October 31st is not just for Halloween, its also World Savings Day

Most kids are counting down the days until one of the seasons most fun and celebrated holidays, Halloween – but October 31st marks another important date too -- it’s also World Savings Day.

World Savings Day was established on October 31st, 1924 during the first International Bank Savings Congress in Milano, Italy, where representatives of 29 countries in attendance at the Congress wanted to reinforce the importance of savings to the general public, and its relevance to the economy. As a result, World Savings Day was born.
Unfortunately, little emphasis is placed on World Savings Day in the United States due to the fact that it collides with Halloween, but in other countries it’s a completely different story. Franz Strasser, who grew up in Austria recalls with sentiment that World Savings Day was always a day of great excitement, when Banks distributed free piggy-banks to children, and inspired them towards savings goals, and instilled a sense of financial responsibility into their young minds.
Handing personal finances in a great life skill at any age, and kids that are taught to be financially responsible are generally better equipped to make better financial decisions later on in life, including having good savings habits. Here are some ways to get your kids started on October 31st with some World Savings Day activities that will pay off big time for them.
Encourage your kids to have a piggy-bank
Not only do kids enjoy putting spare change or part of their allowance into their piggy-banks, but it also serves as a visual incentive to them of how much money they are accumulating (and saving).
Open a savings account for your kids
Find out what savings accounts are available for kids at your bank, and enroll them in a savings program that will keep them motivated to build up that bank account balance – and keep on depositing those piggy-bank savings.
Teach your kids what a budget is
Teach your kids what it means to budget by breaking it down to a level that they will understand. Maybe they buy lunch at the cafeteria two or three days a week? Set a budget for their lunch money, and demonstrate to them that if they brown-bag it occasionally, those extra dollars convert into savings – or spending money – for something worthwhile down the track.
With a little imagination, and lots of positive reinforcement, your kids will soon be well on their way to becoming financially responsible, and learn a life skill that they will value for the rest of their lives.
So on October 31st, while you’re handing out candy to the kids, don’t forget to hand out some good savings advice too.