Have you ever thought about making some extra income while in grad school? I bet you have because it’s actually one of the most frequent topics among grad students. The costs of living and studying are just piling up, so it’s necessary to find a steady source of income to support all of your activities.
Reports show that the average cost of an academic Master’s degree is about $30 thousand a year, but the professional graduate programs have higher rates. Of course, this is only one side of the story as you also get to pay any other fees such as textbooks, accommodation, utilities, and similar items.
This is exactly why you should finally find an answer to the question: How can I make money while in grad school. I want to help you with that, so keep reading to learn a few practical ideas to gain income on the side.
As a grad student, you must have a unique skill set and knowledge to educate younger colleagues. This is your comparative advantage and you should seize the opportunity to work as a tutor. Generally speaking, there are two ways to do this job:
- Offline: It’s a traditional learning method in which you can teach lessons face-to-face. Universities should give you more than enough candidates interested in real-life tutoring.
- Online: We live in the age of digital technologies, so you don’t even have to hold traditional lectures. On the contrary, you can go online and search for students interested in tutoring globally. Another very interesting idea is to engage in ESL courses (English as a second language) and teach foreigners who want to learn your mother tongue.
2. Get a Part-Time Job
The second tip is obvious, but you should never underestimate the value of good old part-time jobs. The only problem with this type of engagement is that you need to work at least 15 to 20 hours per week to earn some serious money, but most grad students are able to do it nonetheless.
The list of part-time jobs is long and versatile, which means that the hourly rates may go anywhere between $8 and $20. In case you find it sufficient, we recommend you the following positions:
- Waiter and Bartender
- Bank Teller
- Library Assistant
- Dog Walker
- Hotel Desk Clerk
- Fitness Instructor
- Uber Driver
- Sales Agent
3. Become a Freelancer
Do you have serious writing skills? Are you a master in graphic design, photography, or any other practical skill? If yes, you are more than welcome to join the global freelancing community.
Jake Gardner, a content creator at Superior Papers, says that freelance work is gradually becoming a predominant force in the business universe: “Today, students can earn money working from their homes or dormitories. The Internet is packed with authoritative freelancing platforms, so it’s only up to find the network that suits your professional capabilities.”
A platform such as Upwork grants you exposure to millions of employers worldwide. They can offer you one-time projects or full-time jobs, while hourly rates often exceed real-world salaries. This is particularly the case with most skillful individuals who are experts in their fields of work.
4. Write a Blog
This strategy requires more planning, but it’s an excellent way for grad students to earn money on the side if they can write high-quality articles. Popular blogs attract a lot of readers, thus giving the author a chance to earn through paid advertising, affiliate marketing, or online sales.
Your monthly income may vary, but it depends mostly on your writing proficiency and creativity. According to reports, blogging can earn you anything from $10 to $5,000 a month, while the most successful authors generate even higher revenue. The bottom line is that blogging can help you to make ends meet, but you will have to take it very seriously.
5. Sell Your Old Things
The last advice is reserved for grad students who need to earn money quickly for one-time purposes only. We all have a bunch of more or less old things in our homes, so you might as well make use of it and sell the stuff you don’t need anymore.
According to Shopify, your home can be your showroom so this won’t require you to put up a physical store. If you find yourself earning more money than expected, you can make this a home-based business, buy things in bulk and sell it for better profit. And to market it better, you can create an online store and promote your products on social media.
Online retail networks such as eBay can assist you in the process and help you find tons of potential buyers. What you sell depends on what you have, but the usual suspects include car parts, digital equipment, furniture, and similar.
Being a grad student is everything but easy – you have to learn a lot and also find a way to earn money and pay for everyday costs of living. This can be very difficult for most scholars, but there are still a few solutions that can help you to make that much-needed salary.
In this article, I explained to you five highly practical tips on how to make money while in grad school. Have you ever tried any of these possibilities? Which one do you consider to be the best for you and your lifestyle? Feel free to leave a comment – I would like to see your experiences with grad school work!