"But our pocket money too has improved along with rise in inflation," he adds for good measure. Earlier he used to get only Rs 500 per month. Later it increased to Rs 1,000 and "now I get Rs 1,500 per month. My pocket money is inflation adjusted," he jokes while digging in his Rs 55 ice cream scoop at a Baskin & Robbins outlet.

That, however, does not mean that Akshay spends exorbitantly on his lifestyle.

"I buy mostly from discount shops and from shops where goods are offered for 'sale'. I normally buy T-shirts, jeans from discount stores and this way I save about Rs 300 to 400 whenever I go out to buy clothes," he counters when asked if his monthly expenses exceed his pocket money.

For his age he knows quite well that the Linking Road that stretches from Bandra to Malad -- both western Mumbai suburbs -- is the best place for youngsters to buy clothes, shoes, belts as most of the shops there offer discounts. Also being a boy does not affect his bargaining power -- a trait generally associated with girls and women.

If some shopkeeper quotes a price of Rs 500 for a pair of fancy shoes he starts with Rs 200 and manages to buy the pair for half the original cost quoted by the shopkeeper.

In recent times though there has been pressure on him from his parents to spend less money in college. Akshay knows perfectly what his parents mean. "You should know how to save money so that you can use it in the future," Akshay says with a smile on his face.