Saving is one of the good habits that should be instilled from an early age. For students, learning to save from a young age not only helps manage finances wisely, but can also prepare for the future better. However, there are still many students who are confused about how to start saving, especially at banks, which provide security and various other benefits.
This article will discuss practical steps that students can try to start opening a savings account at the bank. From knowing the importance of saving from an early age, suitable account types, to tips for managing savings even though they don't have their own income yet.
Key Takeaways:
- By understanding the benefits of saving, students will be more motivated to start setting aside money from their income or allowance.
- There are various types of accounts suitable for students, such as student savings accounts (SimPel) and youth savings.
- The process of opening an account at the bank is quite easy, starting with choosing a bank and account type, preparing the required documents, and visiting the bank branch office.
- Practical tips for students who don't have income yet but want to save, can start from setting aside allowance money.
The Importance of Saving from an Early Age
The importance of saving from an early age has a very large effect, especially in promoting a good saving culture and preparing for the future. Here are some reasons why saving from an early age is something that needs to be trained to become a habit:
1. Developing Good Financial Habits
Saving from an early age helps build positive habits in managing finances. Students who are accustomed to setting aside money from their income or allowance will be more disciplined and careful in spending their money in the future.
2. Teaching the Value of Responsibility and Independence
With savings deposits, students learn to be responsible for their own finances and not depend on parents every time they need something. This cultivates a sense of independence in money management and encourages a saving culture.
3. Preparation for Future Needs
Saving from a young age allows students to prepare student savings deposits in the form of emergency funds to meet urgent needs in the future, such as education costs, travel, or desired items.
4. Avoiding Consumptive Behavior
With the habit of having savings deposits, students will be more accustomed to delaying gratification and focusing on long-term goals. This helps them reduce impulsive and consumptive shopping habits.
Types of Savings Products Suitable for Students
Student savings deposits are intended for school children starting from PAUD/TK, SD/MI, SMP/MTs, SMA/MA or equivalent and account opening can be done at all branches of the bank you choose. Types of savings products suitable for students, usually offer convenience in terms of costs and easy requirements, here are some options to consider:
1. Student Savings Account (SimPel)
Student Savings Account is a special savings product for students initiated by the government through OJK (Financial Services Authority). Main features of SimPel savings, such as:
- Initial deposit and minimum deposit are very low, starting from Rp5,000.
- Free monthly administration fees.
- SimPel savings can be opened by students starting from elementary, junior high, to high school levels with the help of the school.
- There are even PAUD/TK students who are allowed to make this student savings deposit.
2. Children's Savings or Youth Savings
Many commercial banks offer special savings products for children and teenagers with easier terms and conditions. Main features:
- Low initial deposit, usually under Rp50,000.
- No monthly administration fees.
- Maximum withdrawal nominal of Rp500,000,- per day.
- Some banks provide student savings books and ATM cards specifically designed for children or teenagers.
With savings deposit accounts, students can learn to save easily without feeling burdened by additional costs or difficult requirements. Parents just need to adjust the account from which bank is suitable for children, as a novice customer with student status.
Steps to Open Student Savings at the Bank
Account opening and having student savings deposits at the bank is quite simple and usually involves easy requirements. Here are the steps for opening a student savings account:
1. Choose a Bank and Savings Product Type
Before opening an account, students must choose a bank and suitable savings product type, such as Student Savings Account (SimPel) or youth savings. Choose a bank that offers savings products with easy terms and conditions, without additional service fees.
2. Prepare Required Documents
Students must prepare several important documents, such as:
- Child identity card namely Student Card accompanied by NISN (National Student Identification Number)
- or KTP for those aged 17 years and above,
- or Family Card (KK) for those who do not have
- KTP Parent/guardian KTP Parent/guardian approval letter
- Power of Attorney from Parent/Student
- Guardian (if children open accounts through school referral)
3. Visit the Nearest Bank Branch Office
After the required documents are ready, visit the bank branch office that has been selected. For some products such as SimPel savings or student savings deposits, banks also work with schools, so students can make savings through the SimPel savings program at school.
4. Fill Out the Account Opening Form
At the bank, students will be asked to fill out an account opening form. The data required usually includes name, address, student telephone number accompanied by parent/guardian data, and other information such as approval letter from parent/guardian.
5. Deposit Initial Funds
Some types of savings products, such as SimPel savings or other student savings deposits, usually require low initial deposits, starting from Rp5,000 to Rp50,000. Deposit initial funds according to bank provisions when opening a simple savings account.
6. Get Savings Book and ATM Card
After the registration process is complete and the initial deposit is received, the bank will provide a savings book and, if available, an ATM card. Students can also request access to mobile banking services if available.
7. Activation and Start Saving
ATM card activation is usually done at an Automated Teller Machine (ATM) or at the bank office. After activation, students can start saving and managing their money through the savings book or mobile banking application.
Saving Tips for Students Who Don't Have Their Own Income Yet
Here are some saving tips for students who don't have their own income yet:
Set Aside Allowance Money Given by Parents
Even though they only get allowance from parents, students can set aside some every day or weekly. Although the nominal is small, with consistency, savings will accumulate in a significant amount.
Make Daily or Weekly Budget
According to smpump (2024) Start by making a simple budget plan that includes your income and expenses. Set limits for pocket money or money given by parents, and allocate wisely for daily needs.
Determine Savings Goals
Saving will be more motivated if there is a goal to be achieved, such as buying gadgets or preparing further education costs. With clear goals, students will be more disciplined and focused on setting aside money.
Use Piggy Bank or Special Account
If they don't want to have student savings at the bank yet, students can use a piggy bank to save. However, if they already have an account, immediately transfer the remaining money every week so as not to be tempted to use it.
Avoid Impulsive Purchases
Try to reduce purchases of items that are not important, such as snacks or items that are not really needed. Before buying something, ask yourself whether the item is really needed.
Benefits of Saving at the Bank Rather Than at Home
Saving at the bank rather than at home has many advantages, especially in terms of security, convenience, and opportunities to grow. The benefits are like:
Security More Guaranteed
Saving at the bank is much safer than keeping money at home. The risk of loss due to theft or physical damage to money can be avoided. Money at the bank is protected by a good security system and guarantees from the Deposit Insurance Corporation (LPS) and Financial Services Authority (OJK) up to a certain limit, which protects customer funds if the bank experiences problems.
Easy Access Anytime
Storing money at the bank allows access anytime through ATM, mobile banking, or internet banking. Students can save, withdraw money, or make transactions practically without having to come to the bank every time.
Facilitates Tracking of Financial Usage
By saving at the bank, students can more easily track how much money they have saved, through savings books or mobile banking applications. This makes it easy to monitor savings development and control expenses.
Avoiding Temptation to Take Money
Saving at the bank reduces the risk of being tempted to use money every time you want to buy something less important. Money kept at home is easier to take, while money at the bank requires more steps to withdraw it, such as going to an ATM or making a transfer.
Building a Good Financial Track Record
Saving at the bank can also help students promote a saving culture from an early age. This track record can be useful in the future if they want to apply for credit or KPR (Home Ownership Credit). Banks will view savings history as one indicator of financial trust.
Bank as Financial Education Facility
Saving at the bank is often accompanied by financial education from the bank, such as saving tips, money management, or other financial products that can help students learn more about finance.
Having student savings deposits is a smart step for students to start managing their finances from an early age. Besides being safer, saving at the bank will also help build positive and responsible financial habits. Remember, good saving habits will bring great benefits in the future. So, start saving now and achieve your financial goals in a more planned way by clicking here.
