The World Savings Day is a celebration established on October 31, 1924, in Milan, Italy. It is commemorated in the world through organizing educational events and fostering an idea of savings.
Frankly speaking, the modern-day school or higher education system does not equip humans with the skills required for facing adulthood challenges. We choose professions, nevertheless, there are certain basic principles left out without much attention, which are crucial for each and every profession – managing a personal budget, saving, financial security and etc. In a world where “time is money”, one shall be fluent in being able to manage and disseminate personal funds in order to wisely utilize additional income. As a devout commitment to social responsibility, Credo Bank always aspires to ensure the financial education of young people and foster a dialogue on financial matters within the society, in general. The financial prosperity of the quality of life of every citizen highly depends on her/his skills in spending money. Nevertheless, a solid society complements a stronger business.
We often hear the word “save”, as we discuss environmental issues, however, we rarely hear the same word regarding money; in fact, the business sector is in favor of ignoring this word for encouraging customers to purchase more products. Each and every advertisement has an invisible essence beyond its content, which hints at you “being not enough” and encourages you to spend more.
We present to you two core notions – saving money and the advantages of storing it in a savings account.
- Resistance to an unexpected event
Rationality is bounded and no human is an island standing in solitude - readiness for the unexpected, this is an idea behind a savings account, which safeguards us from events, which can’t be foreseen. Even a pandemic is an unexpected event making an entire world suffer.
- Financial independence
Once, Bob Marley, in a very popular interview of him, was asked “Are you a rich man? Do you have a lot of possessions and a lot of money in the bank?” Marley responded – “Possessions make you rich? I don’t have that type of richness, my richness is life, forever”.
In a capitalistic world, where trade happens to be at the core of the planet and a salary determines the quality of life, which makes us unable to ignore the high importance of financial independence in making us rich. If we tell you that you will be able to go on holidays, leave a job, choose a new profession, continue/start studying, make your dreams come true, be able to retire earlier than you had intended, make investments in your desired field, assist your family, make your material and non-material dreams come true – it will surely be crystal clear on how much freedom can financial independence entail. Being able to be granted freedom of choice and detachment from invisible chains – carries such beauty in financial independence.
- Purchasing immovable property
Everyone needs to have a residential space. As years pass by, rent payment comes at more cost – we spend money and are left without tangible results, while our worries remain. A savings account will bring you to and open the door of a new house.
- Safeguarding yourself from obligations?
How does it sound to you? Credit cards can never be repaid if these are used every time there is an “emergency case”. When you need to seek additional funds and an interest rate is high – having a savings account is such a relief!
In fact, it will be hard to fit into one blog, neither human stories shall be put into boundaries on how savings can benefit them in the future. Well, each scenario is individual, isn’t it?!
- Why do we choose the bank and a savings account?
Honestly speaking, how will you store money by yourself? Will you put money into a box and keep at home? What if someone discovers and steals your funds? What if there is an earthquake and you can no longer claim your goods, along with money? Well, how do you want to save thousands of GEL/USD/Euros for your retirement? The Bank will pay you an interest profit, which might not seem like a significant sum, however, it does seem impressive compared to having nothing. A savings account is such a safe and convenient space for storing your savings – especially when it spans over a long-term period.
Georgia is going to host “savings week” during November 1 – 7, which is a joint celebration of the National Bank of Georgia along with commercial banks, including Credo Bank. The campaign invites a competition of blog posts, which will select winning content and post it at a special portal of financial education: finedu.gov.ge and an entailing Facebook page. The posts shall focus on raising awareness among the public on the importance of savings.
Credo Bank will award a 500 GEL prize to one of the winners.
Further information on the competition can be found at the following link