Bandwidth will be the same, but saving thumbnails will reduce the number of cycles used by the server. If you are describing galleries of thumbnails, and you if you know for sure that a large percentage of pictures will have associated thumbnails displayed, then it would be best to create thumbnails ahead of time.
If on the other hand, you don't display many thumbnails, and if you store many pictures that will never or only occasisionally display thumbnails, then your method is OK.
What is NOT a good idea under any circumstances is to store a great big 10000x10000 pixel picture and simply to display it lke this as a thumbnail:
<img src=GiantPic.jpg width=50 height=50>
This simply download and displays the great big 10000x10000 picture, although in a small space. The bandwidth used for this is considerable. Creating a low-rez, 50x50 thumbnail is easy, and displaying it:
<img src=ThumbnailOfGiantPic.jpg width=50 height=50>
will be very fast.