Money can buy you the tickets, but the journey is something you earn, believes student Jiya Assija

Financial education is of paramount importance in today's world. It equips individuals with the knowledge and skills necessary to make informed financial decisions, manage money effectively, and plan for their financial future.

Jiya Assija, a third-year undergraduate student of Kirori Mal College, University of Delhi tells MintGenie in an interview about how having a job typically means having employment that provides an individual with an opportunity to contribute their skills, knowledge, and time in exchange for compensation.

She has held positions such as Vice President, Operations and Outreach Director, and PR Head at The Mathematical Society of her college, 180 Degrees Consulting, and Du Buzz, respectively. Furthermore, she is a national level yoga champion who loves to do everything with great zeal and enthusiasm.

Edited Excerpts:

What does money mean to you? Is it the most important factor when it comes to your life decisions like what to study, career and so forth?

It is often said, "Money can buy you the tickets, but the journey is something you earn." In my perspective, I do not consider money as the most dominating factor when it comes to study, career, etc. Hard work is the key. For instance, owning black money through illegal means won't bring real joy, as the money earned through blood, sweat, and hard work will.

From my viewpoint, money serves as a means to achieve financial security, pursue passions, and fulfill dreams. It sometimes plays a role in my life decisions, such as choosing what to study and my career path.

Financial stability and independence rank among the most important factors influencing these decisions, allowing me to ensure support for myself and my loved ones while enjoying a comfortable lifestyle. However, while money holds significance, it is not the sole determinant. I also consider my interests, passions, and values to strike a balance between financial security and personal fulfillment in my choices.

What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?

As a student living in a paying guest accommodation, apart from home, it's essential to budget wisely and prioritize expenses to manage finances effectively. Here’s an approximate percentage of my expenses:

Accommodation: Approximately 40-50% of the budget might go towards paying for PG accommodation, including rent, utilities, and other related expenses.

Food: Food expenses can take up around 25-35% of the budget. This includes meals, groceries, snacks, and occasional eating out.

Education: Roughly 10-15% of the budget might be allocated to educational expenses, including tuition fees, books, stationery, and other academic materials.

Transportation: Transportation costs, such as public transportation or fuel for a vehicle, could make up about 5-10% of the budget.

Personal expenses: This category may cover various miscellaneous expenses like personal care items, entertainment, and leisure activities, accounting for around 5-10% of the budget.

Savings: It is essential to set aside some money for savings or emergencies, which could be around 5-10% of the budget.

What are the things you want to spend money on?

In terms of my decreasing order of preference, I would prioritize spending my money on various aspects. As a self-proclaimed foodie, undoubtedly, food would be at the top of my list. Next, I would allocate funds for clothing and personal care to maintain a well-groomed appearance. As a book lover, purchasing books would also be among my priorities.

For leisure and entertainment, I would set aside some funds to enjoy activities such as going to the movies, attending concerts, sports events, or spending quality time with friends. Additionally, I would consider allocating a portion of my budget for health and fitness to ensure a balanced lifestyle.

Lastly, my list would include technology and gadgets, as they enhance convenience and productivity in my daily life.

Do you save money? If yes, how frequently and what do you do with this money?

Yes, I do save money. There’s no particular time duration for my savings, but for example, I was recently awarded a scholarship, and I saved that by investing in fixed deposits, mutual funds, and stocks as well!

One more method I follow is setting a daily target not to spend more than a certain sum of money each day or for the whole month. This is a great trick that helps me in my savings. Apart from that, I don’t use my savings for now, as I believe as a 20-year-old student, there is no point in spending my savings at this early age.

What does having a job mean to you? What are the top two factors you will want to think about when deciding a company to work for?

Having a job typically means having employment that provides an individual with an opportunity to contribute their skills, knowledge, and time in exchange for compensation. It also offers a sense of purpose, routine, and personal growth. When deciding which company to work for, the top two factors I might prioritize are:

Company culture: It's essential for individuals to find a workplace culture that aligns with their own values and allows them to thrive professionally. Factors like work-life balance, opportunities for growth and learning, collaboration, and employee well-being play a significant role in determining if a company's culture is a good fit.

Career growth and opportunities: I often look for companies that invest in their employees' growth through training programs, mentorship, and the possibility of taking on challenging and meaningful projects. The potential for career growth and advancement within the organization can be a crucial factor in deciding which company to work for.

What do you think about investing your money? If you have a certain amount of money set aside, will you want to invest it in the stock market, mutual funds, or do you just keep it in your bank savings account?

Investing money is a way to potentially grow wealth over time by putting it into various financial instruments with the expectation of earning a return. Different investment options come with varying levels of risk and potential returns.

As I’m a stock market enthusiast, I would prefer to invest some amount of money in it and some in usual bank savings. Before making any investment decisions, it's essential to conduct thorough research or seek advice from financial advisors to understand the risks and potential returns associated with each investment option. Each individual's financial situation is unique, so the choice of investments should align with their specific goals and risk tolerance.

Do you think you have an understanding on how to save and invest? If yes, how did you learn? If not, are you trying to learn?

Indeed, I have gained a comprehensive understanding of saving and investing, acquiring knowledge from bank associates, elders in my household, and the vast resources available on the internet. This diverse learning has equipped me with valuable insights to make informed financial decisions.

Do you follow social media influencers and follow their investment advice?

Yes, I follow social media influencers and seek their investment advice. Some of them include Ankur Warikoo, Lyn Alden, Vishal Khandelwal, Prateek Singh, CA Rachana Phadke, etc.

Do you talk to your mother or your father about money and learn from them or follow their advice?

Parents are great mentors, and mine are no exception, especially when it comes to learning about money management, budgeting, investing, and other financial matters. Both my mom and dad own a business, so I love to learn from their vast knowledge of finance.

It is recommended to first allocate money to savings every month before spending.