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National Savings Day

Save smarter and not harder! National Savings Day is the perfect day to kickstart your savings plan and start investing in a better future.
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When it is?
October 12
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Country
United States
Creator
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Founded
Introduction

It's time to start saving on October 12 with National Savings Day! This special day was created in the late 1800s to encourage people to put away money for their future and be more aware of their financial goals. It's a great opportunity to take stock of your finances and make sure you're setting yourself up for success. With so many options available, there are plenty ways that you can save big this National Savings Day!

History of National Savings Day

National Savings Day Dates

National Savings Day Timeline

<div class='timeline-item'><div class='timeline-left'><div class='timeline-date-text'>1873</div></div><div class='timeline-center'></div><div class='timeline-right'><div class='timeline-text timeline-text-title'>First Savings Bank</div><div class='timeline-text'>The first savings bank in the U.S., The Philadelphia Saving Fund Society (PSFS), was established, promoting the idea of thrift among ordinary people.</div></div></div><div class='timeline-item'><div class='timeline-left'><div class='timeline-date-text'>1911</div></div><div class='timeline-center'></div><div class='timeline-right'><div class='timeline-text timeline-text-title'>Inception of Tax Benefits</div><div class='timeline-text'>Tax benefits for savings and investment income were first introduced, encouraging individuals to save more of their income.</div></div></div><div class='timeline-item'><div class='timeline-left'><div class='timeline-date-text'>1935</div></div><div class='timeline-center'></div><div class='timeline-right'><div class='timeline-text timeline-text-title'>Birth of Social Security</div><div class='timeline-text'>The Social Security Act was signed into law by President Roosevelt, offering a safety net and promoting the idea of savings for retirement.</div></div></div><div class='timeline-item'><div class='timeline-left'><div class='timeline-date-text'>1975</div></div><div class='timeline-center'></div><div class='timeline-right'><div class='timeline-text timeline-text-title'>Emergence of IRAs</div><div class='timeline-text'>Individual Retirement Accounts (IRAs) were established, allowing individuals to save for retirement with tax-free growth or on a tax-deferred basis.</div></div></div><div class='timeline-item'><div class='timeline-left'><div class='timeline-date-text'>1996</div></div><div class='timeline-center'></div><div class='timeline-right'><div class='timeline-text timeline-text-title'>Introduction of 529 Savings Plan</div><div class='timeline-text'>The 529 Savings Plan was established to encourage saving for future college costs, offering tax-free investment growth and withdrawals for qualified expenses.</div></div></div><div class='timeline-item'><div class='timeline-left'><div class='timeline-date-text'>2017</div></div><div class='timeline-center'></div><div class='timeline-right'><div class='timeline-text timeline-text-title'>National Savings Day Initiated</div><div class='timeline-text'>Capital One declared October 12 as National Savings Day, a day to recognize those who value the act of saving and inspire others to save effectively.</div></div></div>

How to Celebrate National Savings Day

<div id='' class='facts-item'><div id='' class='facts-header'><h3 id='' class='facts-number'>1</h3></div><div id='' class='facts-text-wrapper'><h3 id='' class='facts-title'>Cut back on spending</h3><p id='' class='facts-text'>Rather than buying something new, try to find ways to cut back and save. Make small lifestyle changes such as packing your lunch instead of going out, or canceling a subscription.</p></div></div><div id='' class='facts-item'><div id='' class='facts-header'><h3 id='' class='facts-number'>2</h3></div><div id='' class='facts-text-wrapper'><h3 id='' class='facts-title'>Set up an automatic savings plan</h3><p id='' class='facts-text'>Set up an automatic transfer from your checking account to your savings account each month. This will help you save without even thinking about it.</p></div></div><div id='' class='facts-item'><div id='' class='facts-header'><h3 id='' class='facts-number'>3</h3></div><div id='' class='facts-text-wrapper'><h3 id='' class='facts-title'>Open a high yield savings account</h3><p id='' class='facts-text'>Look for a high yield savings account that offers higher interest rates on your savings. This will help your money grow faster.</p></div></div><div id='' class='facts-item'><div id='' class='facts-header'><h3 id='' class='facts-number'>4</h3></div><div id='' class='facts-text-wrapper'><h3 id='' class='facts-title'>Make a budget</h3><p id='' class='facts-text'>Take the time to make a budget and stick to it. It will help you keep track of your spending and learn how to save more.</p></div></div><div id='' class='facts-item'><div id='' class='facts-header'><h3 id='' class='facts-number'>5</h3></div><div id='' class='facts-text-wrapper'><h3 id='' class='facts-title'>Invest in stocks</h3><p id='' class='facts-text'>Start investing in stocks with the money you save and watch it grow over time. You can also look into mutual funds or exchange traded funds for a more diversified portfolio.</p></div></div>

Why National Savings Day is Important

<div id='' class='whywelove-item'><div id='' class='whywelove-letter-cont'><div class='whywelove-letter'>A</div></div><div id='why-we-love-main-cont'><h3 id='' class='whywelove-title'>Saving money is important for reaching financial goals</h3><p id='' class='whywelove-text'>Having enough money to cover our expenses and prepare for the future is essential for a secure financial future. This is why saving money now, rather than spending it on unnecessary things, is so important - it will help you meet your short and long term financial goals.</p></div></div><div id='' class='whywelove-item'><div id='' class='whywelove-letter-cont'><div class='whywelove-letter'>B</div></div><div id='why-we-love-main-cont'><h3 id='' class='whywelove-title'>Savings can provide peace of mind</h3><p id='' class='whywelove-text'>Emergency savings can be used in unforeseen circumstances such as an illness or job loss that may leave you financially vulnerable. Having an emergency fund set aside can provide peace of mind and security knowing you are prepared if something unexpected happens.</p></div></div><div id='' class='whywelove-item'><div id='' class='whywelove-letter-cont'><div class='whywelove-letter'>C</div></div><div id='why-we-love-main-cont'><h3 id='' class='whywelove-title'>Saving helps you take advantage of opportunities</h3><p id='' class='whywelove-text'>Saving money also allows you to take advantage of opportunities that arise in life. Whether it's buying a new car, moving into a bigger house, or taking that dream vacation, it's always nice to have a little extra saved up if the chance arises.</p></div></div>

5 Revealing Facts about National Savings Day

<div class='facts-item'><div class='facts-number-wrapper'><p class='facts-number'>1</p></div><div class='facts-core-content'><h3 class='facts-title'>National Savings Day is Not a Federal Holiday</h3><p class='facts-content'>While it is widely recognized and celebrated, National Savings Day is not a federally recognized holiday. Instead, it is an observance intended to promote the importance of savings.</p></div></div><div class='facts-item'><div class='facts-number-wrapper'><p class='facts-number'>2</p></div><div class='facts-core-content'><h3 class='facts-title'>It Was Initiated by a Bank</h3><p class='facts-content'>National Savings Day was initiated by Capital One, a banking corporation, in 2017 to inspire more people to save money for the future.</p></div></div><div class='facts-item'><div class='facts-number-wrapper'><p class='facts-number'>3</p></div><div class='facts-core-content'><h3 class='facts-title'>The U.S has a Low Personal Savings Rate</h3><p class='facts-content'>With an average personal savings rate of just 8.3% as of 2020 according to Federal Reserve data, the United States ranks quite low, which underscores the importance of this day.</p></div></div><div class='facts-item'><div class='facts-number-wrapper'><p class='facts-number'>4</p></div><div class='facts-core-content'><h3 class='facts-title'>About 40% of Americans Can't Cover a $400 Emergency</h3><p class='facts-content'>Such statistics reveal how crucial it is to save money. National Savings Day emphasizes the necessity of an emergency fund.</p></div></div><div class='facts-item'><div class='facts-number-wrapper'><p class='facts-number'>5</p></div><div class='facts-core-content'><h3 class='facts-title'>Saving Money Improves Your Mental Health</h3><p class='facts-content'>According to several studies, having savings is linked to better mental health as it provides a sense of security, less stress, and a decrease in money-related anxiety.</p></div></div>

National Savings Day FAQs

When is National Savings Day?

National Savings Day is celebrated on October 12 every year. In 2024 National Savings Day will occur on a Saturday.

National Savings Day Dates

Year
Date
Day

2023

Oct 12

Thursday

2024

Oct 12

Saturday

2025

Oct 12

Sunday

2026

Oct 12

Monday

2027

Oct 12

Tuesday

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