World Thrift Day 2022: Reasons to celebrate, history, timeline, significance, the theme for 2022, and smart ways to save!
Our education system has incorporated tremendous concepts of importance, but what it still lacks to discuss is money management and savings. Rightly so, many investors believe that money management and savings should be a personal game, and one has to educate themselves to grow in this field throughout their life.
Just like every other important theme in the life of a human deserves celebration on a day, thrifting as a crucial skill is observed as World Thrift Day.
Also called World Savings Day, it is observed every 30th October in India and on October 31 throughout the world. This time, the world will be celebrating the 98th World Thrift Day.
Money is power. No matter how the material world is criticized by esoteric themes of spirituality and humanity, money, if rightly saved and used, can be a man’s greatest asset to achieve these spiritual and humanistic milestones. When one has money, one not only holds the power to lead a comfortable life but also sows seeds for positive changes in the world.
On this note, it becomes crucial to understand a day pertaining to thrifting and saving, viz., World Thrift Day.
The reasons to celebrate World Thrift Day!
The idea of reuse
In a world of limited resources and aggressive demands, the skill and habit of thrifting and using the resources judiciously is the best step mankind can ever take. And thus, it becomes the responsibility of mankind to come forward, join hands, understand, and share the ways it can achieve this goal. World Thrift Day is dedicated to such goals. On this day, people engage in several activities like reusing resources, thrifting, and safely depositing their money in banks. Such tiny acts turn out to be the biggest favors man can do to mother Earth and society at large.
The essential habit of thrifting
The secret sauce to wealth is not to earn but to save and invest more. World Thrift Day throws light on the importance of right saving and thrifting. Many developing and developed nations of the world happily observe this day. Some of them include the United States, Spain, and Germany.
It fosters the growth of the individual and the economy
Individual growth compounded turned into the wholesome growth of the economy. When individuals learn and celebrate saving and thrift, an economy is guaranteed to grow in leaps and bounds.
While the whole world celebrates the day on 31st October, India stands unique to observe it on October 30. This is not a mere coincidence, but it rather holds a specific reason.
India’s reasons to celebrate the day on October 30!
The world observes World Thrift Day on October 31, but India celebrates it on October 30. Why?
Well, it is because of the demise of the late Prime Minister Indira Gandhi on October 31, 1984, India celebrates World Thrift Day one day before the world, that is on October 30.
History and Timeline
Human desires never end. You go out to the mart and you will find exciting items of clothing, gadgets, accessories, home appliances, and body care that may actually be of no use to you, but they are so alluring that they compel you to open your UPI wallets and wave it in front of the QR codes in the mart. But hey, have we forgotten the importance of thrifting embedded in our culture. Well, almost all cultures of the world talk about controlling human impulses, engaging in thrifting, and saving for a rainy day.
While cultures across the globe are mostly in conflict with what they propagate, most cultures inculcate the importance of thrifting, and perhaps this sole commonality led to the birth of World Thrift Day.
The first National Thrift Day was observed in 1921 in Spain.
While the concept of thrifting had been institutionalized across the world, the very First International Thrift Congress was held at the International Savings Bank Congress, also called the World Society of Savings Banks, in Milan, Italy.
Let us all thank Filippo Ravizza, an Italian professor, for officially launching the day as International Savings Day.
The World Thrift Sat was formulated to enhance the propagation of the healthy habit of sound money management and the habit of savings.
Sometimes, disasters teach a lot in life. It was in 1955 and 1970 that folks all around the globe became sensitive and aware of the importance of savings. In the wake of the two World Wars, the importance of thrifting and savings strengthened.
The 1800s was the time when people across the globe knew the importance of savings, but it was only limited to household savings. Also, people hid their savings for rainy days.People saved coins and silver dollars inside cast iron pipes of their houses.
It was in 1924 that the world celebrated its very first World Thrift Day. There were lectures, brochures, posters, press articles, educational films, and other mediums through which the message was delivered.
It was in this year that the special “Hymn of Thrift” was composed by Gino Valori and Giuseppe Pietri.
It was in this year that a special Saving Mascot from Austria came to light. Sparefroh or the Happy Saver had a street named after him.
Significance of the day
No day in this world is celebrated without a rationale, and World Thrift Day too comes with manyfold reasons to celebrate it.
The day calls for more encouragement to be aware of oneself and others' income s and savings.
Money saved not only comes to use for further investments but also proves to be a breath of relief in rainy days of life so unpredictable.
The day lays its focus on thrifting and saving. Savings prove to be a robust safety net in days of economic crisis.
Not to miss, savings allow for the basic minimum to lead a sufficient and respectful life. Savings help one get a desirable education, job, or start a new profitable venture.
A nation that teaches its people the importance and ways of saving enjoys better economic growth with all its members contributing to wealth generation and thrifting.
Moreover, savings lead to stability. This stability is not just financial. Savings help grow social and emotional stability in a society as well.
Additionally, savings prevent us from stepping into the debt cycle. When you have sufficient savings, you are not likely to borrow money from the world, which further helps you lead a stress-free and respectable l; life.
World Thrift Day- Theme for 2022
The year 2022 comes with a wonderful theme for World Thrift Day. The theme is “Saving prepares you for the future.”
Smart ways to save money in 2022- The Final Note
Gone are the days when people had to hide their savings in iron pipes in their houses. Today, the modern man confidently and fearlessly saves his hard-earned money. With banks getting more people-friendly and technology being kinder and kinder to mankind every passing day, the present-day era is perhaps the most beautiful era to save.
The personal favorite trick of professional investors and financial gurus all around the globe to thrift and save is to create a well-functioning and smartly designed budget calendar. This world is your mirror and guide and helps you save more than you could ever have imagined. While going the conventional paper-pen road is preferable for many, present one has multiple online tools that make the budget calendar creation process effortless and smart.
Value your debit cards more than your credit cards. Today, credit cards provide one alluring offer, however, the next time you feel tempted to swipe your credit cards, just recall the definition of “credit” you learned in your economics classes. Debit cards, on the other hand, prove to be a safer road toward thrifting.
And oh, is it even necessary to share the importance of purchasing goods during festive offers? While festivals are meant for recreation, what makes them the best days of the year is the festive discounts and offers they come with. While many can be deceiving, one can always plan one’s most essential and undeniable purchases for the festive season.
Finally, the share market! While the share market is risky, people are not foolish to invest in it only to bear losses. No, it is not to say that every chunk of your savings should be invested in share markets, but who is asking you to put all the eggs in one basket, after all? Just get the help of your financial advisor and invest a manageable chunk in the share market. What next? See it grow from a tiny seed to a huge tree.