This year, Father’s Day will be celebrated on 15 June. This special day is celebrated to honour and appreciate the fathers. It is a day to recognise the role of your father in shaping your life and standing by your side, no matter what. Let’s understand how you can make him proud by achieving financial independence and how you can accomplish this as a student.
Key highlights:
- What is Financial Independence for Students?
- Ways to Achieve Financial Independence on Father’s Day
- Budget
- Savings Account
- Education Loans
- Multiple Benefits of Student Loans
- Quality Education
- Atmanirbhar
- Why Should You Liquidate Family Savings?
- Credit Score
What is Financial Independence for Students?
Financial independence is the ability to support yourself without relying on your parents for your expenses. Your father will be proud to see you take charge of your life and become self-reliant. He has been your biggest supporter, always cheering for you at every academic milestone you’ve achieved. Now, he wants to see you grow in life and share responsibilities. This is the best gift you can give to your father. Now, you may have questions, such as how to be self-reliant when educational costs are so high, especially when you are a student.
Ways to Achieve Financial Independence on Father’s Day
- Budget
You can start by understanding your fixed and variable costs for each month. Based on this, you can create a monthly budget and adhere to it religiously, regardless of the circumstances. Several free apps can help with this task and also keep track of your unnecessary expenses. You can set aside a small amount every month for contingency and spend moolah judiciously. - Savings Account
Opening a savings account will build financial prudence. Please remember the mantra, “A penny saved is a penny earned”. You can save money for financial goals such as a short trip, education, and an emergency fund. - Education Loans
A student loan is a great way to finance your education independently without depending on your father. It bridges that gap between you and your academic aspirations. You can step up to repay your student loan responsibly without expecting financial help from your father. Financial independence on Father’s Day can be achieved through education loans, as this will be an essential step in taking ownership of your academic journey.
Also Read: Avoid These 7 Common Mistakes When Applying for an Education Loan
Multiple Benefits of Student Loans
- Quality Education
With education loans, you can access quality education by securing a seat at your preferred university without worrying about the lack of finances. At Avanse Financial Services, we offer student loans for a wide range of courses, including mainstream programmes such as STEM and MBA, as well as offbeat courses like Sound Engineering and other skilling, upskilling, and reskilling study programmes. - Atmanirbhar
You can take full responsibility for your student loans without relying on your parents. With a student loan, you can lay the foundation for financial freedom while investing in your personal and professional growth. - Why Should You Liquidate Family Savings?
A father works tirelessly to build family savings and assets, often putting his needs in the back seat. Family savings can come in handy during a rainy day. However, if you utilise these assets and family savings for your education, you will be left with nothing during emergencies. With a student loan, you can embark on your academic journey and let your savings be savings. - Credit Score
As you are aware, you are at a crucial juncture in your life, where you will eventually require other financial products, such as a car loan, home loan, or credit card. Repaying your student loan responsibly will help you build a healthy credit score, a prerequisite for applying to other financial solutions. This will also unlock many benefits when you opt for such financial products.
At Avanse Financial Services, we offer both an educational loan for abroad studies as well as for courses in India. We are a Non-banking Financial Company offering student loans that cover the holistic cost of education, including tuition fees, travelling expenses, accommodation costs, living expenses, the cost of learning devices and other education-related costs.
You can use our student loan eligibility checker to determine the approximate education loan amount you are eligible to borrow based on your current financial situation. You can also benefit from 100% finance, quick loan sanctions and flexible repayment options. So, with student loans, you can achieve financial independence on Father’s Day. If you have any questions, please don’t hesitate to contact us.
Also Read: Secured and Non-Collateral Education Loan: A Brief Guide
