In the second example using the char pointer, we still have the string constant, requiring 5 bytes of storage, but we do not have to reserve another 5 bytes of storage for an array to which this constant can be copied. There is no char array. Therefore, the string data storage requirements of this program are half that of the previous program. Of course, the pointer itself requires 2 bytes of storage, but this still represents a savings of 3 bytes.
Do you think that kind of usage of the word savings is grammatically correct? If you try and look up the word savings in the dictionary, nowhere will there be a mention that savings can be used as a singular noun. What gives?