How to maximise your pocket money

Here are few tips for saving and spending pocket money

Times of India

17th September, 2015 09:34:49 printer

How to maximise your pocket money

With college life already in full swing, something that every college goer agrees about is their tryst with pocket money . At times when everyone has a smartphone, branded apparel, cosmetics and latest gizmos, being in the state of perpetual cashlessness is a common malady.


We lay down some of the most regular purchases that collegians blow up their money on and offer some handy tips to save up some moolah without having to compromise on the fun times. For Priyanka Maheshwari, spending her pocket money wisely has been her mantra all along her college days, "I get around `2000 as my monthly pocket money and make sure that I save most of it. I prefer a car pool, as it saves money and fuel.Though I like to shop for clothes and accessories, I accompany my mom as she handles those expenses. However, as a foodie I indulge in various kinds of street food along with my friends where most of my money is spent.But I end up saving `600-700 and use them to buy novels - mostly online or on sale and painting materials as I'm learning to paint."


For Devesh Gupta, it seemed like the sky was the limit but he had his own ways of saving money to buy gadgets close to his heart and within his budget. "There were never any restrictions when it comes to pocket money , but I made sure that I saved money for future expensive purchases. On a monthly basis I used to get between `3,500 and `4,000 and was also given a debit card incase of any emergency . Whatever savings I do from my pocket money goes into that debit card. Although shopping is parent's department, I spend most of my money in eating out, partying and movie with friends. With hookah joints introduced in the city again, part of my pocket money goes there too. Whatever money I end up saving goes in my debit card, which I use to buy gadgets during online sales."


While many believe in the concept of saving up money to buy things that vary from gifts for someone special or clothes, novels to expensive quality gadgets, for fitness enthusiast the money that they save goes in buying fitness supplements. "I get roughly around `4000 pocket money , which is mostly spent of food, parties, movies and fuel. But I make sure that I save at least 30-40% of it as I buy fitness supplement products," asserts Taksh Rawal.


While the pockets of many of these youngsters are filled with loads of moolah, they make sure to save a substantial amount for future purchases."With the city bustling with many events and thriving on many cultural events, asking money from your parents can become tricky . So if I'm aware of any concert, party , event that's going to take place in the coming months, I start saving money and keep it in my reserve wallet, which is in the custody of grandmom and I get it from her when I actually need it," says Rohan Maheshwari.


"I never keep more than `500 in my wallet; most of my money I deposit in my debit card," asserts Devesh. "The more money you have you end up spending more on purchases that you regret later. So better to keep a minimum amount in your wallet and deposit the rest."