By: Avigail Feldman
In today’s fast-paced world, financial freedom isn’t just a dream—it’s a necessity. For college students, being financially independent means taking control of their future. Talking about money can be tough, but it's important to be open to learning. By no means am I a guru on how to spend your money or tell you what to do with it. I just want to emphasize that being cautious of your spending can be extremely helpful.
Especially in university, budgeting starts to feel more real, and being young doesn't make it any easier. I want to discuss ways you can earn extra money and invest in yourself with the help of one of our founders, Ellie Zeiler. Being financially responsible is important, but it’s also essential to spend money in ways that allow you to grow and advance. Investing in self-care, education, and quality items can pay off significantly in the long run. Whether it’s learning a new language, staying fit, or making smart purchases, putting your money where it can help you develop is a key part of achieving financial freedom.
Understanding Financial Independence
So what is financial independence? Financial independence empowers you to make choices that align with your values and goals. It provides the freedom to pursue opportunities, take risks, and build a life that reflects your ambitions. By taking steps towards financial independence now, you’re setting yourself up for a future where you can thrive without constantly worrying about money.
The Importance of Learning About Money
Talking about money can be intimidating, especially when you’re just starting to manage your finances. However, understanding money is crucial for achieving financial independence. Being open to learning about budgeting, saving, investing, and spending wisely can significantly impact your financial well-being. Start by educating yourself on basic financial concepts. Learn how to create a budget, track your expenses, and distinguish between needs and wants.
Practical Ways to Make Money on the Side
While attending college, finding ways to earn extra income can be incredibly beneficial. Side hustles not only provide additional cash flow but also teach valuable skills like time management, entrepreneurship, and financial planning. When speaking to Ellie, she said how important it is to have different revenue streams - this could mean anything such as Poshmark or Depop. During the school year, I have sold old books, clothes, etc. Freelancing is another way you can offer your skills in fields such as writing, graphic design, web development, or tutoring. Honestly, it's as simple as taking your skills and presenting them in a marketable way. And of course, if you have the time, picking up a simple part-time job never hurts.
The Benefits of Investing in Yourself
Financial independence isn’t just about accumulating wealth; it’s also about investing in yourself. This means spending money in ways that promote personal growth, enhance your skills, and improve your overall well-being. For me personally, I know that getting my degree is my way of investing in my future. But education and internships aren’t the only ways you can invest in yourself. Ellie mentioned during our conversation that it can be small things such as buying quality pieces over fast fashion, working out, or playing Duolingo, “For me, that's a personal investment - buying things that you can see as investments.” Anything with a tangible and beneficial outcome.
Achieving financial independence as a college student might seem daunting, but for us women, it's especially crucial. By understanding financial concepts, learning about money management, exploring practical ways to earn extra income, and investing in ourselves, we can set a strong foundation for a secure and fulfilling future. As women, gaining financial independence means having the freedom to make our own choices, pursue our passions, and build a life on our terms. It’s about ensuring we’re never in a position where we have to depend on someone else for our financial well-being. Learning to take care of ourselves financially empowers us to stand strong, face challenges head-on, and live a life of dignity and respect. So start small, stay consistent, and remember that every step we take toward financial independence brings us closer to a life of freedom and opportunity.
Lessons learned in life. Make for a better future