Managing expenses within ‘budget’ is a puzzle for the grown-ups and for young adults it is almost unmanageable given the wide gap between the wants and the flow of money. Neither they are experienced to use the money judiciously nor do their wants dry up when there is a shortage. So it’s always a struggle for them, and those who manage to strike a balance between their wishes and the pocket money can actually go onto become experts in money managing.
Now where is all this money spent and what on? Majority of the students agree on food and say that they spend most of their savings on Junk food. “I spend at least Rs. 200 a day on junk food”, says a student.
If it’s not food, they claim that they spend money on recharging their phones. “When I make my monthly budget, Rs.300 is kept separately only for my phone expenses”. Apart from food and Mobile expenses, their cash flow also is directed at leisure and travelling.
Despite the fact that these young adults know where and how they fritter with their allowance, they inform that most of their expenses are inevitable. “You can’t avoid films with friends or a visit to the parlour,” says Spandana, a B.Tech student. Many feel the spending is directly related to the group of friends one moves with. “We need to be cautious while moving with well-off friends. If we can’t control our spending it’s better to avoid visits to the cafes or malls with them. We can always catch up with them at the college canteen. Not everyone’s parents are rich,” she says.
Students agree that girls are bit smart in managing their pocket money though they feel they need more money than boys. “Our visits to beauty parlours are must apart from travelling in autos. Boys can manage without these while expenses for films, food and clothes are common to both. Some are very good at judicious use of money and their tips are productive enough”. “Save up. Once we have a lot of cash in our hand, we obviously want to spend it away. Saving even some of it is helpful”, claims Aarti, a student.
Other students, on similar grounds, feel that not having superfluous cash is the solution. “You tend to spend unnecessarily when you have a lot of money on you. When going out for a particular purpose, we should see that adequate or a little more is carried. Carrying a large amount of money might just get us feeling guilty later”, says Riddhi.M, a student of Bhavans College.
Students assert that if a proper budget is made with the help of parents and adhered by, it becomes easier to recognize the expenses.
Keywords: money management