermediate
14WordPress DevelopmentIntermediate
15SQA AutomationIntermediate
17Digital MarketingExpert
18Search Engine Optimization (SEO)Expert
19App Store Optimization (ASO)Expert
20Web DesignExpert
21Web DevelopmentExpert
22App DevelopmentExpert

Top 5 Freelance Marketplaces

  1. upwork.com (one of the most popular freelance marketplaces known for high-paying projects.)
  2. Freelancer.com
  3. fiverr.com (one of the best websites to start a freelancing career)
  4. Peopleperhour.com
  5. guru.com

how to price yourself as a freelancer?

The price of your work is not set in stone. It all depends on your skillset, experience, and the type of work you do. You should also take into account the market’s demand for what you offer to make sure that you are charging a reasonable amount.

In 2016, when I started my freelancing career, I charged $5 to develop the very first website of my career and was thrilled with that. However, with time I got the experience, and I kept increasing my skill set and the quality of my work, so I started increasing my prices. For one of my most recent projects, I charged $50K+, which is a 1000X+ increase from what I charged for my first project because I invested in myself and kept learning and increasing my skillset. 

Please note that the following guidelines are only for those starting their freelance careers. However, if you are an experienced freelancer and want to know about different types of pricing strategies and how to price yourself as a freelancer, please click here.

Figure out what you need to survive

What is the minimum amount of money you need to make from freelancing to survive? This includes your hostel rent, food, transportation, tuition fee, and other bills.
Once you figure out how much you need per month, increase it by 20%.
Let’s say you are a student of UET Taxila; then your calculations might look like this.

Hostel and tuition fee = 65,000 per semester
Monthly mess bill = 8000
Stationary and Semester Projects = 20000 per semester

Since a semester is of 4 months and we have 3 weeks for exams so, let’s say our semester is of 5 months in total
So now calculations will look like this.
Hostel and tuition fee = 65,000/5 = 13000 per month
Monthly mess bill = 8000 per month
Stationary and Semester Projects = 20000/5 = 4000 per month

So you’ll need 13000+8000+4000=25000 per month now; let’s add 20% for miscellaneous expenses.
After adding the 20%, your new minimum required amount is 30000 PKR per month.
If we convert 30K in USD, you’ll need $130 in your bank account since all marketplaces charge a 20% fee, so you’ll need to earn $165 per month to make $132 and meet your expenses. 

To earn these $165, all you need is 4 clients of $40 each or 2 clients of $80-100, or just one client of $165. Earning this little amount in a month is easy, I did it myself when I was a student, and I know many students already making a handsome amount each month. 

Got a question? Please feel free to ask in the comments.

Bonus: If you are looking for a paid internship in Content Writing, WordPress Development, Web Design or Web Development, feel free to contact Asad Ur Rehman (Click to contact).

About The Author

Ch Asad Ur Rehman

Asad Ur Rehman is a serial entrepreneur, scout, student, and tea lover. Asad enjoys problem-solving, taking on new challenges, working with team players, and most of all, a good strong cuppa! In his free time, you'll find him consuming information about entrepreneurship and business, or you'll find him creating content about business development.

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