Spending is fun but saving is even better! There is little that’s more satisfying than working hard toward a savings goal and then getting to make that purchase that has been in your dreams for a long time. National Savings Day is here to help everyone be a bit more motivated in investing in the future!
History of National Savings Day
Whether it’s saving up for a college education for the kids, a deposit on a house, that cruise you’ve always wanted to take or a brand new car, National Savings Day brings an important reminder to people that it only takes a little bit of effort to be able to save a lot of money!
National Savings Day was founded in 2017 by Capital One to encourage people to be empowered when they create simple practices to build into their savings plans. All it takes is a little bit of a plan and some dedication to make it happen. Even those who can only start small in the beginning will learn to love the way it makes them feel to be able to save up money for a specific goal!
How to Celebrate National Savings Day
National Savings Day is not only a great day to celebrate in the moment, but it’s an important part of investing in the future! Try out some of these ideas for enjoying National Savings Day:
Create a Budget
One of the most important factors in being a good saver is knowing how much is coming in and how much is going out so you can know what is available to save. This is most easily accomplished through the creation of a simple budget where regular income is recorded, typical outgo is tracked, and a realistic amount to save is created.
Open a Automatic Savings Account
While that old piggy bank might do the job for saving those coins, the real way to make savings count is to have an account that will make automatic deposits on your behalf. These types of accounts can be set up in a variety of ways, including the option to have a portion moved from checking to savings each time a direct deposit is received.
Set it up to have $25, $50 or even $100 a week or more set aside into the savings account without you even noticing. That kind of investment can really make a savings account build up fast!
Check With Employers About Savings Plans
Some employers offer matching savings incentives for their employees, allowing them to double their savings for retirement or other plans! Other employers might offer a Christmas savings plan. Check with the human resources department at work to see what kind of savings plans they offer for National Savings Day.
Make Saving a Habit
Instead of waiting until there is “extra” money (because most people spend it before it becomes extra!), start off by setting aside a specific amount to save as the first action on payday. This kind of habitual savings allows for accomplishing big projects and having enough in an emergency fund for a rainy day.