World Savings Day, celebrated on 31 October every year, aims to promote a culture of saving to all segments of society.
Everyone should understand the importance of saving for the future or as a precaution against unforeseen circumstances.
Tips for Cultivating a Saving Culture
Saving culture should be instilled in every individual. In fact, you can start saving as any time is practical to save. Here are some tips for cultivating a saving culture that you can incorporate into your daily routine.
1. Instill the Culture of Saving from a Young Age
Parents should instill the practice of saving in their children from an early age so that they can grasp the idea and make it part of their culture. For instance, educators and parents frequently advise young kids to set aside pocket money and keep it in a piggy bank. Unaware of it, the behavior eventually evolves into a positive culture.
2. Make Saving as Family Activity
As concerned parents, you can encourage your children to begin saving as a family activity. For instance, a loose coin obtained while cleaning the house can be collected and stored in a container labelled “found money”. It can generate fun feelings when completing this activity.
3. Bring Children to Open Saving Account
Parents are strongly encouraged to bring their children along to open their savings accounts so that they can experience the joy of saving and motivate their kids to save consistently.
The best savings scheme is Simpan SSPN which has two types, namely Simpan SSPN Prime and Simpan SSPN PlusThere are many benefits provided, including income tax assessment relief, takaful protection, competitive dividends, and many more.
4. Saving Culture Creates Quality Generations
A society that is knowledgeable in investment is a society that is wise in differentiating between needs and wants while practicing frugality. It can also educate minds to be more optimistic and futuristic.
If inflation occurs in the economy, it will have no significant impact on society given that they are well-prepared. Furthermore, the result-saving culture has kept them from incurring excessive debt.
The Malaysian population still needs to be educated more on the importance of saving in order to sustain a basic or fair standard of living in the future (source: Astro Awani). To ensure that we can survive in this challenging period, the pandemic has taught us the value of keeping money.
Even though the cost of living is rising, you don't have to use this as an excuse to stop saving. Instead, take this as an opportunity to begin modifying your lifestyle in order to build a savings culture. For instance, you could begin by just purchasing products that are essential and then learn to compare product A to product B for the same function. Then, unconsciously, it can lead to savings, and the remaining money can be saved.
Only you have the ability to change your future because you are the main character in your own film, not someone else’s.