Continuing our journey from the foundational budgeting strategies discussed in Part One, this installment of the series will provide a working example of how to apply these strategies in real life. Drawing from my experiences, let’s explore how an Indonesian student, say a PhD candidate at MIT in Boston, can effectively manage their finances.In the final part of this series, we explore various income-enhancing strategies for Indonesian students studying abroad. While academic pursuits remain the primary focus, diversifying income streams can significantly ease financial constraints. Let’s delve into on-campus employment, tutoring in both academic and non-academic fields, and freelancing as viable options for additional income.
1. On-Campus Part-Time Job Opportunities
Many universities, like Nanyang Technological University in Singapore, offer part-time roles to students. Positions such as library or administrative assistants are common and typically pay between $10 to $15 per hour. These jobs not only supplement your income but also offer valuable work experience within the safety net of your university campus. For international students, if you want to send the money you receive abroad, managing earnings from such jobs can be streamlined with Wise, allowing for easy conversion and transfer of your earnings back home or to other countries with minimal fees and real exchange rates.
(Work Study Scheme | NTU Singapore)
(Find a job | MIT Student Financial Services)
2. Tutoring: Expanding Beyond Academia
Tutoring is an excellent way for students to utilize their knowledge and skills. While academic tutoring in subjects like mathematics or science is popular, there’s also a demand for lessons in non-academic skills.
- Academic Tutoring: If you excel in a specific academic area, you can earn $15 to $25 per hour by tutoring subjects related to your field of study.
- Non-Academic Tutoring: Talents in areas like music (e.g., piano), arts, cooking, or even sports can be monetized. For instance, if you’re skilled in playing the piano, you could offer lessons to other students or local community members. Rates for non-academic tutoring can vary widely but offering these unique skills can set you apart and open up new revenue streams.
Some of the more popular tutoring platform includes:
- Tutor.com: This platform offers a wide range of tutoring subjects and levels. It’s known for its competitive application process but provides on-demand tutoring, a virtual classroom, personalized feedback, and a tutor certification program. To work with Tutor.com, you typically need to be a college sophomore or higher, or have a degree from an accredited U.S. or Canadian university.
- WyzAnt: Another platform for online tutoring, WyzAnt offers flexible scheduling and tutoring options, with a system that includes tutor search filters, student reviews, and ratings. This platform allows you to set your hourly rate, but service fees can be relatively high.
- Sylvan Learning: While it may have a more limited availability of tutoring jobs, Sylvan Learning is an established and reputable tutoring company offering services for a wide range of subjects. It focuses on personalized learning plans and progress tracking tools.
3. Freelancing: A World of Opportunities
Freelancing platforms such as Fiverr and Upwork are excellent for finding work that matches your skills. Whether it’s data entry, graphic design, or writing, these platforms offer a plethora of opportunities.
- Crafting Your Freelance Niche: Assess your skills beyond academics. If you have a knack for graphic design, writing, programming, or any other skill, these platforms can connect you with clients.
- Building a Strong Profile: Showcase your skills and previous work. Start with smaller projects to build your reputation.
- Time Management: Prioritize your tasks to maintain a balance between freelancing and your studies. Balancing freelancing with studies is key. Wise’s quick and straightforward transactions allow you to focus more on your work and studies rather than on managing finances.
Some of the more popular Freelancing platform includes:
- Upwork: Ideal for a wide range of freelance jobs from web development to social media marketing. It operates on a sliding fee scale, rewarding freelancers for long-term relationships with clients.
- FlexJobs: Specializes in flexible and remote jobs, including freelance, part-time, and full-time positions, across a variety of fields. It’s a subscription-based service known for scam-free listings and a money-back guarantee if unsatisfied within the first 30 days.
- SimplyHired: A job board that aggregates listings from around the internet, offering a wide range of freelance opportunities without the need for an account. It provides tools like a resume builder to help freelancers improve their chances of being hired.
- Guru: Focuses on a variety of fields including marketing, programming, and administration. It offers a secure payment system and allows freelancers to bid for projects. Membership plans enhance profile visibility and access to jobs.
- PeoplePerHour: This platform is excellent for freelancers specializing in content writing, logo design, and website development. It features an AI algorithm for job matching and allows freelancers to create custom service packages.
- Dribbble: A community for creative talents to showcase their work and find freelance opportunities, particularly in design fields like illustration, photography, and web design. Premium membership is required to access the freelance job board.
4. Balancing Work with Academic Responsibilities
It’s crucial to strike a balance between earning money and keeping up with academic work. Choose flexible jobs that align with your study schedule and don’t overwhelm you.
5. Exploring Creative Avenues
Beyond conventional part-time jobs and tutoring, consider other creative ways to earn money. This could include:
- Photography: If you have a passion for photography, selling your photos online or offering photography services for events can be profitable.
- Crafts and Art: If you’re artistic, consider selling your artwork or crafts online.
- Performing Arts: Participating in cultural events or performances can sometimes offer stipends or honorariums.
Key takeaways Balancing Budget and Lifestyle
Living on a budget in Boston demands discipline and smart financial planning. The key to financial stability abroad lies not just in cutting costs but in making informed decisions that align with your long-term goals through increasing your income. As a banker and former student, I can attest to the benefits of this approach.
