Savings Account for Students: Start Your Financial Journey

Start saving early to shape a stress-free financial future. But where and how to start? Let's decode some of the best saving practices.

1. Open a Savings Account

Probably, the first step in everyone's financial journey starts with a Savings Account. In simple words, a Savings Account helps in instilling discipline in a student's financial life. The more you make savings a habit, the better it is for your financial future. Students can also consider such accounts a repository to meet short-term goals, like paying off hostel rent, tuition fee, etc. Additionally, your account balance earns interest

Pro-tip: Opening a Zero Balance Savings Account can be a good starting point. Such accounts don't come with any minimum balance maintenance criteria. Consider Small Finance Banks for Savings Accounts because of higher interest rates.

2. Live on a Budget

Create a budget and try to stick to it. Use an excel sheet to list down monthly expenses and track the spends on a regular basis. You can bifurcate your expenses into needs vs wants. For better clarity - 'need' is something you require to survive and 'want' is something you desire but can live without. As a student, try to keep your 'wants' to bare minimum.

3. Consistency is the Key

Make saving a habit. Try to regularly save a portion of any money received, including allowances, part-time job earnings, or gifts. Even small amounts add up over time and contribute to financial security and future goals.

4. Monitor Transaction Activity

Review account statements to ensure transactions are accurate and track progress towards goals. Monitoring activity can help students stay aware of their financial situation and make adjustments if necessary.

5. Create an Income Stream

Having a part-time job or working as a freelancer or tutor could help you bring in extra income to cover your additional expenses. Today, there are plenty of freelancing opportunities. Paid internships can also help.

6. Save on Essentials

Dining out or ordering in can be expensive. As a student, you can mitigate such expenses by cooking your own meals. Also, try to resist impulse purchases. Try not to buy things you don't need, especially on a whim.

Now, let's find out how Savings Account can help students build a financially secure life.

Follow the best financial practices and start your financial journey early in your life. Read books and blogs on finance to have a better understanding on how to build wealth over time.

Before we head to our next blog on banking and finance, did you know Ujjivan SFB offers a wide range of Savings Account products that are designed to help you build a better financial life? Browse through our offerings and kick-start your financial journey with Ujjivan SFB.

Disclaimer:

The contents herein are only for informational purposes and generic in nature. The content does not amount to an offer, invitation or solicitation of any kind to buy or sell, and are not intended to create any legal rights or obligations. This information is subject to updation, completion, amendment and verification without notice. The contents herein are also subject to other product-specific terms and conditions, as well as any applicable third-party terms and conditions, for which Ujjivan Small Finance Bank assumes no responsibility or liability.

Nothing contained herein is intended to constitute financial, investment, legal, tax, or any other professional advice or opinion. Please obtain professional advice before making investment or any other decisions. Any investment decisions that may be made by the you shall be at your own sole discretion, independent analysis and evaluation of the risks involved. The use of any information set out in this document is entirely at the user’s own risk.  Ujjivan Small Finance Bank Limited makes no representation or warranty, express or implied, as to the accuracy and completeness for any information herein. The Bank disclaims any and all liability for any loss or damage (direct, indirect, consequential, or otherwise) incurred by you due to use of or due to investment, product application decisions made by you on the basis of the contents herein. While the information is prepared in good faith from sources deemed reliable (including public sources), the Bank disclaims any liability with respect to accuracy of information or any error or omission or any loss or damage incurred by anyone in reliance on the contents herein, in any manner whatsoever.

To know more about Ujjivan Small Finance Bank Products Visit:"https://www.ujjivansfb.in"

All intellectual property rights, including copyrights, trademarks, and other proprietary rights, pertaining to the content and materials displayed herein, belong

to Ujjivan Small Finance Bank Limited or its licensors. Unauthorised use or misuse of any intellectual property, or other content displayed herein is strictly prohibited and the same is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person’s nationality, residence or otherwise) be contrary to law or registration or would subject Ujjivan Small Finance Bank Limited or its affiliates to any licensing or registration requirements.

Apply Now