scorecardresearchI make sure I keep a strict check on my spending and savings, says Sana

I make sure I keep a strict check on my spending and savings, says Sana Muti of IIT Delhi

Updated: 07 Aug 2022, 05:04 PM IST

In order to comprehend what money means to today's youth in a growing world, this series explores students and young working professionals and their perspectives on money and finance.

Money is necessity as well as luxury, says Sana Muti of IIT Delhi

Money is necessity as well as luxury, says Sana Muti of IIT Delhi

If financial independence is your objective in adulthood, saving money is one of the fundamental building blocks required to make that dream a reality. One of the key components of accumulating wealth and having a stable financial future is saving money. You may avoid many difficulties and barriers in life by setting away money in a disciplined manner. It can help you in times of need and make sure your family has resources to fall back on in case something unfavorable happens.

We seek to get opinions from students and young professionals on saving and investing in an effort to better understand what our youth believe about these significant terms. Sana Muti, Program Manager at Rancho Labs, IIT Delhi tells MintGenie in an interview about why she will prefer low risky investment options while investing.

Being an economics graduate, she never stopped the curious kid inside her to explore different fields and roles to help her enhance skills and create new ones. She describes herself as a very adventurous person who loves to explore the world from her own eyes and take on every challenging activity that comes her way.

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?

Although it is essential for our existence and way of life, money is what I personally associate with luxury coming from a middle-class household. My family makes enough money to meet all of my needs, but when it comes to my wants, I have to take a step back and consider them. I have recently started working, therefore I'm not yet financially independent as a professional.

Money is one of the most important factors when making life decisions like what to study and where to study because courses abroad are too expensive for a middle-class person to afford even if we exclude skyrocketing living costs for a while. I can't even imagine applying to the top universities even though I might have the potential to get admitted.

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

More than 60 percent of my pocket money is spent on travel which includes traveling back and forth from, 20 percent saving and remaining 20 percent on other miscellaneous like food and shopping. However, I make sure that I keep a strict check on my spending and savings as I believe small proportions of savings every month will help me as my emergency fund.

What are the things you want to spend money on?

I like to spend my money on outings with my friends and family or spending a small proportion on cheat meals. Eventually when I become financially stable I would like to spend on me and my family's luxury and desires.

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

Yes, I have always had the habit of saving money and spending as less as possible. I don't have a set amount to save each month, but I do attempt to save a portion of money whenever I receive cash as extra allowance. I just recently began working, so perhaps I'll be able to increase my monthly savings soon.

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?

As a fresher, job does not mean a source of livelihood for me. It is a place to explore my potentials and grow with every passing day. The two most crucial things I look at before choosing a firm are its rate of growth and the opportunities it presents to me. Do I see a growth curve in the business, or will it just be a routine working day every day? That's what helps me decide.

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 always been fascinated by the idea of investing and will choose to do so whenever I can. But even if I get a low rate of return, I think less risky investments are better for me because stability and security are of great importance. Additionally, I have very little knowledge about stocks, so I won't invest without adequate research.

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?

Yes, I do have limited understanding on how to save and invest, however it's not adequate enough to start investing yet. I have gathered the fundamentals and basic knowledge of the same from my graduation degree, friends and family.

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

I don't follow social media influencers for investing or financial advice. I always attempt to verify the veracity of any financial tips I find on social media. Furthermore, I enjoy reading articles or other trustworthy web resources.

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

My father informs me every time he makes a financial decision and keeps me in the loop so that I can learn from him. Apart from him, my brother is very enthusiastic about investments and regularly does the same, so I try to grasp as much knowledge from him as I can.

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First Published: 07 Aug 2022, 05:04 PM IST