World Savings Day is a holiday that’s observed on the 31st of October each year and encourages everyone to think about the importance of starting and maintaining a savings account. Also known as World Thrift Day, this holiday wants everyone to 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 a month, then they need to have anywhere from $6,000 to $12,000 in savings just in case of an emergency. Of course, it’s even better if a person has more savings than that, but financial experts agree that is the bare minimum. It’s for this reason that people should celebrate this holiday and make sure their financial house is in good order.
The History Of World Savings Day
World Savings Day was first imagined as International Savings Day and it was organized by the First International Savings Bank Congress that was held in Milan, Italy in 1924. The purpose of them creating this holiday was to encourage people not to keep their cash at home but to place it in banks.
After all, banks were more secure than burying the money in a coffee can in the backyard or placing it under the mattress. After the end of WWII, this holiday would become popular as World Savings Day as economies were being rebuilt and consumers had more money in their pockets.
Important Facts About Money
Since we’re on the subject of financial responsibility, preparing for financial emergencies, and savings accounts, we thought that we’d present some important facts about money that people might not know about. We hope the following facts will encourage people to learn more about money.
- It costs 2.1 cents to make 1 U.S penny.
- It costs 8.5 cents to make 1 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.
When is World Savings Day?
|This year (2023)||October 31 (Tuesday)||Multiple dates - more|
|Next year (2024)||October 31 (Thursday)||Multiple dates - more|
|Last year (2022)||October 31 (Monday)||Multiple dates - more|