Category: Personal Finance

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How to Start Investing as a Student?

Published on December 22, 2021

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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 The Big Red Group and learn to invest wisely for a secure and reliable future.

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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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blog Personal Finance | 5min Read

Cryptocurrency: A Financial Fairy Tale

Published on November 27, 2021

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Cryptocurrency: A Financial Fairy Tale

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Imagine creating a payment system as a joke and ending up with a market cap of US$29 billion! Yes, that’s exactly what happened with software engineers Billy Markus and Jackson Palmer after they launched Dogecoin in 2013. It wasn’t until 2021 when Elon Musk vocalized his support towards Dogecoin, that the currency shot up by more than 20,000% in just one year!

If you’ve been seeing a lot of speculation around this but are not sure as to how cryptocurrency works – today’s your day. You will get to know the story behind cryptocurrency and what it means for you.

It is often said that you’re never too young to start saving money. One can start saving after settling down with the family, like your grandfather. Or, one can start saving after launching their first business, like your father. But someone like you can start saving right away – while still in high school.

While the ultimate motto behind saving money has remained the same, the resources from where we get this income and the form in which it has been stored have drastically changed over the past few decades. Cash is no longer the king. With the storming digital revolution, the need and the spread of digital money have seen remarkable growth. So, what is digital currency?

After the COVID-19 pandemic hit, the world has been more rapidly choosing digital money and going cashless. Digital money has brought immense ease of access, but at the cost of cybercrimes. With the world opting for digital transactions, every single day, security has become a major concern. And that’s where blockchain technology and cryptocurrency come into the picture.

What is Cryptocurrency and Why Was It Created?

Just like the dollar, euro, pound, or rupee, cryptocurrency is a digital coin that is used as money in the online medium. This is not physical money that you can pull out of your pocket or fiat currency that the banks can store on their premises. So, where do cryptocurrency, and the transactions made using it, reside? The answer to that is blockchain. Now, what is a blockchain? In simple words, a blockchain network is a ledger or a collection of all digital transactions that take place.

To summarize, you need to observe that physical money is being replaced by digital currency here. Also, all transactions are being done on the backbone of blockchain, which is a decentralized technology. Everyone can access it. No single entity has full control over cryptocurrency which makes it decentralized and hence immune against cyberattacks and sloppy, corrupt transactions. That explains why cryptocurrency was created in the first place.

Types of Cryptocurrencies

Broadly, there are two categories that cryptocurrencies can be divided into – coins and tokens. The major difference between these is that coins have their own blockchain network whereas tokens make use of the existing blockchain.

Bitcoin was the first cryptocurrency, released in 2009, and Satoshi Nakamoto was the developer who created and developed Bitcoin. With the rising demand and growing popularity of Bitcoins, people have created plenty of cryptocurrencies in this digital world. Did you know that there are more than 6,500 cryptocurrencies? This includes Ethereum, Ripple, Polkadot, Stellar, Bitcoin Cash, Chainlink, and yes, the reputed Dogecoin as well. Coins other than Bitcoin are also known as Altcoins.

How Will Crypto Wallets Replace Piggy Banks?

Cryptocurrencies follow a decentralized system, and not a centralized system used in banks and electronic money. Unlike the traditional currencies used in the world, cryptocurrencies aren’t owned by a single country or a person. This transparent technology allows to have more secured transactions and there are not any taxes or transaction charges involved while doing so. You can simply keep your money safe in these crypto wallets, and make use of it whenever required. Although, you cannot make use of cryptocurrency for daily transactions yet, the future surely would have a different story.

Cryptocurrency and Teenagers

Neither the top investors nor anybody else, it’s YOUR pocket money that is growing India’s crypto investments! Yes! The past year has witnessed a huge surge in crypto investments, a huge chunk coming from teenagers. In fact, a survey found that 45% of teens believe they know about cryptocurrency more than their parents. Undoubtedly, the dynamic nature of cryptocurrency makes it a perfect fit for inquisitive young minds.

Not only are teenagers researching and investing in cryptocurrency, but they are also mining their own digital tokens! What is crypto mining? Well, it involves a piece of sophisticated hardware that solves a complex computational problem. In simple words, you can consider crypto mining as a way of creating new coins, as these Texas siblings are doing. Remember we talked about blockchain being a ledger for crypto transactions? A verified crypto miner validates crypto transactions and adds them to the blockchain ledger, thereby earning money from the same.

While Indian crypto exchanges do not allow individuals below the age of 18 to invest yet, won’t it be cool if you could amplify your parents’ or your elder siblings’ investments?

Cryptocurrency is the Future

A decade ago, the concept of flipping your phone, scanning a QR code, and making payments on the go was a fancy dream. Today, it’s an inevitable reality. Innovation often finds itself in the hands of unpredictability.

Believe it or not, cryptocurrencies are here to transform our world and you will soon find yourself in a world that literally runs on them. While there’s still a lot of speculation around the stability of cryptocurrency, the best idea is to start learning about it, before it’s too late. You don’t want to be late to the smart investors’ bandwagon, do you?

Conclusion

The nature of cryptocurrency is volatile but highly rewarding. An investment that yields huge returns is a product of smart decisions and fundamental knowledge. Get your basics right with the Smart Money Camp – a student financial literacy course – and be ready to conquer the world of cryptocurrency. The sooner you start, the greater the edge you have.

The future of your money is in your hands, are you ready to learn?

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blog Personal Finance | 6min Read

Five Games to Sharpen Financial Literacy Skills in High School

Published on October 22, 2021

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Five Games to Sharpen Financial Literacy Skills in High School

Ever Wondered How And Where You Learned To Excel At The Most Important Life Lessons?

If you’re thinking about education, yes that’s correct. But more than that, games and activities foster excellence and give you lessons of a lifetime. Think about it! Your soccer match taught you so much about team spirit, your Xbox lets you drive maximum results with all your attention in one place, and so on. Be it outdoor games or board games or even digital games, every game brings challenges and every challenge forces you to become a better version of yourself. Don’t believe us? Research suggests that student performances can level up to 89.45% more than usual if they’re educated on challenge-based gamification.

How and Why Games Will Play a Pivotal Role in Helping You Gain Finance Literacy? 

Now that you know how games can help you sharpen your skills, let’s understand how they can help you learn money management. Game-based learning is considered one of the most effective techniques to discover finance and make decisions wisely. As compared to the traditional dry and dull method of teaching finance, gamification instills skills and concepts about money management in people of all ages.

Speaking of financial literacy games, some of the classic money management games have been popular for years. There has been a continual revision in these games as the finance world has evolved, but the radical goal of teaching the players on building wealth and minimizing debts has remained the same.

Are you aware of such games that will teach you some important things from the finance world? If not, then let’s dig into some top choices we have for you –  

Best Financial Literacy Games Handpicked For You

  1. Monopoly
  2. The Game Of Life
  3. Cashflow 101
  4. Money Bags
  5. Payday
  6. Financial Football

1. Monopoly

Undoubtedly the most popular board game in families, Monopoly teaches you the concepts of the real estate business of buying, selling, and renting properties. From mortgages, banking, purchasing, and strategic thinking, the game has some of the most necessary financial skills to offer. 

Monopoly also provides a simulation on how to deal with financial blows, emergencies, and balance cash flow through earnings and savings. As the cash flow improves and properties grow, you can also learn about financial negotiations while playing this game. Try this for yourself and the next time your parents are having a serious discussion about properties, you won’t get bored for sure!

2. The Game Of Life

This is indeed a ‘game of life’ as it involves complexities of financial situations and decisions one faces from the beginning, till the retirement stage. It’s a great way to get introduced to the challenges to be faced in college, buying a home, raising and taking care of family, and much more. 

Considered as one of the best budgeting games, it also focuses on the impact due to taxes, debt, overspending, and the importance of investing early. Ultimately, you win the game by accumulating the highest net worth by making the right real-life choices, and overcoming the challenges. 

3. Cashflow 101

‘Rich Dad, Poor Dad’ fame Robert Kiyosaki created Cashflow 101 to build up financial intelligence and have fun while learning money management. As the name suggests, the game focuses majorly on cash flow principles, personal accounting, and advanced investment strategies. 

The game excellently defines the basics of investing, understanding financial statements, assets, liabilities, and develops your confidence to make your investment and real estate decisions. 

4. Money Bags

Money Bags is a game involving currencies and helps you discover the real value of every coin and bill. You have to collect, count, and exchange money with other players to have the maximum money left with you at the end of the finishing line. This is a great game for you and your friends to learn about coin counting and coin value skills. 

Turn your peer group into fellow investors and try your hands at this game. The quest of getting to the finish line and gaining the bonus will keep adding fuel to the thrill for sure!

5. Payday

Payday is a game that helps you learn how to manage the salary you are paid at the end of every month while working. It has a calendar month wherein you have to deal with different expenses, bills and also earn money from property deals.

At the end of every month, you have to pay the outstanding bills and also repay loans taken from banks. The players have to fix the number of months, and in the end, the player with the most money wins. From totaling expenses, bill payments, budgeting basics, and understanding emergency funds, Payday has all the moves to teach you more about finance. 

6. Financial Football

Yes, you guessed it right! We’ve saved the most fascinating game for last! If you haven’t already hopped onto the search for the game, you should know that this game is power-packed with amazing features and enhancements to keep you hooked. 

The game focuses on major lessons you should learn about saving, spending, and budgeting while giving you a world-class experience powered by the National Football League. Don’t fall into the trap of it sounding easy as the game is filled with nail-biting challenges for you and your friends to ponder upon.

Other Online Games And Mobile Apps

Along with these financial literacy games, you can always seek various online games and tools that will help you to leverage financial skills and money management. Many games like TimeForPayback, SPENT, Financial Football, Wise Pockets, Credit Clash, SimCity, etc. aim to improve personal financial capability and build a fundamental understanding of investing. 

Final Words

While these are just a handful of finance games for students, there are plenty of more interactive games and online tools wherein you can learn everything about finance in a fun way over the traditional boring way. Playing such games with your elders can definitely help you to learn about some real-life financial experiences, while if you’re playing with your friends you can understand the issues they are facing to learn more about the finance world.   

Looking forward to acquiring more such financial skills through unique, exceptional, and unorthodox ways? Join the Smart Money Camp now – a sublime student financial literacy course for you and your friends to learn the A to Z of finance!

Ready to challenge yourself and your friends with these exciting games, are you?

The Big Red Group and our Ivy Early Entrepreneur Program

In our entrepreneurial workshop – Ivy Early Entrepreneur, students go through the process of business development and leave the entrepreneur program having completed a business model canvas, competitive analysis, financial model, minimum viable product, and a pitch deck.

Students get an opportunity to learn from successful entrepreneurs who are alumni of reputed universities and are experts in their respective industries.

These experts serve as coaches guiding students through the processes of developing a business concept. Risk-Taking, Decision Making, Critical Thinking, Problem Solving, Communication &

Storytelling, Design Thinking & Innovation, and Opportunity Recognition are a few of the key learning areas of our program.

On successfully completing the entrepreneur workshop, the guaranteed internship will be extended to all the students within our partner firms and with most of the mentors teaching the program. Students will be provided with a certificate of participation by The Big Red Group. This certificate can be used for your college portfolio.

Ivy Early Entrepreneur

11th – 17th Jan 2022

Idea Generation | Market Research | Design Thinking | Pitching

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