When do you see the need of planning finances as an ENGINEER?
As a student, though your parents may make major efforts to pay your college fees, you as a student would have to plan your finances. Right from paying for a paid seat in college vs a free seat to funding your fresher party ticket amount, your parents take care of it. The accepted culture in this aspect is ironical. When parents face this task of spending money, they crib yet pay for their children. Once it is paid somewhere a false ego of parents bloats and the act of paying for such merry gets justified. This note is for parents and students who want to state a difference and are ready to approach finances practically.
- Personal finances: Planning personal finances at college seems next to impossible. When we inspect into the money we spend on various things and prepare a log of it, we understand how much mismanagement of money takes place. Especially in urban India, youth are not introduced into the habit of recording expenses. However, inculcating this habit would prove purposeful and useful in your career days.
- Further education: The herd trend among engineers in India is that, after their engineering course, students either tend to pursue MS in a foreign country or get into a job. Irrespective of, whether you are following this trend or not, you need to plan your finances for further education which could masters in science, MBA or PhD as you proceed in life.
- Your future and Career: Most students who step out as engineers engage is different worlds and turn out to be something fascinating. Youth at this juncture are seeing dreams with eyes wide open. To fulfill these dreams you need to get into the habit of financial planning.
- Contingencies may manifest in any form. Sometimes they are harsh to handle. Spare some money aside to handle them boldly.
For your career, at a later time, you will feel that your world has expanded. You need more to survive. You opt to join a job to accomplish many personal aspirations as well as those coined with your family’s aspirations.
- Career learning: As you start your career, you would realize that the skill sets acquired at college are not enough for you to excel. With this realizations starts your second round of learning. This includes certification courses, management programmes and other professional courses. This again demands money.
- Living: In Indian culture children and parents are together irrespective of age. Now the trend has set in where girls and boys are building their mini forts by staying on their own to pursue their career in different cities. With this you become the owner of your life, which means you will have to pay for your living expenses like food, water, utilities, telephone and so on.
- Your family: One fine day you have to take complete responsibility of your family and that is the day you will be proud that this article prepared you to plan your finances. You family will demand your presence as well as your material assets. So watch out and preparing from today.
HAPPY FINANCIAL PLANNING!