National Savings Day

Posted by Nailah Herbert in SavingsOctober 13, 2020(Last Updated December 29, 2022)2 min read
Key Takeaways
  • Allowing yourself to save money will help you reach your financial goals.
  • Small actionable steps today can lead to a big plus for your financial future.
Are you ready to make some real money moves?

In honor of National Savings Day, October 12th, let's talk about saving money! Allowing yourself to save money will help you reach your financial goals, take a step toward becoming financially healthy, and change your money mindset. Saving money can seem impossible if you're already struggling financially, but you can start small by committing $1, $5, or $20 each month. Small actionable steps today can lead to a big plus for your financial future.


To celebrate National Savings Day, here are four tips to encourage you to save more money.


Reduce Financial Anxiety


After you start saving more and increasing the amount of money in your bank account, this can significantly reduce your financial anxieties. Saving money reduces stress because you know you have a financial cushion to fall back on in case of a medical emergency, job loss, or another unexpected financial surprise.


Build Discipline


Did you know that a savings account (or any bank account) is considered an asset? Yes, your savings account is an asset to you. By building the habit of saving, you create a long-lasting discipline that will encourage others to be more conscious about their financial habits. Financial discipline helps to provide you with stability and structure.


It Pays to Save (Compound Interest)


A high-yield savings account has a compound interest, which allows you to earn interest on both your principal balance and the interest it makes. Using a simple interest savings account, you will accumulate interest only on the principal balance. The extra money that you earn from the accruing interest can sit to gather more money. It pays to save!


Plan for Major Events


We all have at least one or two major events that happen in our lifetime, and we must be financially prepared for those events before they arrive. For example, suppose you want to purchase your first car. For a less expensive car, you want to have money saved up to pay for the vehicle. For a more expensive vehicle, you want to have money saved to make a down-payment so you can reduce the monthly car payments. You will also need to save money to pay for things like your first tag, car insurance, and unexpected car repairs. Other major events that may happen sometime in your life include buying a house or planning for a big wedding. You must make a plan for your money and commit yourself to it. Planning is essential to the success of your finances.


If possible, you should make a deposit into your savings account today.

Was this content helpful?
Comments (0)

Sign In to leave a comment.

Download the CapWay App

Access more features to your Money Account

  • Money Goals
  • Request Money
  • Categorize Spending
  • Money Talk

The CapWay, Inc Debit Visa Card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Visa U.S.A. Inc. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank ©2014.

1. For Money Account holders with a negative balance, the CapWay debit card will go into freeze until funds are deposited to bring account back to current. See terms and conditions

2. Sending or receiving money from other CapWay account holders will be instant. Transfers from other accounts could take up to 48 hours, depending on the financial institution.

3. Early access to funds requires direct deposit. Early payment is not guaranteed and is dependent on the timing of payer's submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer's scheduled payment date.

4. Money Goals allows account holders to save money towards financial goals created within the CapWay platform. Funds can be transferred from your Money Account or saved through the rounding up of your transactions from purchases.

5. CapWay offers financial content through Learn Money free of charge, but may include advertisements through affiliates. Phunds, CapWay's literacy program and session, is paid content or co-branded content.

© 2019-2023 CapWay Inc. All Rights Reserved.