Nowadays you have access to more money than ever before, thanks to allowances, gifts and for many, income from artistic presentation of your talents. Having more money makes you more responsible for managing money and making decisions for everything from small everyday purchases to bigger-ticket items (such as a bike or a camera) to saving for your higher education. What I am telling now is about managing your pocket money in a Smart Way by understanding money.
The True Value of Money.
Knowing in advance the true cost and value of lifestyle and purchasing decisions can allow you to have financial and personal freedom. The key for you is to handle (and not too often mishandle) money in ways that are right for you. Understand the value of money and then use your money wisely.
Needs vs. wants--what you need to know.
There is no one right answer for everyone. The choice is yours. Just make sure you're aware of the consequences before you satisfy your wants.
Time is money.
If you're spending your time wisely, you'll be a resourceful person by having more time to do what is really important to you.
Short- and long-term goals.
Meeting short-term as compared to long-term goals is a constant battle when it comes to money. Very often, it's a question of satisfying many short-term goals (e.g., to get the latest CDs or DVDs) or putting all or most of them on hold to save up for a more expensive goal (e.g., ipod, video games or higher education expenses). You can develop your skills in saving and investing to meet your long-term goals. See the big picture to get the willpower to work towards your long-term goals. "Little drops of water make the mighty ocean" an English proverb you might have heard from your seniors. If one goes by this saying, small but periodic investments can grow to a large sum at maturity. This is the basic investment logic behind the Youngster Moneyplant schemes.
Prerequisite to Open the Account: Applicant must have an NCCB Youngster Account.
Parent's Approval: To open the account you need to get the account opening Application Form signed by both of your Parents or Legal Guardian with passport size photograph duly attested by the School Authority.
Size of Installment: Minimum monthly installment is Taka 250 and Maximum is Taka 10,000.
Tenure: Maturity periods are 5 years, 8 years and 10 years.
Number of Accounts: You can open maximum 5 Youngster Moneyplant Account of different or same installment amount in your or jointly with your sibling's name.
Annual Service Charge: Free of charges.
Account Reactivation: Account reactivation is allowed up to the 6th month after consecutive failure of depositing monthly installment of 6 months.
Nomination of Legal Guardian: Parents of the Accountholder may nominate a legal guardian by attesting guardian's name and signature on BDT 150 judicial stamp paper. Legal guardian has to be nominated by both parents and notarized by a Notary Public.
Selection of Account Nominee: Selection of Nominee for this account is mandatory and nominee will only be selected by the Parents or Legal Guardian.
Online Monthly Installment Deposit Charges: Free from any of NCCBL Branches.
Standing Instruction for depositing monthly installment: Free from any NCCB Deposit Account of account holder or the Parents/Legal Guardian.
Premature Encashment: Free of Charge.
Account Statement: Parents or Legal Guardians shall receive monthly account statement of this account.