National Savings Day

Happy person with a piggy bank, counting money under a tree, surrounded by coupons and shopping bags.. — National savings day illustration

Welcome to the world of National Savings Day, where we appreciate the art of coupon clipping, budgeting, and being a savvy saver. Whether you're a money-saving pro or a newbie to the game, this national day celebrates the importance of financial security and the joys of watching your bank account grow. So, grab your piggy bank and join us on a frugal adventure!

When is Savings Day?

It's national savings day on the 12th October.

The Origins of National Savings Day

It's time to dive into the fascinating history of National Savings Day. This glorious day of financial awareness was first observed in 2017. Created to encourage good saving habits, National Savings Day aims to help people of all ages embrace financial responsibility and make smart choices with their hard-earned cash.

While the exact origin of this national day is a bit mysterious, we suspect that it was dreamt up by a group of thrifty squirrels who wanted to spread the word about the importance of saving acorns for a rainy day. Okay, maybe not, but squirrels are pretty smart when it comes to storing nuts, so who knows?

How to Celebrate National Savings Day

Ready to join the savings revolution? Here are a few fun and practical ways to celebrate National Savings Day:

Create a budget: Take some time to analyze your income and expenses, and set financial goals for yourself. Budgeting is the foundation of successful saving.
Start a savings account: Find a bank or credit union that offers a high-interest savings account, and watch your money grow over time.
Coupon clipping: Take advantage of those sweet deals and discounts. Embrace your inner coupon ninja and save big on groceries, dining out, and other expenses.
Invest in yourself: Use National Savings Day as a reminder to invest in your education, skills, or hobbies. By learning and growing, you'll increase your earning potential in the long run.
Teach others: Share your wisdom and savings tips with friends, family, or anyone who's willing to listen. Help them become money-saving ninjas too!

Did You Know?

Here's an interesting tidbit about savings: Did you know that the average American spends around $5 a day on coffee? That may not sound like much, but it adds up to about $1,825 a year! Skipping that daily latte and making your own coffee at home could save you a bundle!

History behind the term 'Savings'

1765

The Birth of Modern Banking

In 1765, the term 'savings' began to take shape with the establishment of the oldest savings bank in the world, the Scottish Savings Bank (now known as Bank of Scotland). This marked the birth of modern banking and introduced the concept of savings accounts. The bank's primary purpose was to encourage ordinary people to develop the habit of saving for the future.

1810

The Savings Movement Spreads

The concept of savings gained momentum throughout the 19th century. In 1810, the first mutual savings bank was founded in England. Mutual savings banks allowed individuals to pool their savings and receive interest on their deposits. The establishment of these banks created a safe and accessible savings option for the working class and fostered the growth of the savings movement.

1861

Postage Savings Stamps

In 1861, the British Post Office introduced the concept of postage savings stamps. These stamps could be purchased and affixed to a savings card, allowing individuals to save small amounts of money over time. This innovation made saving more accessible to a wider population, as even those without access to a formal bank could participate in the savings culture.

1921

The Birth of Individual Retirement Accounts

In 1921, the concept of individual retirement accounts (IRAs) was introduced in the United States. IRAs provided individuals with a tax-advantaged way to save for retirement. This marked a significant shift in savings culture, as it encouraged long-term planning and financial security for individuals beyond their working years.

1974

Employee Retirement Income Security Act (ERISA)

In 1974, the Employee Retirement Income Security Act (ERISA) was passed in the United States. This act aimed to protect employees' retirement savings by establishing minimum standards for private pension plans. ERISA played a crucial role in promoting the importance of retirement savings and ensuring the security of individuals' hard-earned savings.

21st Century

Digital and Online Savings

With the advent of the internet and digital technologies, the landscape of savings has drastically evolved. Online banking, mobile apps, and financial technology (fintech) platforms have made it easier than ever for individuals to save, budget, and invest their money. The 21st century has witnessed a rapid shift towards digital savings tools, providing people with greater convenience and control over their financial futures.

Did you know?

Did you know that the average American spends around $5 a day on coffee? That may not sound like much, but it adds up to about $1,825 a year! Skipping that daily latte and making your own coffee at home could save you a bundle!