World Thrift Day.....Savings is the Path of Success

The World Thrift Day is being celebrated on 31st October of every year. The first World Thrift Day was declared on 31st October 1924 during the first International Savings Bank Congress in Milan, Italy. World Thrift Day is devoted to the promotion of savings all over the world. It is a worldwide celebration well sustained by savings and accountable retail banks, schools, women's association, cultural and social organizations etc. The day remind us the significance of savings in order to have a fund to face contingencies. It also helps us to collect money for annual fees of our children, to celebrate festivals with family, to start an enterprise likewise.
In India the day is celebrated on 30th October due to the assassination of Mrs Indira Gandhi, Prime Minister on 31st October 1984. Thrift is an ancient Indian virtue and India has one of the highest savings rates in the developing world. Money saving is an art. Every individual should learn to save. It doesn't matter whether weak or strong. As small kids we were taught to save money and earn wealth by our parents and teachers. The habit of saving gives an individual independence. The little savings through thrift collection has marked a major difference in microfinance management in harnessing the savings for the systematic and disciplined development of our country. The idea is to save money to gain a high standard of life and to secure the economy of the country. It helps to inculcate the habit of savings by individuals. Also to encourage them to deposit in a savings bank account rather than hiding in the kitchen or under the bed at home.
All has to master in the art of saving to spend wisely. Plan and make a budget to control unwanted expenses. Buy essentials only thus prioritising needs. Be self resilient and make investments. Income minus investments should be used for expenses. Check your financial accounts and statements regularly to keep your expenses under check. Switch of the lights, fans and other electronic appliances after use to cut short electricity, water, telephone and other energy consumption bills.
Small and systematic savings provide good returns. Small savings safeguard against risks in life like unemployment, illness etc. Savings also contribute in preserving the environment by preventing wastage. Thrift savings help the women to get empowered and no longer remain as passive recipients of public assistance. The great project of 'Kudumbasree' in Kerala is the excellent model of thrift collection and microfinance. Savings are essential in old age and for better future. Savings promote financial security of individuals and the nation as a whole.