Life at Paramjyoti

A Christian, International, Co-Educational, Residential School

Residential Care

Money

PARAMJYOTI

The school envisions students to develop budgeting and shopping skills as their individual needs and desires are fulfilled. The school also seeks to provide a degree of equality among the students and avoid needless financial expense on parents. Only the dorm parent or travel escort will issue either pocket money or travel money. Students should not have access to additional money, debit or credit cards, shopping accounts, etc. Students can bring money for tuck and toiletries and handover the money to the dorm parents on arrival for later uses.

ALLOWANCES:

Usually the dorm parents handover the pocket money to students at a set time every week. Students can then use this money at the Redbridge cafe or the local shops. The table below shows the different amounts of money available through the dorm parents and the maximum amounts that a student can request according to their Standard. The dorm parent maintains account records for all the transactions the students engage with the money given.

POCKET MONEY :

The Pocket Money could sometimes include 'Tuck' money or 'Miscellaneous' money. Generally, it refers to the money given to students by the dorm parent for which no receipt is required.

EXTRA TUCK :

Students may use this money to buy tuck items. A student must always get the receipt and give it to the dorm parent for accounting purposes.

MISCELLANEOUS :

Students can use this money for any other expense, like toiletries, shoe repairs, haircuts, and gifts. A student must always get the receipt and give it to the dorm parent for accounting purposes.

OTHER MONEY :

Travel Money: This refers to cash, debit or credit cards, etc. that a student has for traveling to and from school at school break. The balance travel money must be given to the dorm parent on arrival at school. This is kept by the dorm parent until the end of term. It is given back to the student for return travel.

 

Start of term tuck and miscellaneous money: Some students come with money for the purchase of tuck and miscellaneous items from the local stores when they arrive at school. Any debit cards, credit cards and unspent money is given to the dorm parent for safekeeping until the end of term.

 

Extraordinary Expenses: If a student requires or has a need for additional money for a specific purpose, the parent can arrange it by sending an email to the dorm parents, where the dorm parent authorizes the expenditure of a specified amount for a specific purpose.

'BLACK' MONEY :

'Black' money refers to any unauthorized source of funds that a student has access to, such as additional money, debit or credit cards, digital accounts, gift money, etc. Access to black money leads to undesirable practices, behavior, and outcomes that are contrary to the school's values. Therefore access to black money is considered a serious offense. As described above under extraordinary circumstances, this can be authorized by the dorm parent.