Just 19 years old, Nidhi Kosandal, found herself navigating the bustling streets and sky-high expenses of Mumbai. As a fashion student, she was passionate about her education but equally aware of the financial strain it put on her family. While her parents lovingly supported her, Nidhi felt a growing sense of responsibility to ease their burden.
Her journey took an unexpected turn when she started landing modeling gigs. Instead of splurging her earnings on luxuries, Nidhi made a conscious decision to save diligently. She cherished the newfound independence her own money brought, but more importantly, it taught her valuable lessons about financial responsibility.
Nidhi meticulously stashed away her earnings, always keeping her parents' well-being in mind. She knew that every rupee saved meant less pressure on them, especially as they neared retirement age. It wasn't just about securing her own future; it was about ensuring her parents could enjoy theirs without financial worries.
Each penny in the bank was a testament to her devotion and gratitude towards her parents, who had sacrificed so much for her dreams.
‘As a student, managing finances can often feel like a daunting task. Balancing tuition fees, textbooks, rent, and daily expenses can quickly drain your wallet. However, with a personalised approach and some savvy strategies, it's possible to navigate the financial waters of student life, while still saving for the future’, says Nidhi. Here’s her personalised guide to help students along their journey to financial stability:
Cook At Home:
Living in Mumbai, where the allure of street food and dining out is ever-present, I've learned the art of balancing my love for food with my budget constraints. Instead of succumbing to the temptation of eating out, I've found solace and satisfaction in cooking at home. Not only is it kinder to my wallet, it has also become a cherished pastime. There's something incredibly therapeutic about chopping vegetables or experimenting with new recipes after a long day of classes. It's my way of unwinding and expressing my creativity outside of the fashion world. Plus, the satisfaction of enjoying a delicious homemade meal is unmatched.
Embrace Second-hand Shopping:
As a fashion student, staying stylish is part of my identity. However, I refuse to compromise my budget just to stay abreast with the latest trends. Instead, I've embraced the world of second-hand shopping with open arms. From vintage boutiques to online marketplaces, I've honed my skills in finding hidden gems at a fraction of the price. Not only does second-hand shopping allow me to express my unique style, but it also aligns with my values of sustainability. Each pre-loved piece I purchase not only saves me money, but also contributes to reducing fashion waste. It's a win-win situation that I've wholeheartedly embraced.
Utilise Student Discounts:
One of the perks of being a student in Mumbai is the abundance of discounts available. From discounted movie tickets to special deals at local cafes, I make the most of every opportunity to save. Whether it's flashing my student ID for a discounted meal or taking advantage of promotional offers, I've become adept at stretching my money further. These discounts may seem small individually, but over time, they add up significantly, leaving more room in my budget for essentials and occasional splurges.
Bulk Buying
I've come to appreciate the importance of buying in bulk as a savvy money-saving strategy. My friends and I buy in bulk, whether it's groceries or household items. Buying in bulk not only saves me money, but also minimises the frequency of shopping trips, freeing up valuable time for my studies and personal pursuits. I've learned to scout for wholesale markets and discount stores where I can stock up on staple items at significantly lower prices than buying them individually.
However, it's essential to strike a balance and avoid overbuying perishable items that may go to waste. I've learned to plan my purchases thoughtfully, considering factors like storage space and consumption patterns to make the most out of buying in bulk.
By incorporating these personalised strategies into my student life, I've not only learned the value of financial discipline but also discovered creative ways to enjoy life in Mumbai without breaking the bank.