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Managing monthly expenses is difficult during Covid and it is much more daunting when you are a student and staying away from your home. The pandemic has hit the finances of almost the majority of India’s population, which has led to a fall in the money allocation made towards their wards by parents. Delhi’s Malkaganj is a hub of civil services aspirants. Himanshu, a 21-year-old from Jammu, lives in a rented accommodation in the locality and is preparing for his examination.

He lives along with other flatmates, who also come from different states and are either studying or working in Delhi. Himanshu found it extremely challenging to manage his monthly expenses from the money he was getting from his parents. He failed to pay last month’s rent and to his relief, the landlord has agreed to give him some extra time to make that payment.

The number of additions that are happening in our essential items list or survival kit as we call it, like sanitisers, masks, disinfectants, etc, has further increased the cost of living for him. Initially, he did think of taking up a job to meet ends but that would impact his study time. So he dropped the idea. However, he came across an idea which could help him sail through in these tough times  — investing in cryptocurrencies.

He started trading in bitcoin when its price was $10,000.

“I have also held 2900 coins in Tron (TRX), I purchased the coins when the price of 1 TRX was Rs 1.65, now the value of 1 TRX is around Rs 11 or 12, and you can calculate easily that there is decent profit I have made. So, I do a mix of trading and holding the crypto-currencies, I have traded in other cryptos on daily basis, most days there is a 2-3% profit, which adds some more money for my daily expenditure,” said Himanshu.

Himanshu, who aspires to be an IPS officer, believes this move has helped him in improving his financial situation.

But there is still ambiguity related to the status of cryptocurrencies in India. As of now, the government has not banned trading in cryptocurrencies, but for a while, talks have been going around that the government may impose a ban on any form of engaging in cryptocurrencies under the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. At present, after the Supreme Court’s verdict, one can buy or sell the cryptocurrency but it involves high risk as it is unregulated. However, there has been a delay in the Bill and in March this year, Finance Minister Nirmala Sitharaman also said that India is not shutting off all options when it comes to cryptocurrency or blockchain and fintech.

As the fate of cryptocurrencies is unknown, students like Himanshu, who are struggling to live with a tight budget, have to find smart tools for investing and be well informed to make life-changing financial decisions.

We also have some interesting tips from the Student Registration and Financial Services of the University of Pennsylvania, Philadelphia, issued for their students during the pandemic that can help you as well.

1. Consider investing if you are comfortable and informed

2. Adjust your budget

3. Keep a check on your debts

4. Talk to your family about your monthly expenses

5. Stay informed and safe

6. Regular analysis of your financial outlook and plans

7. Examine your banking relationship regularly