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World Savings Day - Here is Why You Need To Save Money

IamCheated.com Research Team | October 30, 2018  1:03:pm

World Savings Day is also called World Thrift Day. Since 1924, World Savings Day is celebrated each year on October 31st across the World. The main intention of celebrating this day is to promote the benefits of bank savings and re-establish citizen’s confidence in banks. In India after the demise of Prime Minister Indira Gandhi on 31st October 1984, the World Savings Day is celebrated on 30th October.

On the occasion of World Savings Say, we will tell you why you need to save money and how important saving is for everyone. You might have heard of the famous quote, save money and money will save you. This is very true. If you save money, it will save you during a financial emergency.

Why save?

You are a daily wage worker and earn a fixed amount of money each day. You live for the day and spend everything you earn. Let’s worry about tomorrow when it comes is your motto.

If you are a daily wage worker you need to be fit and work every day. You might be sick and cannot go to work. You will not be paid for that day.

How will you, your wife and children eat food for that day? What if you fall sick for a few weeks?

You will have to borrow money from money lenders who will ask for interest on the borrowed amounts. You will also have to pledge your wife’s jewelry for the borrowed amount.

 You might not be able to repay the borrowed amounts and lose this jewelry. You can solve all these problems through a simple method. Save for a rainy day.

You must have seen the ant working very hard in the summer days carrying grains on its back saving for the rains. The grasshopper enjoys days in the sun without saving. In the rainy season, the ants have food to eat whereas the grasshopper has to starve.

If you save a small amount of money from your daily earnings each day, you will have money to meet daily expenses or a sudden health problem. You will not have to borrow money from friends or moneylenders. This will help uphold your self-respect as well as save your family or your wife’s jewelry. Keep small amounts of your earnings aside and save for a rainy day.

How much to save for an emergency?

You should save a small portion of your earnings each month for an emergency. If you are single, you should have at least three months of living expenses, in an emergency fund. If you are married, it should be at least for 6 months.

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