Conquer Your Tomorrow
World Thrift Day is observed globally every year on October 31 and was established in 1924 during the first International Savings Bank Congress in Milan, Italy. The observation is to raise awareness about the importance of saving and financial planning. “Thrift” means careful management of money and resources, often by avoiding waste and being economical. Saving refers to setting aside money for future use. At the same time, “thrift” is a broader concept that includes saving but also emphasises frugality, wise spending, and resourcefulness. When it comes to saving, the word piggy bank comes to mind. It turns out that what was referred to as Pygg—a type of clay that faded from everyday use over time—led to its transformation into a piggy bank. Thriftiness in ancient Indian knowledge was deeply rooted in values such as simplicity, self-restraint, and mindful consumption. “World Thrift Day” reminds us that thrift is timeless. Whether it is saving money, energy, or resources, the principle remains: wise use today ensures security tomorrow.
Focus On Needs Vs. Wants:
Prioritise Essentials and Meaningful Purchases.
“World Thrift Day” is observed globally on October 31 every year. It was established in 1924 during the first International Savings Bank Congress in Milan, Italy and credited to Italian professor Filippo Ravizza. The first celebration took place in 1925, and it has since evolved into a global movement. The observation is to raise awareness about the importance of saving and financial planning. Initially, the focus was on promoting savings through banks and cooperative societies, helping people understand how even small savings could accumulate over time to provide security and opportunity. It is also known as “World Savings Day”. From 1984, the observation in India was shifted to October 30 (to avoid overlap with the national mourning on October 31).
“Thrift” means careful management of money and resources, often by avoiding waste and being economical. The word “thrift” originated in Middle English as thriven, meaning “to thrive,” and was influenced by the Old Norse word þrift, which also meant “prosperity” or “thriving.” It meant “The fact of thriving”, and over time, “thrift” implied habitual saving. Ironically, the term “spendthrift”, referring to someone who wastes money, has thrift in it. Interestingly, “thrift” is also the name of a small flowering plant (Armeria Maritima), often found on sea cliffs.
Saving refers to setting aside money for future use. At the same time, “thrift” is a broader concept that includes saving but also emphasises frugality, wise spending, and resourcefulness. In saving, the focus is on accumulating money, while in thrift, it is on minimising waste and spending wisely. Saving helps you build wealth and prepare for financial goals. Thrift enables you to live within your means and stretch your resources.
Thriftiness Often Aligns with Sustainability.
When it comes to saving, the word piggy bank comes to mind. It turns out that what was referred to as “Pygg”—a type of clay that faded from everyday use over time—led to its transformation into a piggy bank. Not all cultures use pig-shaped banks. In Japan, for example, traditional money boxes may resemble cats or other animals, or a clay pot in Indian households.
Thriftiness in ancient Indian knowledge was deeply rooted in values such as simplicity, self-restraint, and mindful consumption, as emphasised in texts such as the Vedas, Upanishads, and the Bhagavad Gita. It was seen not just as economic prudence but as a moral and spiritual discipline.
The habit of saving money dates back thousands of years, with roots in ancient civilisations and evolving significantly over time. From informal saving clubs to modern banking systems, saving has always been a cornerstone of economic life. On average, people globally save about 28.2% of their income. In India, it is even higher at 30.2%, making it the fourth-highest in the world, behind China (46.6%), Indonesia (38.1%) and Russia (31.7%).
Thrift societies and banks both promote saving and financial security, but they differ significantly in structure, purpose, and accessibility. Thrift societies are member-based savings and credit cooperatives. Banks are formal financial institutions.
World Thrift Day reminds us that thrift is timeless. Whether it’s saving money, energy, or resources, the principle remains: wise use today ensures security tomorrow. In a world facing economic uncertainties and environmental challenges, being thrifty is not just prudent—it is essential.
Do Not Save What Is Left After Spending, But Spend What Is Left After Saving.
Warren Buffett
World Thrift Day is more than just a reminder to save money—it is a call to build a financially secure future for individuals and nations alike. Whether you are setting aside coins in a piggy bank or investing in long-term assets, the spirit of thrift is timeless. As one of the ancient proverbs says, “The art is not in making money, but in keeping it”.
Thrift is About Purposeful Saving
– Not Just Accumulating Money But Using It Wisely.
Toon: Reema
Log: Sai Baba
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