The Money Trap!

There used to be a tradition followed by children in many families in India during the 90s where kids tend to follow similar career as their parents. This was either due to lack of opportunities in the region where they lived or reduced awareness about what the world had to offer, often backed by limited financial support parents could offer those days.

Things were not too different for me. As soon as I was in my tenth-grade, questions started popping up about what my plans for future was. Those were the days when we finished with grade ten at school, we moved on to a college campus where we did a course called pre-degree for the next two years preparing ourselves for future courses, such as three-year graduation in streams such as Science, Arts or Commerce or four-year Engineering or even longer Medical courses. The options were limited to these.

My elder brother had opted for Commerce, and my dad was a graduate in Economics. So naturally, I ended up with these choices and finally decided on Commerce assuming that job opportunities were better with that stream.

Soon, I joined the pre-degree course in Commerce at St Berchmans (SB) College, one of the most prestigious institutions for higher education in Changanacherry, my hometown in Kerala. After two years, I continued with the graduation stream in Commerce. Before even I knew, three more years went by, and I was in my final year of Commerce. The same year, I got elected as the Commerce Association Secretary of SB College, an assignment I deeply cherished since that was the beginning of many such responsibilities that came my way in future.

One of the key events I was responsible as Association Secretary was to organise an inter-collegiate event named Commerce Causerie. We formed a good team from our final year class along with a few of our juniors to drive the event. A considerable amount had to be raised in sponsorship from institutions in and around our small town. Invitations were sent to multiple colleges and universities across the state. All preparations were done. With the support of the team, we raised enough funds to conduct the event.

The money raised was utilized for various needs including prizes for event winners, facilities including renting of acoustics, travel expenses for invited dignitaries, printing of flyers, posters, banners for sponsors, setting up stalls and many more. Togy, one of my classmates was responsible for the funds as official treasurer of the event. I was equally required to oversee the expenses in the capacity of Association Secretary.

Finally, the big day arrived. All events were picture perfect. As the day progressed, Togy and I started settling the bills with various suppliers. Everyone except the acoustics provider was cleared. His bill was Rs 2000 and I looked at Togy, but all what happened was that we exchanged blank stares. To put it simple, we were broke! There was no money left in the purse to settle the last guy.

Commerce Causerie was an event completely conceived, planned, and executed by the student body of Commerce Department, and hence it was not prudent to reach out to our faculty for help. 25 years later when I look back, moments like these defined true leaders in us. Good leaders are always around. Great leaders are born when a crisis stared down on them.

For a moment we wondered what really went wrong. We were quite sure that we had raised enough money through sponsorship and even after the planned expenses we were even expecting certain surplus. Those were the days we rarely carried extra cash with us, and credit cards were even unheard of. The acoustics guy started to get uneasy. We had to do something before he decided to head to the Commerce Department and complained to our faculty.

That was when we realized something. A few weeks back, as part of the sponsorship trips I did along with a few of my classmates, we had visited the branch of IDBI bank at a nearby town and met the manager. After a few minutes of convincing he agreed to sponsor us with Rs 2000, but with a caveat. He said he would release the cheque for the amount only after showing him the photographs of the event where the banner of IDBI was prominently displayed. Never knew angels came in the form of bank managers!

Since there was no way to get the liquid cash required at that moment to pay the acoustics guy, we were still stuck. That was the exact moment, the proverbial idea bulb showed up above my head. My dad used to work in a branch of Dhanalakshmi bank near our college. I had a savings account in the same branch which I knew had more than Rs 2000 in it. I rushed to the bank, filled the cash withdrawal form for Rs 2000, and waited for my turn for the teller to call out my token number to receive the money. Imagine a world without ATMs!

My dad saw me coming in and he obviously asked me what the urgency was to withdraw the money. I gave him a quick update about the situation and as soon as the teller handed over the money from my account, I rushed back to college. The acoustics guy was finally silent.

A few days later, as I handed over the cheque for Rs 2000 from IDBI bank to the teller at Dhanalakshmi bank to deposit the amount back to my account, he could not help noticing a smile on my face. It was the smile that appeared from reliving the experiences of an occasion that turned out to be one of the greatest learning in terms of not just organizing a large-scale event but helped me with lessons in money management that remain etched in my mind forever.