National Savings Day is a holiday observed annually on October 12th. The purpose of this holiday is to encourage everyone to open a savings account and to add to it regularly. Most experts agree that you should maintain three to six months of expenses as a minimum general rule.

You never know when you’re going to have a major expense, such as your car breaking down, an emergency medical procedure that your insurance won’t cover, or even the loss of a job. Having just a little bit of a buffer can help keep you afloat and prevent you from having to borrow money when an emergency arises.

The History of National Savings Day

National Savings Day was created by Capital One in 2017 to help people secure their future by opening and maintaining a savings account. People who have a savings account tend to have a more secure financial future.

Interesting Facts About Savings

Below are some facts about personal savings that everyone should keep in mind, regardless of whether they’re opening a new savings account or adding money to an existing one.

• Banks still offer high-interest savings accounts, even though traditional savings accounts have generally lowered their interest rates.
• A Money Market Account is a type of savings account.
• The best savings account interest rates are usually offered by online banks.
• Savings accounts can be used as an overdraft protection account.

Observing National Savings Day

Observing this financial holiday is pretty straightforward. If you don’t have a savings account, take the time to open one and contribute to it regularly. If you do have a savings account, it’s time to reevaluate if you’ve been putting enough money into it and if your expenses have grown to the point that you might need to increase the size of your savings. While observing this holiday, be sure to use the hashtag #NationalSavingsDay to spread the word about it.