Any tips for creating passive income as a student?

I am a full-time student, living independently in central London, struggling to find part time work and so my monthly income is currently 0. I don't have any support from family or anything like that so I suffer from financial anxiety. I live off of my current account in which I have money from my previous maintenance loan. I don't pay rent as my scholarships covers rent and other utility costs until late next year, to which my contract ends. My monthly expenses are around £800, I am trying to cut down on unnecessary expenses. I am waiting for my maintenance loan, and the total for that should be around £12,000 (it comes in installments). I have also applied for some grants within my university, if approved I could get anything from £1k - 3.5k this year, but that totally depends on chance.

That aside I've been looking small risk investments/ interest savings account to boost my monthly income. I have around £1,800 in emergency funds in another bank, but the interest rate on that is really low: 1% AER/Gross p.a. (variable). 

What are some other ways I can use this money in a productive way or what other ways accounts would you suggest I open? I want to create some small passive income every month with no monthly fees. I just don't like the idea of my money being idle whilst inflation just eats away at its real value. I don't mind small long term investments as I plan to stay in the UK at least by 2025.

 Any advice would be much appreciated.
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Comments

  • Roz81
    Roz81 Posts: 14 Forumite
    First Post
    It's not passive - but as a student I used to give grinds.
    You can earn some serious cash dishing out grinds to school kids.  Especially if you group 2 or more together for one lesson.

    I studied languages in uni so was able to give lessons to kids studying French and German in exam years.  Cash in hand

    B)
  • Roz81 said:
    It's not passive - but as a student I used to give grinds.
    You can earn some serious cash dishing out grinds to school kids.  Especially if you group 2 or more together for one lesson.

    I studied languages in uni so was able to give lessons to kids studying French and German in exam years.  Cash in hand


    Apparently this is an Irish expression meaning private tuition, rather than the American producer of coffee pouches
    Oh, I thought he was talking about a different kind of pot
  • dcfc67
    dcfc67 Posts: 399 Forumite
    First Anniversary Name Dropper First Post
    to get an easy £250 get a Revolut card and refer 5 of your friends/other students. i'm sure they will meet the t & c's very quickly
  • Matched betting do thorough research first it does work.
  • Langerhan
    Langerhan Posts: 107 Forumite
    First Post First Anniversary Name Dropper
    What's in the £800 monthly expenses?
    Mortgage start date: 01/10/2021
    Original mortgage debt:
    £128,000
    Remaining debt (08/04/2024):
    £97,427
    Daily interest: £3.28
    Mortgage debt end of 2023: £101,528
  • serena9
    serena9 Posts: 108 Forumite
    First Anniversary Name Dropper First Post Photogenic
    DD was a private tutor when she was at uni and was earning £70 per hour per child and that's not in Londonor a major city, she got extra work through word of mouth and was able to give up her part-time job in retail and work less hours overall.
  • Highly recommend matched betting. The glory days are over but its still worth doing just to hit up all the bookies sign up offers (an easy £800ish in a couple months)
  • You know the best lesson my father ever gave me was not to gamble. He did it in a rather unorthodox way though. He used to gamble, he really enjoyed it but, he lost. He lost time & again, he lost a lot of money. From that I learned that gambling is not just high risk, it's higher risk than many other ways of making money. 
  • You know the best lesson my father ever gave me was not to gamble. He did it in a rather unorthodox way though. He used to gamble, he really enjoyed it but, he lost. He lost time & again, he lost a lot of money. From that I learned that gambling is not just high risk, it's higher risk than many other ways of making money. 
    If you are referring to matched betting, it is not gambling. You use bookie's promotions to make money. You make profit no matter what the result of the event is.
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