Money management is an essential skill that can set the foundation for a stable financial future. For young adults, mastering this skill can be the difference between living comfortably or constantly struggling to make ends meet. Learning to budget, save, and invest wisely can be daunting, but it's a crucial step towards achieving financial independence and freedom.
Arsheya Chaudhry of the Vivekananda Institute of Professional Studies tells MintGenie in an interview about how she tries to discuss all her money matters with her parents and is keen on attempting to comprehend their financial strategies. She is a focused and hardworking law student, with her areas of interest lying in technology laws, intellectual property laws, as well as health laws.
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?
Money plays an important role in life. Without money in hand, it is simply not possible to imagine even a day. Money is a source of security and a means of achieving our goals and aspirations. It can be used to pay for basic necessities as well as for luxuries. For me, yes, it is an important factor when it comes to life decisions.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
As a college student, a major part of my money is spent on traveling. I would say 60 percent is spent on traveling to and fro from college and the rest on food and other miscellaneous items.
What are the things you want to spend money on?
I would rather spend my money on food and clothing. I also set aside some money each month for the purpose of saving.
Do you save money? If yes, how frequently and what do you do with this money?
I do, in fact, save money. Saving money wherever possible makes me feel financially secure. Every month, I try to save some amount from my pocket money.
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?
A job is something that can fulfill you personally, economically, socially, and professionally. The top two factors that I will consider when deciding on a company would be the work environment and pay scale.
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?
I've recently considered investing my money in order for it to become an asset later. If I set away a certain amount of money, I will maintain a portion in a savings account and the rest in mutual funds.
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?
I'd say I have a basic understanding of how to save and invest money. I learned from my parents and am currently learning about different methods to invest my money safely.
Do you follow social media influencers and follow their investment advice?
No, I do not follow any investment-related social media influencers. I like to seek such advice from my elders and specialists in this sector.
Do you talk to your mother or your father about money and learn from them or follow their advice?
Yes, I do discuss financial matters with my parents. I am in the process of learning from them and attempting to comprehend their financial strategies.