Nevertheless, it’s a smart move on your part if you’re already saving up. The importance of financial security cannot be denied by anyone, even those who spend extravagantly and love it. For starters, there’s no need to rush to your parents when an unforeseen expenditure hits you. [break]
We should all take a leaf out of Sajnaa Dangol’s book. The 24-years-old technical marketing manager believes in the importance of savings. Working for around two years now, she says it gives her a sense of assurance. She says, “While it’s rarely possible to save when your expenditure is equal to your earnings, I’m always in the favor of saving no matter how less. It’s important to save simply because life is unpredictable.”
The truth in the statement is obvious. If saving seems a hard thing to do, then round up all the reasons you might need to do so.
For instance, Sajnaa points out that she wants to complete her studies without asking her parents to bear the finances. “I want to complete my MBA with my own savings, and it’s also important to me that I am not dependent on anyone during emergencies,” she says, “For instance, if a family member falls sick, then I want to be able to handle the situation myself. In the long run, I want to invest my savings so that I won’t have to rely on any one when I retire.”
Most of her salary goes towards her tuition fees, books and meals out.
Saving up, however, is a difficult habit to inculcate. Like most young professionals, Kailash Rakhali, 29, always understood the importance of keeping his financial future secure. But in the six years since he started working, it’s only in the last six months that he’s slowly putting aside something for the future. While his expenses in other areas are kept to a minimum, his tendency to drink depletes his earnings. “I’ve started saving solely so that no health problems catch me unprepared,” he says.
Marriage is often a wakeup call for young people. Sharing a life with someone else means an increase in expenditure. Working couples tend to save responsibly together, or start saving seriously.
Muiya Rai, 30, a Project Assistant in Handicap International Nepal states frankly that she will only save after she gets married. Muiya, who has been working since she was in her early twenties, doesn’t have any substantial savings, though she does invest in the stock market occasionally. “I find that my major expenditure is on gifts for my family members,” she says.
Branch Manager at Bank of Kathmandu, Aradhana Malla, 33, offers some advice. “Always budget. You need to know your priorities when you’re spending. Try to spend only on necessities,” she says. Having said that, it doesn’t mean that you cut down on entertainment, she explains. According to her, it could actually be profitable to spend on entertainment as it is sure to relax you and keep you in a positive frame of mind.
Start with small things, she suggests. “Why not pack your lunch from home instead of eating out every day? It’s healthy, too. Also, carry only a minimum amount of money in your wallet so that the temptation to spend is easier to handle,” she says.
The world is teeming with nice things; things that we need and nice things that we don’t really need, but it’d be nice to have. These things burn a hole in our pockets. Young people, Aradhana says, are more likely to spend on keeping up with trends. Window shopping might prevent them from impulsive and unnecessarily buys.
Start with a goal as it’s best to have a clear idea about what you’re saving for. You can start by saving for a friend’s wedding, or for a short trip out of town. Keep aside a hundred rupees every day, and within a month you’ll have Rs 3000 nicely saved up. Curb your smoking habit, invite friends over for a home cooked meal instead of splashing money on a restaurant, wait a month or two and rent DVDs to catch the latest films, take a friend along while shopping so you don’t end up with something unsuitable for you.
It’s time we started ‘taking control of our own financial future’.
Some savings schemes for students and young women
Nepal Investment Bank
Ezee Student Account
• Mimimum balance - Zero
• Interest rate - 5.50% p.a.
• 50% waiver on issuance of debit card
• Free Mobile Banking for the first year
Nabil Bank
Student Savings
• Minimum balance is Rs 500
• Free cheque book
• Instant access on online banking services
• Special discounts on bank drafts, swift transfer
Nari Bachat
• Minimum balance requirement: NPR 500
• Free Nabil Net
• Unlimited withdrawals & Deposits
• Issuance of ATM Card with a charge of NPR. 200 (mandatory)
• Free Issuance of Cheque Book
• 25% discount on the Issuance of Traveler’s Cheque, Swift Transfer, Demand Draft
• The account holders will be entitled to get various discounts at different outlet /shops /hotel /Jewllers etc.
Bank of Kathmandu
My Choice Women’s Savings
• Minimum balance: NPR 1000.00
• Anywhere Branch Banking Service.
• Free Cheque book .
• Non-restricted transactions for deposits and withdrawals.
• Visa Debit Card (1st year issuance charge free).
• BOK Click (Internet Banking) facility.
• Visa Credit Card ( Optional)*
Documents Required
• Copy of valid identification document bearing photograph and Student ID card
• Citizenship
• Recent Photograph(s)
• Address Verification document
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