What are some must-know financial tips for students? - Letsdiskuss

Kanchan Sharma

Hindi Content Writer | Updated 24 Jul, 2018 |

What are some must-know financial tips for students?

Preeti Taneja

Entrepreneur | Posted 08 Jul, 2018

“शौक तो मां-बाप के पैसों से पुरे होते थे,
अपने पैसों से तो सिर्फ जरूरतें पुरी होती है। ...!!!”

These lines from some Hindi poem that I can’t recall the name of very well highlights how teenagers and adults see money differently. And I wish I would have read that when I was in school or college.

Spoken from the purview of a grown-up, these Hindi lines loosely translates….

Back then, wishes/luxuries would only get fulfilled with the parent’s money. With our money now, we can only afford our necessities.

Within these lines lie seamless wisdom of finance for every student out there. Yes, it’s emotional and preachy but also incredibly practical, highlighting the importance of money.

Keeping that in view, here are some important financial tips for students that every school and college goers MUST know:

I. Don’t EVER feel sorry for your financial status… as long as you’ve got satisfying amount of food on your plate. Remember, about 3 million children die each year because they don’t get enough to eat. So, you’re literally in better condition that billions of people out there.

II. Never compete with your peers in show-off… yes, it could be a big challenge in school and college where your friends would boast expensive clothes, accessories and extravagant party-life. But try no to compete with them over financial status. Intelligence, bravery—compete with them in these areas, not in money.

III. You don’t require an iPhone… don’t get ***** in a pool where owning an Apple product touts your social status. Stick to phones that you require and not phones that others want to have. Be a person of values. Say goodbye to materialism.

IV. Avoid expensive stuff… why do you need a Rolex when all you need is see time? You can do that in a much affordable watch. Why do you need to eat in a 5-star restaurant when all you want to feed on is appetizing food? Nothing can beat the taste of street-side puri-tarkaari and golgappa.

V. Vehicles isn’t a mean of luxury… It’s quite surprising that guys these days treat bikes and cars are something luxury and an indicator to social status. In reality, weren’t these things of necessity? So, unless you require one yourself, don’t buy any vehicle. Yes, slow at times, nothing can beat the convenience and fun of public transport.

VI. Understand the struggles your parents go through… just to afford your pocket money, fulfil your dreams, and teach you. Appreciate their hard work. Don’t take what they are doing for you as granted. Take a page from their books to learn a thing or two about hard work and finance.

VII. Invest (a lot of) money in books… as important as it is, it’s quite saddening that reading has become one of the last priorities for students today. Don’t be one of them. Invest your money in books. Consume more stories and information. The impact this will have on your future and financial well-being is unparalleled. Personally, I think this is one of the best financial tips for students.

VIII. Learn to save… the pocket money you get isn’t luxury. You don’t have to hit clubs every week. You don’t need to eat in Pizza Hut every other day. You don’t have to purchase expensive apparels for every occasion. Cultivate a habit of saving.

These are 7 important financial tips for students that every school and college goers must know.