World Savings Day
Also known as the World Thrift Day, World Savings Day is celebrated on 31st October every year.
The old saying goes “save a penny for the rainy day”. Just as sunshine implies happiness and good times, a rainy day is a metaphor for hard times. It is a well-known fact that the future is always unpredictable. Contingencies can come unannounced in any form; be it a medical emergency or a natural calamity or even something as mundane as the roof needing urgent repairs or the loss of a job.
With inflation having reached an all-time high, families falling in the low-income group have it tough trying to live a hand to mouth existence on their limited income. It becomes ever the more important for such families to set aside a contingency fund for unpredictable times. Also, it is always prudent to save towards a retirement fund. Benjamin Franklin has rightly said “a penny saved is a penny earned”.
With inflation having reached an all-time high, families falling in the low-income group have it tough trying to live a hand to mouth existence on their limited income. It becomes ever the more important for such families to set aside a contingency fund for unpredictable times. Also, it is always prudent to save towards a retirement fund. Benjamin Franklin has rightly said “a penny saved is a penny earned”.
The first International Thrift Congress was held in Milan in 1924. It was during this convention that Professor Filippo Ravizza, the then director of the World Savings Bank Institute, declared October 31st as the "International Saving Day" on the last day of the congress.
Each year, World Savings Day has a different theme surrounding the spirit of saving. The theme for 2022 is “Savings Prepare You for a Better Future”. It always helps to have goals in life and achieving those goals is possible only if one has a plan in place. To achieve your financial goals, one should start saving today. Ideally, one should put aside a fixed percentage of the monthly pay cheque and only then think of non-essential expenses.
The American business magnate Warren Buffet once said “Do not save what is left after spending, but spend what is left after saving.” The ways to save include setting a realistic budget and looking at ways to cut back spending and making savings a priority by setting up for automatic transfer of funds to savings accounts.
Though savings banks are a great way to save money, saving has not always been dependent on banking. For ages, women in the family have been known to put away a part of the money given to them for household expenses. Some of the ways women save money include:
- Visiting thrift shops and discount sales.
- Growing their own vegetables.
- Recycling food and household items.
- Avoiding the use of a vehicle for short distances; thus, saving on fuel.
These household savings come in handy in hard times. Children can be taught the importance of saving at a young age through piggy banks and let them watch how money grows each time they save.
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