Introduction
College life opens doors to gain knowledge, learn new skills, and build friendships. However, this excitement gets overshadowed by a lack of money and unknown expenses. Many students find it hard to stick to a budget. They also struggle to pay for necessities like textbooks, food, meals, transport, and housing.
Since it can be tough to ask for help whenever a financial emergency arises, reliable and revolutionary tools like the Beem Pass can be helpful. It’s a long-term money management solution that can cover short-term costs like groceries and help students manage their cash better.
Beem Pass stands out as a fresh approach that meets students’ special needs and backs them up by giving quick access to emergency funds. It also offers access to financial tools for budgeting, monitoring credit, and managing savings and expenses. With one subscription plan, Beem Pass supports up to five students to provide them with what they truly need: Financial independence, security, and peace of mind.
How Student Life Creates Financial Gaps
Student life is more than just academic challenges; it also involves money troubles. Scholarships and part-time jobs may help manage some of the bills, but they often cannot cover unplanned expenses.
Everyday Emergencies
- Students may fall short of funds for some daily life essentials and surprise bills, despite the best planning they can do. These examples include:
- Grocery bills
- Repair costs for a damaged laptop and a lost phone
- Textbooks and stationery supplies
- Unpaid utility bills, like phone bills, etc.
Dilemma with Traditional Help
- Students can get help from traditional moneylenders. However, the strict guidelines, eligibility, hidden fees, and need for collateral can strain their budgets and cause them to fall into a vicious debt cycle.
- They can also ask their friends or family members. But this can leave everyone involved feeling awkward or guilty.
- Asking for cash from loved ones can also create uncomfortable expectations of repayment timelines, ultimately straining the relationships.
What Is Beem Pass and How Does It Work for Students?
Supporting students with their expenses can be stressful, yet rewarding for many. But, a more innovative alternative to this is ‘Beem Pass’. You can use the Beem Pass to support up to five students you trust and deem responsible.
Beem Pass is an all-in-one solution that caters to short-term needs and supports long-term goals.
Shareable Financial Toolkit
- Beem Pass is more than just an access to finance app. With one subscription plan, you can invite up to five students.
- These students get access to the brilliant suite of features the Beem app offers for free with no additional costs or hidden charges.
- Each invitee gets access to their private accounts, i.e., no shared wallets and no need for co-signing.
- They get instant access to Everdraft— an instant line for emergency cash advances.
- They also get access to budgeting tools to track expenses and plan monthly bills efficiently.
- They can also monitor their credit card and build their CIBIL score with Beem.
Fast, Private, and Ongoing Support
- Beem Pass ensures that students can get the funds within minutes of applying.
- Emergencies can happen anytime, so with quick and reliable solutions, students can fill in the details, get approvals within minutes, and solve their problems.
- This eliminates awkward conversations, IOUs, and money requests with friends or family.
- You control your invitee list. Only the students you add can access the features, and you can also update the list whenever you want.
- Beem ensures the privacy of all its members, so no member can check, manage, or access features of other invitees in the list.
Real-Life Student Scenarios Where Beem Pass Makes a Difference
Here are some of the daily life scenarios where the Beem Pass can help when students are most in need:
- Grocery Money Runs Out
- It’s mid-month, and a student realizes he/she has run out of grocery essentials — eggs, bread, and milk.
- They come to you for help, but instead of sending cash, you invite them to use the Beem Pass.
- They can use ‘Everdradt’ to cover groceries and use budgeting tools to manage their future monthly expenses better.
- This way, you can maintain your finances well, and they get the funds without awkward conversations.
- Covering Textbooks or Supplies
- Example: A student requires a new lab manual or books for their additional classes; tuition does not cover the cost.
- Instead of turning to a friend or, worse, struggling in class because of it, they opt for Beem Pass. The pass covers the charges for the stationery supplies without taking out loans or waiting.
- Handling Rent or Utility Shortfalls
- If a part-time student has to pay rent, but they get their paycheck next week, the Everdraft feature can handle it immediately.
- It is a great way to bridge the financial gap without money requests or hassle. Hence, avoiding late charges or eviction.
- Building Better Money Habits
- Beem Pass is an ultimate tool for financial independence and responsibility. Students use the budgeting and credit monitoring tools to:
- Track bills and expenses
- Set and achieve their saving goals
- Build financial responsibility and avoid common debt traps.
Why Beem Pass Is Better Than Lending Money to Students
Lending money to students might seem like the quickest way to support them. However, consider the awkward conversations, delayed paychecks, and financial burdens they can bring to your finances and budget.
Beem Pass removes that pressure, while supporting the students with the real help they need.
- No Awkward Payback or IOUs
- With Beem Pass, the students can take the necessary funds without your involvement.
- You’re not the lender, but rather a supporter. So, they manage their accounts and repay Beem, not you.
- Protects Your Finances
- Sometimes, you may not have the required funds, or helping financially may affect your financial stability and savings.
- With Beem Pass, you will not feel pressured to lend more funds than you can afford.
- Lasting, Flexible Support
- Unlike a one-time short-term help, Beem Pass provides ongoing and flexible support to the invitees.
- Beem Pass helps students build healthy financial habits and get support whenever an emergency arises.
How to Share Beem Pass With Student Groups
Beem ensures that sharing the Beem Pass is simple, straightforward, and effective. You can add up to five students under one plan with a few simple steps.
Simple Steps
- Download the Beem app. Open the app, sign up, and complete the process. Then click on ‘Beem Pass’.
- Add up to five students by sending them an invite.
- The students sign up using their email or phone numbers.
- Once they qualify, they get access to funds instantly within minutes.
Who to Invite
- Beem Pass is an excellent way to extend help to more than your immediate family.
- You can invite roommates, students you know, classmates, society or club members, or siblings.
- Hence, you can add anyone you trust and know they will respect the financial tool they’ve been given.
Conclusion
Where student life is constantly filled with financial stress and anxiety, Beem Pass offers an ultimate lifeline to students to grow their confidence and economic independence. With Beem Pass and one subscription plan, supporting students financially doesn’t mean sacrificing your financial stability. You can help them bridge the economic gap without them needing loans.
Beem Pass empowers them, builds better money habits, and keeps your funds and finances secure. Instead of giving cash, you’re giving them control of finances. Instead of loans, you’re teaching them life skills.
Whether you’re supporting your family members, classmates, friends, or society, sharing access to the Beem Pass is helping them take their first step towards financial freedom.
