Be it for our country’s economic growth, or for our personal growth, saving money is important for every person. World Thrift Day is a ringing bell to our ears about the same and how we can tackle the situation of managing our funds in a better way.
World Thrift Day is celebrated worldwide on October 31, but in India, it is celebrated on October 30 because the Indian Prime Minister, Indira Gandhi also left for her heavenly abode on October 31.
Saving money is a step towards preventing you from the financial crisis and there are several ways that can be adopted to achieve that. From having savings account to investing money in SIPs, there is always a need to save to secure your future generations.
World Thrift Day is considered to be one of the oldest days to be celebrated across the world. On this occasion, let us brief you through the history and significance of this important day.
World Thrift Day History
World Thrift Day, also known as World Savings Day was first established in the year 1924 on October 24, in Milan, Italy, during the first International Savings Bank Congress. On the last day of the Congress, Filippo Ravizza, an Italian professor announced this day as ‘International Savings Day’.
The Thrift congress resolutions decided to make this day to promote savings all across the globe. They wanted to encourage people in saving money and make people confident about banks, the authority of which had been lost after the First World War.
People across the globe were addressed about the same in schools, offices, associations, sports centers. The day gained importance only after the Second World War and it has been celebrated every year on October 31 since then. In India, it is celebrated on October 30.
World Thrift Day Significance
Saving money is very necessary for several reasons, including children’s education, and building a secure future. The main information that is conveyed to the world on this day is the importance of saving money and the various means and areas that can help in achieving that goal.
With commercial participation around the world, World Thrift Day has gained all the more importance. To have a bright and secure future, one needs to have financial security.
Money can be saved for different reasons. It can be for children’s future, for old age, for marriage, retirement, for jewelry or buying expensive vehicles, or anything that one desires. Saving also helps in keeping you disciplined and setting aside some monetary sum for the future.
World Thrift Day 2022 Theme
The theme for this year’s World Thrift Day is “Saving prepares you for the future”. The word ‘thrift’ itself is deciphered as a way of spending so wisely that we don’t end up spending it all at once.
This year’s theme will highlight the same and make the world aware of the necessity of saving money. The day will also focus on reassuring the trust of people towards banks and making them opt for better policies and ideas to save more money.
By adopting this, it will increase your chances of a higher standard of living and make you realize of saving money the right way.
Here is a list of some previous years themes:
2021: “Understanding the Importance of Savings”
2020- “When you save a bit, big things follow”
2018– “What do you wish for?”
2017– “Know and Plan your finances to live a better life”
How is World Thrift Day Celebrated?
- Children should be taught to save small funds. You can encourage them by providing piggy banks or small money boxes.
- Poster-making competitions are held at different spots to feature the need to save money for the future.
- Schools and universities organize events to aware youngsters through debate competitions, quizzes, poster making, and school/banner making competitions.
- Financial organizations promote new plans and schemes with their clients to urge them to save more money.
- Several campaigns and promotional activities are conducted by banks.
- Many volunteers do film shows that effectively encourage people to settle on the right choices by never indulging in lotteries or gambling.
How Can You Save Money?
- The first step towards saving money is by keeping a track of your expenses. Make a list of your monthly expenses and prepare a budget.
- Make a priority list of things you really want and you don’t. (I know it’s hard!)
- If you can, simply stop the habit of using a credit card. People have suffered from lakhs of debts because of this.
- Try and keep a check on your essential bills like the electricity, water supply.
- Cut down on eating food outside
- Invest in different insurance policies, shares, and SIPs to gain profits.
- Never spend your money in one go. Be a little thrifty!