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5 Innovative and Smart Ways to Earn from your Dorm Room

5 Innovative and Smart Ways to Earn from your Dorm Room

If you are a college student, chances are high that you could utilize some extra money. Moreover, you realize that bagging a job is probably not the ideal choice because it can surely get in the way and disrupt the schedule of your classes.

Your teacher may schedule a night test or even a sudden paper that needs to be worked upon on a short notice. Therefore, if you spend time working for most of the day, how will you eventually manage your schoolwork?

Staying up until the wee hours of the morning is a viable option; however, this only compounds the problem as you begin to wear down from lack of relaxation and sleep. Imagine a scenario where you can earn additional income from your dorm room, while simultaneously maintaining a schedule that works just right for you.

Given below are 5 innovative and smart ways to earn from your dorm room.

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1. Online Tutoring and Teaching

If you have subject matter expertise in any subject like Economics, Physics, Mathematics, or any other college course, it may be extremely helpful to become an online tutor. You will not only earn some additional money assisting fellow college students, but also obtain tremendous job satisfaction with regard to the teaching profession.

Of course, the pre-requisite is to have excellent teaching skills. There is a wide range of websites where you can log in and offer your services as online tutor or expert on your subject. You can register yourself free at Wyzant , Transtutors or Chegg and start to tutor other students on different subjects.

2. Sell Your Services

BareFootStudent is a website that is dedicated to giving college students the ability to offer their services to the local community. It is now possible to provide a wide-range of diverse services, including child care, freelance writing, pet care, house-sitting, and much more.

If you possess the requisite knowledge and expertise with these types of services, then finding a part-time job in your local area should not be difficult at all. Such services should additionally give you the ability to be flexible when it comes to your class schedule, and you need to put in the requisite hours of work according to your preferences and wishes.

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Thus, you can choose your own working hours. Just make sure to promote your profile optimally, and the business will surely keep returning.

3. Take Surveys

When many diverse companies need suggestions on a particular product or service, they eventually release surveys to effectively ask specific concerns for gathering details regarding the needs and wants of their industry.

Students are ideal survey takers. This is because they are highly qualified and possess loads of free time. Therefore, you can earn a decent sum of money taking surveys.

Websites such as Swagbucks and a few others allow you to take surveys and earn some cash while carrying out this task. In general, the job of taking surveys is not really inspiring or lucrative. However, with a little devotion and dedication, you can eventually earn an impressive sum of money.

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4. Craigslist and eBay

There are several methods for you to earn cash on Ebay and Craigslist, which do not primarily involve parting with and selling your possessions.

Do not misunderstand this. If you are not actually using an item that could be of potential use to someone else, it is quite possible to earn some decent cash selling some of your possessions.

Moreover, you have the ability to offer your services on Craigslist. Services could be anything from mowing to house-sitting. In addition, if you have a creative mind, you can earn money by creating and selling goods on eBay.

5. Start your Personal Blog or Website

Starting your personal blog or website can be an extremely lucrative method to earn a handsome income without the need to leave your dorm room.

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You need not have knowledge of programming languages to begin a web page as there is a good chunk of free scripts that will create the website for you, including WordPress, Drupal, and Joomla.

That being said, making money from your dorm room can be a challenging task if you fail to understand what exactly you are doing. With loads of exploration and an excellent strategy, you can make a good sum of money owning your own blog or website.

The key is drawing traffic to your website. This is where you should focus because there are millions of websites engaging in cut-throat competition. The ideal way to get free traffic is to obtain them from major search engines.

Lastly, your website should rank high on Google if you want the big bucks.

Conclusion

As can be seen, there are several diverse ways that you can effectively market your services to other people from the comfort of your dorm room. Earning additional money during college years can keep stress at bay because a lack of cash when you need it the most is extremely stressful.

Possessing disposable income during college years is quite uncommon. However, if you draw inspiration from the five ways mentioned above, you will end up making a good amount of money in a short time.

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Adnan Manzoor

Data Analyst & Life Coach

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Last Updated on January 2, 2019

How Personal Finance Software Helps You Get More Out of Your Money

How Personal Finance Software Helps You Get More Out of Your Money

Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

What Exactly is Personal Finance Software?

Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

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How It Leads to Financial Improvement

It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

Types of Personal Finance Software

When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

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Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

When to Use Personal Finance Software

So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

1. You Have Multiple Accounts

There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

2. You Want to Automate Some or All of Your Payments

Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

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There’s no need to log into every account you have and type in your routing number either.

With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

3. You Need to Streamline Your Budget

Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

4. You Have Specific Goals to Meet

Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

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How to Get Started

From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

Final Thoughts

Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

Featured photo credit: rawpixel via unsplash.com

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