World Thrift Day is observed on October 31st to promote the importance of saving and encourage a culture of frugality. This event may not have its presence as some other global observances, but its significance is in promoting financial prudence and thriftiness. It is very crucial to save money in today’s time. For all those who don’t know, the main goal behind this day is to promote the importance of saving money and having a sense of financial security. This day was established to teach people to save their money in banks which can be used in dire times. Let’s explore more about this day.
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World Thrift Day 2023 History
World Thrift Day has a rich history which dates back to the aftermath of World War 1. The concept of World Thrift Day was first introduced by the Italian economist Filippo Ravà during the first International Thrift Congress held in Italy, in October 1924. He had an idea to create a global event that would emphasize the importance of saving money, especially during difficult economic times.
This concept soon gained popularity and support which led to the first World Thrift Day on 31 October 1925. For all those wondering about the date, it was chosen to coincide with the anniversary of the opening of the first International Thrift Congress. Ever since then, World Thrift Day has been celebrated in several countries around the world.
World Thrift Day 2023 Theme
Every year, World Thrift Day focuses on a specific theme so as to highlight various aspects of saving and financial management. The theme for 2023 has not yet been announced. However, it is expected that like every year, this year the theme will focus on the importance of savings and responsible financial planning in the face of economic challenges.
Last year, the theme for World Thrift Day was ‘Savings Prepare You for a Better Future.’
World Thrift Day 2023 Significance
World Thrift Day holds a huge significance as it promotes the value of saving money, how one should make responsible financial decisions and economic stability. It also emphasizes thrifting and saving money in individual lives. Other than this, the main aim behind this day is to encourage people to make wise financial decisions, reduce unnecessary spending and plan for a secure future.
Here are some factors which play an importance on World Thrift Day:
- Financial Literacy: By encouraging people to comprehend the concepts of saving, budgeting, and prudent financial decision-making, World Thrift Day plays a significant role in fostering financial literacy.
- Encourage Savings Culture: Teaching young people the need to save money for unexpected expenses and future needs, promotes a culture of saving.
- Reducing Financial Stress: Saving money acts as a safety net financially, easing anxiety and tension amid unforeseen financial problems.
- Supporting Economic Growth: Individual thriftiness boosts the amount of money available for investments in businesses and infrastructure, which helps the economy expand.
Also Read: Best Saving Account for Students in India
How to Celebrate World Thrift Day?
To celebrate the occasion of World Thrift Day, here are some of the ways one can celebrate this day:
- Children from a very young age are taught the importance of saving money. By doing so, they understand why they should save money.
- Poster-making competitions are also held where people emphasize only one message – save money.
- Financial institutions also get involved in this, they encourage people to save more money by promoting new programs and schemes.
- Next, many volunteers organize film screenings to urge people/students to not indulge themselves in lotteries or gambling.
- Lastly, banks run campaigns and even promotional activities encouraging people to save their money for the future.
Tips to Save Money
Here are some tips by which you can save your money for future or emergency situations:
- Maintain a Budget: To understand where your money is going, start by keeping track of your earnings and outgoing costs. Create a budget after that by setting aside a certain amount for each category, such as housing, food, transportation, and savings.
- Set Savings Goals: Establish precise long- and short-term financial objectives. Specific goals can encourage you to save more assiduously.
- Cut Unnecessary Expenses: Start by reviewing your habits and identify areas where your money can be saved. This can include eating from outside, cancelling unused subscriptions etc.
- Reduce Debt: Credit card debt, for example, has a high-interest rate and might deplete your savings. To increase your savings, concentrate on paying off your bills.
A1. Every year on October 31st, people all over the world observe World Thrift Day. The day is observed on October 30th in India.
A2. World Thrift Day, also known as World Savings Day, is to encourage people to save money.
A3. On World Thrift Day, one can save money by the following way:
Maintain a budget
Set saving goals
Cut unnecessary spending
We hope this blog provides you with all the relevant information about World Thrift Day. Keep reading our trending events blogs on Leverage Edu to stay informed about the news and important days in the world of education!