By Dylon Potter
When you’re in school, money can be tight. One of the great things about creating passive income streams is that you can build a steady income whilst remaining focused on studying.
If you want to find out how to do this, here’s a little bit more information about building passive income on a budget and some of the best ways to do it.
What is passive income?
Even if you’re a total beginner to this topic, don’t worry - everyone has to start somewhere! If passive income is a new term to you, it simply means setting up an income stream that makes money for you in the short or long-term with or without working on it.
The truth is, most of these strategies will require some work up front. But, once you have done this, you can put systems in place to get paid for a long time. Want to know more? Here are some of the simplest ways to start creating passive income for yourself:
Passive income strategies
1. Sell a digital product
This strategy requires a fair amount of work upfront. However, if you’re willing to put in some effort, you can see great returns by selling a digital product online, such as an e-book or online course. These are reliable income-generating ventures, as long as you know how to sell them.
For example, marketplaces like Amazon make it very easy to upload and sell books online. Or, if you’re an expert on a particular topic, you can create and upload an online course to a platform like Udemy in just a few clicks. This way, you can share your knowledge and make money!
When marketing your products, make sure you build a unique brand so you are seen as more trustworthy. Build a logo with a tool like LogoCreator, pick out brand colors and fonts, and make sure any landing pages or social media accounts include this.
2. Get cash back on shopping
Another way to get some passive income is to get cash back on shopping that you already do. There are a number of apps, such as Ebates, that offer money back on items you purchase. Alternatively, you can try using a cash back credit card for your everyday shopping.
Over time, even the smallest amounts of cash back start to add up. Eventually, many people can see impressive rewards using this method!
3. Rent out a room
If you have a spare room in your house, renting it out is a great way to get some passive income. You can do this either as a long-term agreement, or offer it out for short-term lets using an online service like AirBnb.
One of the biggest benefits of using a short-term option is that you can charge a bit more. Even having guests to stay for a few days can build a healthy income. However, bear in mind that there’s a bit more work required in this option in terms of management and advertising.
4. Affiliate marketing
Affiliate marketing means choosing a business and promoting a product or service for them. Commission varies depending on the company, but many big businesses like Amazon and eBay offer affiliate programs with reasonable commission.
This method works well if you already have a large online following. But, even if you don’t, you can still make money. Once you start generating sales, you will earn money via affiliate links.
Even without an upfront investment, there are plenty of opportunities to build passive income streams. By using these methods, you can boost your income each month.
With a little creativity and determination, you can make a decent amount of money. This can help you progress in your studies and focus on school work without working long hours.