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Mobile-friendly and knowledge-hungry but always driven by a certain kind of impatience, is how you could describe millennials.
So it’s not surprising to know that most digital initiatives by the government or private companies are aimed at them. They are the ones who are ready to take decisions with one tap of a button and also need the results quick.
And when you are thinking of millennials, you are thinking about college students. One big worry that college goers (especially those staying in hostels) face is the “end-of-the-month” dilemma. Shortage of cash often leads to some borrowing from friends while others look at alternative means of making money.
That’s how fintech start-ups are targeting college students to make their lives easier.
Entrepreneur India takes a look at #4 ways fintech start-ups are helping out college students manage their finances.
Best Friend to the Rescue at the End of the Month
When you are broke by the month end but need to buy something, you always turn to your best friend for that extra cash. Now, start-ups want to be that best friend. Entrepreneurs, who have lived through the pain themselves, of course, understand it the most. Start-ups like Slicepay allow one to buy products or pay for food online by giving them credit. If you make a big purchase, it also lets you pay in installments through the next few months.
Controlling the Spendthrift
When they have money in their pockets, students often go all out, not realizing where they are spending. Managing bills becomes an even tougher task. Personal finance management apps like Wally help students not just keep a track of their expenses, but also set a budget for the month. It also allows them to save pictures of receipts. Similarly, apps like Money Lover help one divide their monthly budget into days and weeks, specifying where their money is actually being spent.
Avoid that fight
Amid assignments and exams, students often forget to track their expenses. That turns into a squabble between friends when you forget to divide the bills after a dinner or a night-out. Many start-ups like Splitwise immediately help students divide the bill among friends. Internationally, the start-up Checkplease even let you pay the bill right from your table, with your smartphones!
For the Forgetful Friend
Students often rent out apartments or live along with their friends in PGs. With a shared accommodation comes shared expenses. Isn’t it always annoying when that one friend keeps forgetting that he or she has bills to pay? Well, say hello to start-ups like mtrakr, which don’t just track your expenses for the month but also help you set up automated reminders for bill payments. You can even connect your bank accounts to the app, making it easier to get rid of pending bills.