Money Basics: Your First Bank Account & Budgeting

Nobody teaches this in school, yet it decides how stress-free your adult life is. Start now — even with pocket money. YOUR FIRST BANK ACCOUNT A savings account is what you want (it earns a little interest and is meant for everyday saving). To open one in India you usually need: Aadhaar, PAN (or Form 60), a photo, and sometimes a proof of address. Students can open a zero-balance / minor account. • Debit/ATM card safety: never share your PIN, cover the keypad, and never tell anyone your card's CVV or OTP. • Net-banking: use a strong password, log in only on your own device, and log out after. BUDGETING — THE 50 / 30 / 20 IDEA Whenever money comes in (allowance, part-time work), split it: • 50% Needs — things you must pay for (travel, food, study material). • 30% Wants — fun, outings, subscriptions. • 20% Savings — set aside FIRST, before spending, not whatever is left over. Even ₹50 saved regularly builds the habit that matters more than the amount. TRACK WHERE MONEY GOES For one month, note every rupee you spend in a notebook or a free app. Almost everyone is surprised — small daily spends (snacks, data packs) quietly add up. Once you can see it, you can control it. MONEY HABITS THAT PROTECT YOU 1) Build an emergency buffer — a small amount kept aside for surprises, so you never have to borrow. 2) Avoid "Buy Now, Pay Later" traps — if you can't pay for it now, you usually can't afford it. 3) Understand simple vs compound interest — it works FOR you when you save, and AGAINST you when you borrow. 4) Beware "double your money" schemes — if a return sounds too good to be true, it's a scam. One idea to remember: pay yourself first. Save a fixed slice the moment money arrives, and live on the rest.