Saving money at an early age is an immensely beneficial habit to possess and can be a great asset for the future. It is of paramount importance to start budgeting and setting aside resources at this age to secure a financially sound future. Accumulating Saving money at an early age is an immensely beneficial habit to possess and can be a great asset for the future. It is of paramount importance to start budgeting and setting aside resources at this age to secure a financially sound future. Accumulating savings can prove to be a great boon, as it can help in times of emergency or can be used to purchase assets and items of necessity.
Shreya Singh of Warwick Business School, England tells MintGenie in an interview about how money is a strong motivator, and when used correctly, eventually can become a source of security, stability, and freedom. As an MSc Finance and Economics student, she aspires to work in a public policy committee, especially in the monetary policy where she can showcase and discuss her ideas and learnings that she has acquired throughout the years.
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?
Money, for me, is the value of every time passing by. The amount of time we spend on improving the value of ourselves, in terms of skills and abilities, and how happy and satisfied we are with yourself. Money is a strong motivator, and when used correctly, it can be used to achieve great things and eventually can be a source of security, stability, and freedom.
What do you spend your money on every month at the moment? Can you give a breakup in percentage terms?
Being an international student in UK, the living expenses are quite taking a toll on my budget owing to the using inflation rate. My monthly budget is mostly around £270, which is approximately ₹27,000. It includes my daily travel to the university by bus, eateries, groceries, mobile recharge bills, and other miscellaneous expenses. The majority of the daily budget goes into groceries and eateries.
What are the things you want to spend money on?
If I could spend without worrying about a budget, I would want to invest my money on food and travel. Eating is a great way to explore different cultures and cuisines, and it's something that I enjoy immensely. Traveling is equally exciting and allows me to discover new places and experience different cultures. Both activities bring me immense joy and allow me to broaden my horizons.
Do you save money? If yes, how frequently and what do you do with this money?
Yes, I do save money if I have my priorities set up for my future. One should always go for some sort of precautionary savings so that one does not struggle in the future. Prioritising savings over consumption is the best way to ensure financial stability. It may require some sacrifices in the present, but it's worth it for the peace of mind it brings.
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 makes me financially and professionally independent. It values the abilities and skills that I have acquired over the years. It also helps me to shape my learning potential and bring a better version of myself. While applying for jobs, I look at the suitability of the role in terms of my interest, the job location, the paycheck, and other benefits that the firm gives to their employees.
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 believe in the diversification of funds since it reduces the risk in the volatility-driven world. Being a student, one cannot afford to put their bet on the stock market instruments. I kind of prefer intra day trading since it requires a low investment amount at the initial stage. Apart from that, my father also suggests to put money into a PPF which is a good bet on long term investment.
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?
As a Finance and Economics student, I have gained an understanding of consumer behaviour when it comes to their financial decisions. Through my studies, I have learnt about the psychological processes that influence how people approach money, the factors that can impact their economic decisions and the role of financial institutions in providing financial advice.
Do you follow social media influencers and follow their investment advice?
I enjoy keeping up with leading influencers and industry experts on social media. Following their posts and insights helps me stay informed on the latest financial market updates. Through their advice and case studies, I gain a better understanding of existing policies and regulations that can save me money and time. I also appreciate the tips and strategies they offer to help me make more informed financial decisions
Do you talk to your mother or your father about money and learn from them or follow their advice?
I do discuss with my father and seek his advise on long term investment. I really enjoy discussing with him since it assures me of a safer future.
