The Legend of Zelda: Ocarina of Time Tips

Save Deku Sticks From Burning Out
You can save your Deku Stick from burning to ash when you have set the end on fire. It is very simple, while the stick is still on fire, before it burns out, bring out your sword and you won't lose your Deku Stick.

It won't be lit next time, but it won't be lost either.