What is the Importance of World Savings Day?

Remember those days when we use to have a piggy bank. It was since then that each one of us was taught the importance of savings. For most of us, it was since childhood, that whenever we had an extra amount it straight away went into the piggy bank. Saving money is one of the key lessons that we learned. Today in the latter phases of our lives, saving money is that unsaid yet understood goal for each of us.

Why is Savings Importance?

Savings is important at every stage of life. It is also important for the economic growth of the company. The key intent is to inculcate the savings habit to reach our financial objective. The financial objective differs from time and person to person. Savings indeed help during any financial emergencies. Yet, we cannot deny savings involve years of hard work and effort. Imagine a situation when you get hospitalized due to some medical emergency. Would you want your savings to get exhausted? Under such unfortunate events, having a health insurance policy is going to be the savior. You need not exhaust the savings rather use it to go on a family trip, a child's education, and so much more.

What is World Savings Day?

31^st October every year is observed as World Savings Day. Most of us might not have even heard about such a day. For those who are not aware, World Savings Day exemplifies the importance of saving for individuals and the economy. It is also referred to as World Thrift Day. A day to inform people across the globe to save money in banks and not keep under the mattress. Thinking why? Let's agree most of us are always up to earning the interest on an amount. Going ahead with the savings bank account is the initial step. Yet, another smart option is to go ahead with plans that also secure the funds for any unprecedented times.

Do Not Forget the Financial Goals

Savings helps to create corpus and achieve short and long-term goals. Be wise enough and choose insurance plans and remain stress-free. If you have a home, consider having home insurance. Or as Diwali is around the corner, and you might be thinking of buying a vehicle, so why not get the right motor insurance. Investment and insurance are important pillars of financial management serving different purposes. As the old saying goes, a penny saved is a penny earned. To initiate something good, every day is a good day. Do not wait for something to happen, start allocating.

Over to You

Savings gives life a lift. In the times of COVID-19, we surely would understand the importance of savings. People who had medical insurance didn't have to worry much about the finance part. But, those who didn’t have to use their savings. Saving responsibly is the need of the hour. Savings is also a pathway to personal development and enables one to grow. This World Savings Day let us take a pledge to be more mindful about the money, save and invest in the right direction.