Earning cash from your hobby

A good way of earning money to help you through university is to turn your hobby into cash. Of course, it helps if your hobby is doing something that someone is willing to pay money for, but if you can get money for something you enjoy doing and will be doing it anyway, then great!

There are specialist websites that can help connect you with customers happy to pay students to undertake work for them, such as StudentGems. The other option is to go it alone. One such student to have already started this process is Hayley Spiers, a third year English and Drama student at The University of Hull.

She says….. “Like many students I have a part-time job to help support myself financially, but I’ve also managed to turn my hobby into something that makes a little extra cash. I’m a self-taught photographer and I recently started advertising via my Facebook page, my website and on free advertising websites such as Gumtree, Friday-Ad Ltd and VivaStreet. I’ve had a great response with people asking for everything from headshots to family portraits to event photography such as parties and fundraisers, and it’s great to be able to enjoy my hobby and make some extra money at the same time.” HayleyMariePhotography

Hayley’s hobby is great as she can build up her experience by helping her fellow students by taking their portraits for their drama portfolios, and it’s something she can fit around her studies and part-time job. The advantage of having all the equipment in place already means that after a bit of advertising and a free website and you’re ready to go.

The work that you do as a result of your hobby will also provide valuable business experience, such as marketing, sales, customer service, and accounts which you can add to your CV. This could make the difference in helping you in to that important graduate position.

Remember if you start making money from your hobby, you should check with HM Revenue and Customs to see if you should be paying National Insurance and Tax.

If you are interested in a cheap photographer in the East Riding area, then you’d do worse than contact Hayley via her Facebook page or her website, but be quick, she won’t be this cheap forever! You never know - her hobby may take her far, as could yours.

Are you making money from your hobby whilst at university? Get in touch and you could be featured too.

Is prostitution a good option for a cash-strapped student?

The BBC today released a news report that more and more students are turning to prostitution, gambling and medical experimentation as a means of keeping afloat financially. 

Now we have advocated on the blog before that the best kind of part-time work is one where you can fit your hours in around study, and where you get the maximum amount of money possible for the minimum amount of hours. Prostitution, gambling and medical experiments I suppose, fit this criteria very well. Too well. My mother always taught me if something sounds good to be true, then it probably is. 

So, with the EMA being scrapped, and student loans and grants being reduced, along with rising tuition fees, students have to find ways of making ends meet, financially speaking. And things like selling yourself might be attractive to some - and it never seemed to do Belle de Jour any harm, did it? After all, she got a PhD whilst leading a double life as a part-time call girl as well. 

But we can't all be as 'lucky' as Belle de Jour has turned out to be. It could've all been so much different for her, and for every Belle, there are hundreds of others who get caught up in a very disturbing world, from which there may be no return. The reason that prostitution, gambling and medical experiments are so highly paid is that the risks are high, and the losers are many. 

Blah, blah..... I don't want this to turn in to a rant about how you should all be good little students and stay away from the nasty people. What I want to know is this - have you, or do you know of anyone who has, made money from a less-than-conventional method to support themselves while studying? 

Working while studying

As much as we'd all like to be able to concentrate solely on our studies, often it is necessary to get a part-time job to help finance our time at university. Part-time jobs also provide vital work experience that could help to clinch that desirable graduate position. So what type of part-time work is suitable for students?

Convenient hours

The first priority should be a job that fits in around your studies. As much as you need the money, jobs which clash with lectures and take up time you need to spend on revision are counter-productive. This usually means jobs in an evening, such as bar work, or a weekend position, such as in a shop.

Good money

The other priority is money. It goes without saying that the more money you get per hour, the less hours you have to work. Simple. However, bar and shop work isn't the best paid work, and students sometimes have to make the sacrifice of low pay over convenient hours. Some employers can take advantage of this, so be careful. Try and get a job that pays as much as possible without having to work lots of hours. Use your skills you already have. If you have industry experience, then you should look to get work which uses this. It is likely to be better paid and give you more flexibility that traditional student jobs.

Use your existing skills

Look in less traditional places for work. Yes the university union job shop may have lots of tempting positions but they may not pay so well. Try the job section of the local town's newspaper, or keep track of what jobs are coming up at the local council. Interesting jobs which use your skills such as sports coaching, or leading drama workshops will pay more per hour and provide much more relevant work experience.

Paying tax (or not)

If you work in a job that has irregular hours, for example you work a lot more hours during the holidays than during term-time, make sure you do not pay too much tax. Income tax is paid over a year, but worked out by your employer on your weekly wage. Some weeks you will pay too much tax. You can claim it back at the end of the year by filling in a P50, but this is not good if you need the money right now. Instead, you can also apply for an exemption, but to do this your total earnings for the year must be lower than your personal allowance, which is around £6,500.

Building experience

If you plan on using a part-time job to boost your CV and help your future career then it is better to look for a job in the area in which you are interested in working. If you want to be a marine biologist then don't work in a factory. Ask if there are any jobs at the local aquarium, even if it's working in their gift shop. If you like history, then look for weekend work at the local museum. Don't be afraid to stray from the student areas to find more interesting, better-paid work.

Other ways of making money

There are also money-making opportunites available which tap into your student status. Some companies who want to sell to students have commission-based schemes where you can earn money from liaising with social groups like societies or sports teams. For example, your sports team needs new kit, you take the order and place it with the company and you get a share of the sale value.You'll never get rich this way, but for some it can be easy money if you already have the contacts and a flair for sales. Watch out for opportunites like this on websites such as http://www.gumtree.com/.

Above all, try not to let any part-time work interfere too much with your studies. Sacrificing good marks for a bit of extra cash may not be the best long-term strategy. Better financial management might be a better option than working too many hours.

Good luck, and happy job-hunting.