Be Cautious of What & How you Save | World Savings Day 2021

Savings are important – both at the individual level and for national/global economies.

History

It was in 1924 that the day was established in Milan, Italy. Since then, the day has been observed annually on October 30 (in India) / October 31 (rest of the world) as World Savings Day (International Savings Day) or World Thrift Day.

It was initiated with an intention to “inform people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress.”

What to save?

Here comes the deep down question, which reflects our life choices! Let’s pop up a few options to understand our priorities.

I am a person with limited income; hence my choices matter!

What will I choose (or else bargain on) if the expense of both sides is the same, and only that’s the amount I have?

While choices are personal and intrusions could be unacceptable, there is no harm in rethinking our priorities every so often.

Many of us are brought up in a similar setup, family culture, financial background, etc., but end up differently – as our choices regularly define and shape us. Sometimes, we need to change our preferences from ‘what we desire’ to ‘what is essential.’ Desires are long-term everchanging goals; essentials are part of us that help us make the biggest of our choices. Choose wisely, save accordingly!

It’s not just the money, but also our health, body, peace of mind, character, ethics, principles, and dignity that we need to save.

In addition, here’s an article from Business Insider that is very insightful on how making right choices, like eating healthy, living healthy, can save us lots of money.

How to save?

Considering various factors and circumstances, we need to plan our expenses and savings.

Financial saving is crucial, and I can say that as my ignorance of the same costed me ‘kind of heavy’ in life 💔. That said, there may be several fundas and processes behind the same. Whilst it is we who can decide what is best for us and what to go for, it would be good to have some guidance with us. Being an amateur myself, I’ll be quoting certain basics from other sites along with my narrative here.

Since financial resources (like any other resource) are limited, the day highlights the importance of saving money for a person as an individual, for the individual’s family, and the economy at large.

There are tons of saving schemes available in India, including Public Provident Funds (PPF), National Savings Certificate (NSC), Fixed Deposits (FD), Senior Citizens Savings Scheme (SCSS), and many more. You may go through each available option and plan your savings accordingly. As the basic aim of the day is to encourage people to be “more mindful about their money and save it the right way.”

Before ending my Dharma and Karma are prompting me to talk about our product as well – the safe and pure disinfectant solution Sterloc. It is a guaranteed pocket saver option serving as a “one serves all” product. Could be used as an effective hand sanitizer and a disinfectant apt for all surfaces starting from kitchenwares to home furniture to your vehicles.

All this reminded me that I have still not filed my ITR for this year 😕. So while you plan your savings, I’ll go and file my taxes. Have a perceptive World Savings Day 2021. Ciao!

Avani Raj Arora