World Savings Day: How to celebrate and tips to save money

World Savings Day, also known as World Thrift Day, was created in 1924 during the first International Savings Bank Congress. The Congress convened on October 24th. On the last day of Congress, October 30, Congress voted to commemorate World Savings Day every year to emphasize the importance of saving money as well as the manner of saving money through banks and other means. However, after World War I, the Establishment lost its clout.

The significance of the Day grew following World War II. The Congress agreed to promote the agenda in schools, colleges, as well as private and public offices. Every year on October 31st, the Day is officially observed. However, it is commemorated on October 30th in India because former Prime Minister Mrs. Indhra Gandhi died on October 31st.  As a result, World Savings Day is one of the oldest days commemorated around the world. Before taking competitive tests, candidates should review this page and research the history of this day.

This year's theme

The International Saves Bank Congress's theme for World Savings Day 2023 is 'Conquer your Tomorrow' through saves.

Saving money is a crucial financial skill that can help you achieve your financial goals, build an emergency fund, and secure your future. Here are some tips to help you save money effectively:

Set clear goals

Define your financial goals, whether it's saving for a vacation, an emergency fund, a down payment on a house, or retirement. Having specific goals will motivate you to save.

Create a budget

Establish a monthly budget that outlines your income and expenses. This will help you understand where your money is going and identify areas where you can cut back.

Track your spending

Keep a record of your expenses, either using a pen and paper or a budgeting app. Review your spending regularly to identify areas where you can reduce costs.

Automate savings

Set up automatic transfers from your checking account to your savings account. This ensures that a portion of your income goes directly to savings before you can spend it.

Cut unnecessary expenses

Review your monthly bills and look for ways to reduce them. This can include canceling unused subscriptions, negotiating lower insurance rates, or switching to a cheaper cell phone plan.

Shop smart

Look for discounts, coupons, and cashback offers when making purchases.

Remember that saving money is a gradual process, and it's okay to start small. What's important is to be consistent and make saving a habit. Over time, your savings will grow, and you'll be better prepared to achieve your financial objectives.

• World Savings Day
• World Savings Day 2023