What is World Saving Day? Theme, Activities

 World Saving Day 2024

World Saving Day is observed on October 31st every year. In 2024, this day is observed on Thursday. World Saving Day is also known as World Thrift Day. National Saving Day is celebrated on October 12th, while World Saving Day is celebrated on October 31st.

Basic Purpose of World Savings Day

World Savings Day is experimental worldwide on October 31 each year. This day is especially devoted to emphasizing saving for the future.

How to make a balance between expenditure and saving?

 Saving money is a significant means to prepare for financial emergencies and secure a stable income during retirement. Spend a secure and stable life after retirement. Save cash does not mean saving money only and not spending money on daily expenditures. Save money means keeping a balance between expenditures and saving. According to salary and daily expenditure spend money on daily needs like food clothes and shelter. For example, 20% or 30% should be saved from his /her salary for a secure future. Or apply the 5,3,2 rule 50% goes to needs, 30% goes to wants, and 20% goes to savings.

World Saing Day 31st October 

History of World Saving Day

The Italian Professor Filippo Ravizza declared this day (world saving day 31^st of October) as the "International Saving Day" on the last day of the congress in 1924

 The importance of saving

Saving is a significant habit to develop for several reasons. This habit helps us cover future expenses, manage financial stress, and plan for vacations, to name a few. Understanding the different merits of saving might motivate us to save more.

The Function of Savings

The saving function gives the relationship between saving and income in the economy. Saving can be defined as a part of income that is not consumed. This follows from the psychological law of consumption specified earlier.

The Golden Rule of Saving

Under the golden rule of saving, 
“r = n; the real interest rate equals the rate of population growth”
. In Figure 3, the capital-flaring ray is parallel to the line tangent to the intensive production function. This parallelism rule points towards that saving per capita equals profit per capita.

The Simple Rule of Savings

The simple guideline for saving and spending is that the aim is to assign no more than 50% of take-home pay to essential expenses, save 15% of pretax income for retirement savings, and keep 5% of take-home pay for short-term savings.

What are the benefits of savings?

There are many benefits of savings some of which are listed here!

• By saving, we can fulfill our dreams, such as saving money for our wedding/honeymoon expenses.
• Save enough for a home down payment or buy your own home.
• Save money for children's higher education.
• Save money for our children's wedding.
• Save money to secure a future after retirement.
• Save money to cure illness in old age.

  

  World Saing Day 31st October 

  
  

Save money is important but it doesn't mean saving all money and never spend on daily expenditure. Saving means making a budget setting a goal and keeping a balance in daily expenditures and savings.

There are many benefits to the 5 Steps in Savings.

These five steps will help us to reach those bigger goals, one step at a time. These important 5 tips are given below!

• First of all, set specific goals for your savings.
• The second is to make a budget for savings according to salary, which means keeping a balance in expenditure and saving amount.
• The third is to make saving automatic.
• The fourth is to Keep separate accounts.
• A fifth and important step is to monitor your savings account & watch it grow.

The significant steps for students to save money

Students need to save money. This habit is really useful for them in the future when they are going for a job or in a practical life-saving habit is very useful for them.

Let, 's see the following tips on how to save money in college that can help the students.

1. First of all, create a budget according to pocket money.
2. To buy used textbooks.
3. The third tip for hostel students is to cook your meals.
4. Be aware and take advantage of student discounts.
5. Prefer public transportation.
6. To avoid credit card debt.
7. Find a Part-Time Job and keep a balance between study and part-time job. This habit is useful for them to keep a balance in their personal and professional life.

   

   World Saing Day 31st October 

   
   

The Difference Between Saving and Savings

Saving Savings

Saving is to set something valuable, such as money, aside. An emergency fund is a form of saving. Saving can be done continuously over time. While savings is to amount that households earn but do not spend, such as money held in a savings account.

FAQs

When and why celebrating world saving day?

World Saving Day is observed on October 31st every year. This day is especially devoted to emphasizing saving for the future. such as saving money for our wedding/honeymoon expenses. Save enough for a home down payment or buy your own home. Save money for children's higher education. Save money for our children's wedding. Save money to secure a future after retirement. Save money to cure illness in old age.

What are the synonyms of Thrift?

The synonyms of word “Thrift” is “Economy, saving, Carefulness, frugality and prudence"

What are the benefits of saving?

Saving is a significant habit to develop for several reasons. This habit helps us cover future expenses, manage financial stress, and plan for vacations, to name a few. Understanding the different merits of saving might motivate us to save more.