World Savings Day is a holiday observed on October 31st each year, encouraging everyone to consider the importance of starting and maintaining a savings account. Also known as World Thrift Day, this holiday aims to make everyone realize that they should have at least 3-6 months’ worth of expenses in their savings account.

That means if a person’s monthly expenses are $2,000, then they need to have anywhere from $6,000 to $12,000 in savings for emergencies. Of course, it’s even better if a person has more savings than that, but financial experts agree that this is the bare minimum. For this reason, people should celebrate this holiday and ensure their financial house is in good order.

The History of World Savings Day

World Savings Day was initially conceived as International Savings Day at the First International Savings Bank Congress held in Milan, Italy, in 1924. The purpose of creating this holiday was to encourage people not to keep their cash at home but to deposit it in banks.

After all, banks were more secure than burying money in a coffee can in the backyard or placing it under the mattress. After the end of WWII, this holiday became popular as World Savings Day as economies were being rebuilt and consumers had more money to spend.

Important Facts About Money

Since we’re discussing financial responsibility, preparing for financial emergencies, and savings accounts, we thought we’d present some important facts about money that people might not know. We hope the following facts will encourage people to learn more about money.

• It costs 2.1 cents to make one U.S. penny.
• It costs 8.5 cents to make one U.S. nickel.
• On average, coins stay in circulation for 30 years before they become too worn to be used. They are then melted down.
• It’s illegal for people to melt down U.S. coins.
• A $100 bill will last approximately 23 years, on average.
• A $5 bill will last approximately 4.7 years, on average.

Observing World Savings Day

This holiday can be observed in several ways. First, a person can take the time to figure out their household expenses and make a plan to save money every week. They can think of this as paying themselves first before spending any money on nonessentials. This is also a good day for people to teach their kids about saving or to spread the news about saving online using the hashtag #WorldSavingsDay.