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Battling Burnout in High School

Published on February 12, 2022

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Battling Burnout in High School

Have you ever played the game of Jenga? For those of you who haven’t let me break it down for you. Jenga is essentially a game of skill and balance where there is a tower of 3 colours of blocks and in each turn you must pull out one block from the tower without making it fall. Balancing our high school life is almost the same as that. If you remove too many blocks the tower is bound to break and the remaining pieces will become unstable and maybe even fall down completely. Similarly if we use up every single block of our energy we begin to get overwhelmed, stressed and essentially burnt out !

Famous author Vanessa Autrey in her book on burnout says “We’re totally guilty of doing too much at once, all while trying to manage the noise in our heads that says we’re not doing enough.”

As a student, juggling between academic requirements, entrance exams, extracurriculars and  applications is not an easy process. We tend to get tangled in our own web of fulfilling responsibilities. Meanwhile we neglect the stress and are unable to cope with it while simultaneously maintaining our schedules. This vicious cycle is what causes us to burnout at one of the most crucial stages;  high school life. Burnout during this stage only creates a lack of motivation and puts us at a risk for complete exhaustion and hence an inability to work. One must try their best to break and avoid this cycle right from the start.

Owing to the pandemic, burnout got a makeover and is now called the inevitable “Zoom Fatigue.” Sitting in front of the laptop screen for hours at a stretch doesn’t just give you a sore neck but also a sore mind. The impersonal and one sided zoom lectures are a complete bore and the will to learn and focus begins to fade. We stop sitting for the clases, with cameras off even our mind is turned off and we only feel the strain when exams come and we realise there’s a lot to catch up on.

There are many simple ways to avoid or even combat this feeling of burnout. Read on to pick some easy methods on how to bring balance out of your daily schedule.

Practice Prioritizing Tasks :

There are endless tasks we have to complete every single day, but we only have 24 hours, so start by setting weekly goals instead of daily ones and order them in priority of completion. Now if I have 2 assignments, 1 quiz, a club event and a practice test to do this week it would make sense to tackle one task at a time. Trying to squeeze 4 different things into a single day whilst balancing a social life and school hours is nearly impossible. So instead pause, and introspect and delegate your time wisely.

Unwind  And Unplug :

With hustle culture becoming more and more prominent people forget to just stop, and take care of themselves. After a long day of studying it becomes important to keep aside some time just to relax and rejuvenate. Allotting hours in the week completely devoted to relaxation can really help alleviate the stress and cope with workloads better. This relaxation could be anything right from watching an episode of your favorite Netflix show , going for a walk , listening to music or even just lying down. Find your self care mantra and make sure you follow it.

Find Your Stress Buster :

Every one of us has that one thing which acts like a complete stress buster, it could be painting, running, dancing, baking the options are endless. Use these activities as outlets of pent up stress, frustration and even as a way to just refresh oneself. Break the monotonous routine of online classes and commitments and indulge. Creative expression is known to boost people’s mood, and serve as an effective way to deal with anxiety. Similarly exercise of any form is an immediate dopamine kick and is scientifically proven to increase productivity.

Put Off Procrastination :

When workloads are high and exhaustion is seeping in it becomes easy to delay work. More than often if an assignment is not due for 2 weeks we tend to leave it for the last minute and most of it is written under pressure. Endless procrastination is only going to build piles and piles of work which is left pending and we are bound to drown in it. So instead break your work into smaller chunks and finish a little bit everyday instead of leaving it all for the end. Procrastination only hinders productivity so be consistent and regular with work instead of giving into the temptation of delaying it.

Look At The Bigger Picture :

A lot of times we tend to take on tasks which don’t align with our future goals but are just added work. While it may seem like unless you do everything you are not doing enough, our body and mind cannot keep up with so much. So work backwards from your ultimate goal, your dream college or career and choose to spend your time accordingly. Now, if you are  aiming to become a financial analyst it’s not necessary for you to take extra classes in design and history. While doing things out of interest and for leisure are important we must consider time commitments. Cut down on things which are not of prime importance and focus your energy on what is best for you and is a clear stepping stone to your goal.

At the end of the day your future is in your hands. If you aren’t okay all the hard work you have been putting in all these years will be fruitless. So let’s break the pattern from just ‘eat sleep study repeat’ to ‘eat sleep study relax repeat!’

Each one of us has our own unique way of dealing with stress, we would love to hear that one thing which refreshes you on a tiring day.

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blog | 7min Read

Beginners Guide: Rules of Procedure you must remember for your first Model United Nations Conference

Published on December 22, 2021

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Beginners Guide: Rules of Procedure you must remember for your first Model United Nations Conference

Have you ever sat at a gathering, trying hard to get a word in while everyone else around you is excitedly conversing? Isn’t it aggravating?

While we may tolerate such scenarios when we are surrounded by those we consider close friends, applying this to a broader scale, such as the United Nations, uncovers a slew of issues, as talks without any legal framework can only lead to chaos. That is why we require procedural rules.

Nothing can get accomplished without structure at the end of the day. As a result, the Rules of Procedure (RoP) were developed to offer oversight over debates, ensuring that they are conducted in a respectful and secure manner. They may differ slightly depending on the MUN you’re attending, so it’s always a good idea to double-check the RoP Booklet provided by your MUN. But even if you don’t have that book, we can teach you some of the most important rules in today’s world, so continue reading!

The Basic Rules

Typically, a MUN can be divided into distinct segments of the debates, each with its own purpose in promoting a topic. The rules within these procedures change slightly because they perform differently.

Structurally you have:

1. The Opening Of The Debate

– Roll Call 

Isn’t it true that we all have to start somewhere? The Roll Call is typically used in Model United Nations to determine who is present and how many individuals are present. The Chairs are able to compute the requisite majority in procedural and substantive voting using this method. You can just say “Present” when you hear your country’s name. You can also say “Present and Voting” to add some flair to the conversation and show how serious you are about the topic being discussed. But watch out! This comes at a price. You cannot abstain from substantive votes if you use “Present and Voting,” which means you must actually have an opinion on the subject.

– Setting The Agenda

This approach may vary depending on your MUN. Before starting the debate, you may be given one subject to discuss, in which case this section is theoretically superfluous. If you have many topics to choose from, it will be up to you and the other delegates to decide which one to debate. You should be cautious with these things; based on your country’s policies, you may have a preference for one issue over another; consequently, you should make every effort to get the debate topic that best suits you off the ground. A motion is required to set such an agenda.

Raise your placard and wait for the Chair to recognise you. This is a general norm that applies to all aspects of the MUN debate (except for the unmoderated caucus). After being acknowledged, you state your country’s name and proceed to the top of the agenda to insert your favoured issue first. Always speak as if you are representing your country. There are no “I’s” allowed! It’s “we,” your country’s name, or “as Country Name’s representative.”

When there is no clear preference, some MUNs choose to hold a short discussion between the representatives of various specific topics. After a motion has been raised, the Chairs will call for a procedural voting process, which means delegates will not be permitted to abstain and will be required to vote. A simple majority is all that is required.

Hooray! The nations have been tallied, and a topic has been raised. The debate can now begin immediately.

2. The Debate 

– Opening Statements

Once a topic has been selected, each state’s delegate will give an opening statement in which they will quickly express their position on the topic in question, in alphabetical order. You can use your opening speech to: align yourself with like-minded countries to begin forming an alliance; and bring up specific aspects within the topic that your country is passionate about. This is your chance to shape the conversation in your country’s favour. As you listen to the other countries’ opening arguments, take notes to observe who is concerned about what part of the situation, and with whom you may find yourself in agreement or disagreement on certain themes. This can come in handy later on when you need to collaborate on Draft Resolutions with other Delegates. The discussion will then move on to the General Speaker’s List once this process is completed.

– The General Speakers List (GSL)

Within a debate, the GSL is effectively your default section. Chairs will set a time restriction for each speaker, and countries can then request to be added to the list, taking turns speaking in the sequence set by the Chairs.

If you were to raise the motion for a moderated Caucus in the GSL, you might seek to move the argument in the way you want it to go. This is your chance to look for those who will vote for you. Others may disagree, but they will be able to respond to you on the GSL within their time window. To join the GSL, wait for the Chair to ask who wants to be added to the list, then raise your placard and wait for them to recognise you. If you conclude your speech before your given time is up, the Chair may allow other Delegates to ask you a question, which you can then answer, you may let your time run out, or you may donate your time to another Delegate. What is the best option is entirely dependent on your tactical thinking.

– Moderated And Unmoderated Caucuses

While the GSL is primarily intended to facilitate general talks, there are instances when additional time is required to focus on specific issues, in which case an unmoderated or moderated caucus might be convened. Speakers in a moderated caucus must limit their speeches to the topic at hand. If a trend towards a given issue was already predicted inside the GSL, it may be helpful to propose a move for a moderated caucus on that topic (for a certain number of minutes, with a certain amount of speaker time). This is a chance to really shape the debate, and because many motions for multiple moderated caucuses are frequently presented at the same time, voting is required. Pro Tip: In most voting procedures, the longer motion takes precedence, and the secondary motion is only voted on if the first one does not receive enough votes. As a result, it’s not a terrible idea to make your own motion somewhat longer than the others’. In the MUN world, being tactical is crucial!

An unmoderated Caucus, on the other hand, is a whole different tactical game. For a period, conventional rules cease to exist within it, and one might engage in a freeform argument with no turns, points, or speaking time. You are free to wander about the room, get to know the other countries better, and negotiate and write your draft resolutions. This is where you look for cross-national cooperation and strive to build something based on shared ideals. A motion for this, like the moderated caucus, must be raised. Abstention is not possible because this is a procedural vote. The unmoderated caucus takes as much time as the period given allows.

– Draft Resolutions 

Draft Resolutions, oh my. The world’s biggest henchman in MUN. Having to prepare a document that follows its own set of rules, uses a specific sort of language, and is generally expected to be treated in a professional manner might make people want to flee. That’s understandable! Although the purpose of this post isn’t to teach you how to create a draft resolution, we always recommend conducting some study on the subject before getting started. Sure, you could always delegate the task to someone else, but it’s a well-kept secret in the MUN world that whoever is holding the laptop and typing the document is King.

What is a Draft Resolution, exactly? A draft resolution is a document that presents the suggested solution to the problem at hand and is designed to represent the perspectives and agendas of those who wrote and signed it. Once the arguments are over, it must have a certain number of sponsors who support it and will vote in favour of it. The number of sponsors required varies depending on the Council and the Chair, as well as the size of the Committee.

Once a draft resolution is completed, it should be delivered to the chairperson, who will ideally accept it, after which a motion to introduce it to the rest of the House can be made. After that, you must study the operative clauses one by one within a set time limit. After that, nations will be able to request changes to the clauses you’ve written. If no one objects to a modification within a clause, the amendment is friendly, and the clause can be rewritten accordingly. However, if a sponsor objects, the matter must be decided by a vote.

Amended clauses cannot be re-amended, so be sure you don’t have any objections to a change in your resolution.

3. Closing The Debate

The GSL must be closed before a draft resolution can be voted on, so one must either wait for the GSL list to finish or move the motion to end the debate. The argument will finish if two-thirds of the people agree and are in favour.

If there are many resolutions on the table, the committee will vote on the one that was submitted first, based on the serial number. As a result, it’s critical to act quickly in forming a committee and drafting a competent and well-worded Draft Resolution.

The Draft Resolution is then voted on by the Committee.

– Voting Procedure

Except for those countries who said that they are “present and voting,” the voting mechanism is a substantive vote. That is, everyone who indicated they were present at the Roll Call has the option of voting “Yes,” “No,” or abstaining. Furthermore, if you are a sponsor of the current resolution, you are not permitted to abstain.

Once the voting has been concluded. After a proposal has been approved, it becomes a committee resolution, after which the council will move on to the next item on the agenda. If it fails, the second proposed resolution will be voted on.

Now that you have all the tools to tackle a MUN, are you ready for attending the biggest Model UN collaboration in India between Big Red Education and Best Delegate?

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blog Personal Finance | 6min Read

How to Start Investing as a Student?

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How to Start Investing as a Student?

As you begin your journey in pre-school, you learn how to count numbers and in primary school, you learn how to add, subtract, multiply and divide. Over the time till high school, you are taught about various subjects, except one – finance. Did you have any classes on money management, savings, and investments? No! Result? 70% of young adults in India barely know the basic financial concepts. This is an alarming situation but you have the power to change it.

Do you know the key to successful investments? It’s a long time horizon! And being a student, you have that key in your hands.

But don’t start investing just because someone became a millionaire at the age of 21. Start investing to seek knowledge about the world of finance. You may or may not have a million dollars in hand by the age of 21, but you surely would have established good financial habits that are going to change your future.

So, where do you start from? And how do you start investing as a student? What is the best investment plan for students? Let’s find the answers to all these questions today!

Setting The Stage: From Saving To Investing

First things first- start by opening your own bank account. Make sure you choose a nationalized and trusted bank to keep your money secure. Such banks have various schemes and policies associated with operating a minor’s bank account and will help you understand the importance of money-saving plans for students.

According to a survey conducted by National Center for Financial Education (NCFE), about 88% of the respondents between the ages of 18-29 years have their savings in cash. That is an alarming figure!

Opening your own bank account is a no-brainer. It’s literally the first step towards financial independence. Having your own bank account can add some benefits to your bucket –

  1. Starting from basics, a bank account pays interest on your savings, and that adds up to your account balance over time.

  2. It’s an effective medium to start saving money and make investments directly through the account.

  3. As a student, you get access to numerous savings schemes, savings plans, investment plans for students  and other financial solutions to save money in the long run.

  4. It acts as a stepping stone for most money management practices.

Can I Invest In The Stock Market, Mutual Funds, Public Provident Fund (PPF), And Cryptocurrencies?

Yes and No!

Confused? Let us clarify this for you.

As per SEBI regulations, you can open a demat or a trading account in your name, but your account will be operated by your parents or a guardian till you become an adult. The minimum age to invest in stocks and mutual funds in India is 18 years. You cannot enter into a contract with a stockbroker to purchase or sell any security. Till then, your parents can buy stocks or mutual funds and transfer the securities, i.e. make an off-market transfer to your demat account.

For Public Provident Fund or PPF, your parents can open an account in your name and can invest a maximum of 1.5 lakhs per year. Only one of the parents can open a PPF account and they need to be an Indian resident. Later, they need to complete other formalities and submit an initial contribution to the PPF account. After the age of 18, you can start to contribute from your end.

On attaining adulthood, you can complete the legal procedures involved to change your account status from minor to major and start investing. So, the next time while taking pocket money from your parents, ask them to buy some stocks or start a monthly SIP in your name as the first step towards investment.

Finally, let’s explore the avenue of digital currency. These days, cryptocurrencies have become the talk of the town, with the lucrative returns they offer. While they are a great way to diversify investment plans for students, learning the nitty-gritty of blockchain technology and how cryptocurrencies work is paramount before investing in them. If you’re interested to learn everything about cryptocurrencies, check this article out right away!

The Power Of Compounding

Even if as teenagers you are short on money to make investments, you have one major beneficial element that many adults lack – time. Did you know that ‘compounding’ was referred to as “The Eighth Wonder of the World” by Albert Einstein, he further added, “He who understands it, earns it; he who doesn’t, pays for it.”

Another NCFE survey reveals that only 11% of respondents of the age-group 18-29 understand compound interest. Do you?

So, if you save Rs. 20,000 by the age of 20, it will grow to over Rs.10,74,000 if invested at just a 10% interest rate, by the time you turn 60. If you invest the same amount at the age of 30, it will amount to Rs. 3,97,000. And if invested at 40, it will amount to Rs. 1,47,000. Such is the power of compounding! So, early the investment, better the outcomes!

Set Short-Term And Long-Term Goals

It is crucial to set your short-term and long-term goals, and the money required to meet those goals before starting to invest. Short-term goals include saving for the weekend, side-business, presents for family, newly released electronic gadgets, etc. while long-term goals include college fees, higher education expenses, paying off education loans, etc. So, even if you start small today, you indeed are taking a big step towards your future.

Along with the stock market, and mutual funds, there are several other avenues like Sovereign Gold Bonds, PPF, digital gold, government schemes, etc. wherein you can invest as a minor. All of these investments would be operated by your parents or guardians till you turn 18. But an early start in the investment world even before you turn 18 provides you phenomenal advantages, and even your parents will agree to it.

Poor Knowledge = Bad Advice

Once you start your journey with investments, you are bound to hear assumptions and theories from your near and dear ones. But before you decide where to invest, it is extremely important to have a clear understanding of things rather than blindly following the myths.

  1. Do not just bluntly jump into investing without understanding the basics of the market dynamics. Educate yourself before investing. Seek the right resources to learn the basics of investment, understand market terminologies, and how the market works.

  2. Time in the market is more important than timing the market. Don’t expect huge returns immediately. Here, patience and consistency are key.

  3. Investing is not gambling! Investments improve the overall economy, while gambling gives money collected from losers to a winner.

  4. Don’t jump on the bandwagon. Just because a friend or a relative has invested, you too should invest here – that doesn’t always work! Do your own due diligence and make your analysis before making the investments.

  5. Try using a stock simulator before investing with real money. This will give a virtual experience of the market and determine if investing in stocks is for you.

Learn To Invest In Yourself

Being able to start investing at such a young stage, you have the flexibility and time to explore more about investments and learn from your success and failures. You have years to study the market and refine your investing strategies. As a part of the young tech-savvy generation, you have access to tons of online resources, platforms, investing tools, and techniques that will help you to improve your investing skills. Along with that, you can also refer to financial literacy apps, money management apps, books, and podcasts on finance to gain better expertise and confidence to invest.

Practically, there’s no easiest or fastest way to grow your money. Don’t fall into such traps. Adopt the ways you have learned in this article, invest in your time and knowledge, and grow your money.

So, what are you waiting for? Join us at Big Red Education and learn to invest wisely for a secure and reliable future.

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blog Money Personal Finance | 6min Read

5 Amazing Financial Literacy Apps for Money Management

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5 Amazing Financial Literacy Apps for Money Management

Not everyone around you is an expert when it comes to finance and money. People will tell you several answers to the question “What to spend money on?”, but often find it hard to answer the real question- “Where did I spend all the money?”

Did you ever observe how your grandparents used to track money, and how your parents are taking care of their finances right now? If yes, what’s the major difference that you’ve seen? It’s technology! They lacked the technical resources and technology to manage their finances. Your parents never got money from grandparents with just a few taps on their smartphones, and neither did they get the right platforms while they were at school to learn about money management skills. In today’s tech-savvy era wherein everything’s available right on your smartphone, why not choose the smart option to manage your finances as well?

Why Should You Use Apps For Money Management?

Just like the fitness app on your phone that shares data about your health, workout, steps walked, and other activities; money management or personal finance applications help you to track your expenses, savings and prepare you for the financial world. Such apps allow you to make better plans on what to do with your money, where to spend, how to invest, and much more.

Making a budget, tracking expenses, minimizing spendings, and investing are some of the good practices that make you financially smart. Many times, people often miss keeping a record of their transactions and struggle with their daily money management, thus creating havoc in the future. And in times like these, money management apps can provide us the necessary helping hand we need. Using financial literacy apps not only simplifies the whole process but provides you with great money management tips.

Time to get real now. Planning your finances and saving money for your retirement plans right in your teenage years seems a little boring, right? Wrong! Handling personal finance can be super interesting and we’ve got it covered for you! Let’s have a look at some of the best financial literacy apps that would help you become financially smart at an early age.

The 5 Amazing Apps You Need To Download Right Now

Before we start, here’s a quick riddle for you – “If money really did grow on trees, then what would be everyone’s favorite season?”

Still scratching your head? The answer is hidden in the article, all yours to find it! But let’s start with the 5 apps first –

1. Walnut

Walnut allows complete money management by automating your monthly transactions, expenses, and income. It analyzes your transactions through SMS, online billings, bookings,  etc. The app provides utmost visibility with auto-categorized transactions and helps you to stay within your budget.

Another amazing feature of Walnut is that you can split shared expenses with friends and tell you how much you contributed and how much you owe. You can also export your information and create expense reports in no time.

2. YNAB (You Need A Budget)

YNAB allows you to visualize your spending and progress with budget reports. It securely links your bank account giving you a complete overview of all our transactions. Another great feature of this app is that there are no ads at all, and has an auto-renewable subscription model.

With this best budgeting app, you have real-time tracking of your financial goals, modify and share across with anyone. It has an inbuilt loan calculator as well that gives a complete picture of interest and time to pay off the debt. According to YNAB, users save an average of $600 by their second month and more than $6,000 during their first year.  

3. Wallet

Through Wallet, you can gain full control of your finances and easily track your spending, budget, and save more money. With continuous financial insights, you can dive into weekly spendings, manage debts, and plan for future money management by centralizing all your financial needs.  

You can simply choose a template of your choice and customize your budget, view the upcoming payments and how they will impact your cash flow. Wallet helps you avoid overspending with predictive alerts, and stay in complete control of your credit. 

According to a BusinessWire study, 83% of the people that set financial goals, feel better about their finances in just a year. Try it for yourself – your goal could be your favorite watch or your dream college. Start working towards it right away!

4. FinArt

FinArt is money management and tracking app that gives you monthly bill reminders and can be used together with your family. Yes, you can avail 5-day free trial and then subscribe for as low as 799/year. One of the benefits you get with this app is that of a Family subscription that allows you to use this app for 2 devices, and a Business subscription that helps you manage business accounts separately. 

As soon as you download the app, it crawls through your SMS data and compiles all the expenses on one screen. You don’t have to spend hours remembering where you spent money – the app does it all! How cool is that?

The app categorizes your spending patterns, sets a budget for every category, and has a remarkable privacy setting to protect your data.

5. Monefy

Monefy is an easy, efficient, and user-friendly app that helps you with daily budgeting and expense tracking for excellent money management. It compares your expenses with the monthly income and shapes them accordingly to help with savings. 

Not just that, but it provides a detailed overview, handy widgets, and records. You can sync your Google Drive or Dropbox safely and protect your data with a passcode.

And here’s the answer to the riddle – ‘Fall’! Did you guess it right? How about you test your friends with this one?

Things to Consider before Downloading Financial Literacy Apps

Today, there are plenty of apps available on the internet related to personal finance, money management, financial literacy, and more. But before you choose and start using the right one for yourself, here are a couple of things we suggest you consider:

  1. Download the app only from secured sources like Google Play Store or Apple App Store. Make sure to not click on unverified links and download from any unsafe source.
  2. Check if the app is free or charges the users to access its features. If it has in-app purchases, make sure that it provides safe transaction options. 
  3. Check the app user interface and see if it’s user-friendly and has a good number of beneficial features.
  4. Ensure it is from a reliable source, and be careful about any personal data such as contact details, photos, emails, messages, etc. on your phone.

Final Thoughts

Not just for managing your money, these apps provide newsletters and information about other financial resources that will help with budgeting, saving, investments, and much more. Each platform is different and has extensive features of its own, but their ultimate goal is the same- making the end-user financially literate and instilling money management skills. 

While we have listed out some of the best financial literacy apps for students, there are plenty of others out there as well. So, all you need to do is do some research on the apps that pique your interest and choose the right one that ticks your boxes for money management. 

Will downloading and using these apps make you financially literate? Certainly not. It’s just a part of the process and there is a lot more to explore and learn to call yourself that. So, stop procrastinating about it when you can do it now! Head over to the other insightful articles in this section and discover more about the world of finance right away or simply join our student financial literacy course to become an expert.

 

 

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blog Personal Finance | 5min Read

Why is Financial Literacy For Students a 21st Century Skill?

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Why is Financial Literacy For Students a 21st Century Skill?

High-school years are undoubtedly some of the most crucial years of your life. It sets you up for all your future endeavours and also outlines success in the coming years. As you pave your way in the world, you realize how finance drives almost everything around you. Yet student financial literacy has continued to be the most disregarded topic over the years. As a result, we see news headlines like “Indian banks saw a 142% increase in student loan defaults during a period of just over three years.”

Financial Literacy Vs. Young Adults

Before you process the significance of money management skills for students, let’s have a quick exercise and check how much you know about money already. Take your time to solve this crossword and come back to understand why financial literacy can be the most lucrative skill for you to acquire in 2022!

Pro tip – Share the crossword with your friends and see who solves it first!

Without further ado, let’s find out the story of a 22-year-old software engineer, Viaan. Smart and intelligent, Viaan has always been one step ahead of his peers. Completing high school with exceptional scores, graduating from one of the best colleges in the world, he has fast-tracked his way into the professional world with one of the best IT firms in the world. He’s minting money while enjoying a great lifestyle. Sounds perfect, doesn’t it?

However, the facade of this perfect life breaks into truth when Viaan realizes he has no time or money to invest in himself, his passion project. So today, in spite of having a strong source of income, he is finding it difficult to manage his daily finances, let alone save up for his entrepreneurial dreams. The flame in his heart, of becoming financially independent early in his career and doing something on his own, is now flickering.

In this story, if you notice carefully, Viaan is not entirely wrong. He has equipped himself with some of the most sought-after 21st-century skills which made him employable as well as capable enough to work on his entrepreneurial ideas. But all these skills couldn’t help him learn how to manage the money he was making. Imagine owning a PS5 but not knowing how to use it! Who would want themselves in a situation like that?

Why Should You Learn Money Management Tips So Early On?

If you think Viaan’s story is an exception and he might have been the only person indifferent towards money management skills, you might be wrong. How to save money as a student is rarely on top of the minds of our young adults. The All India Financial Inclusion and Financial Literacy Survey revealed that merely 26% of the students in the adult population could cross the minimum threshold score when evaluated across different components of financial literacy. Before you scroll down, read that again!

What difference can student financial literacy bring into your life? A lot of you who are reading this might not even be an adult yet. Do you still need to worry about financial literacy?

Let’s break this down through these 5 pointers –

1. Manage Money And Do Budgeting

The first time Viaan received his internship stipend, he spent it all on his science project for the next term. Had he kept a track of his income and spending, and developed a plan to satisfy his goals back then, the same practice would have helped him today.

Budgeting is a basic money management skill that you can adopt today. Observe the incoming and outgoing flow of your money. Set your goals and adjust your savings and expenditures accordingly, to be able to achieve the target. Do it for a week, extend it to a month, and watch it become a rewarding habit as you grow.

2. Become Smart And Financially Independent

Nothing is as cool as owning an enviable skill that works for you, even when you’re sleeping. Some of the smartest minds on Earth are ready to pay loads of money to people who can help them manage their assets. This is only because they found out the way to earn money, not to manage it.

Building a new skill is a step-by-step process. Today you’ve picked up this article, tomorrow you might pick up a bestseller on personal finance. You just need to start!

3. Improve Financial Discipline And Capability

Your parents would always be there to support you financially. What matters is how soon are you ready to become financially capable enough to support your own dreams, and perhaps, some of theirs too!

How difficult is it to give up on one of the night-outs and dine-in instead? How challenging is it to save a little extra money to fund your next big purchase? Think about it and bring change.

4. Increase Your Self-Confidence And Fulfill Your Dreams

Being financially literate builds your arsenal to fight the cons of the real world. It can give you an edge you never thought you could have. Small-yet-smart financial decisions can pave the way for your big decisions in life. Be it the dream tour or the coveted university, every milestone becomes achievable if you start early.

Use a personal finance management app and set up a goal with the time you have to achieve it. Chalk out a plan and follow it religiously. Your future self will thank you!

5. Start Investing Right Away

The fact that early investments can make your portfolio multiply over time, is no stranger. What you need to know is that you can learn and start investing in some financial instruments, even before 18 years of age. On top of that, you can always add your own share to your parents’ portfolios. To learn how to start investing as a student, check this out! <add link to the blog ‘How to Start Investing as a Student?’ here>

All you need to do is, look up resources on the internet and start learning. Observe the market fluctuations, understand the various financial instruments, curate your analyses, and make sensible investments.

Going Forward

By now, you must have realized how financial literacy can outplay most of the other 21st century skills one can possess. Of course, all other skills have their own importance in different stages of your life and career, but money remains a constant.

Most 11-year-olds would spend their pocket money on toys or video games. The kid who decided not to do so ended up creating a fortune of a lifetime! Not everyone can be Warren Buffet but what’s stopping you from trying?

Watch this space for more insightful pieces that can be the game-changer for your financial decisions. Kickstart your financial literacy journey with us today!

Answers to the crossword:

Across: 2. BORROW; 3. SPEND; 6. ECONOMY; 8. WANT; 9. NEED

Down: 1. DONATE; 2. BUDGET; 4. JOB; 5. SAVE; 7. MONEY

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