We Should Have a National Saving and Investing Day

Bald_Eagle_PortraitWe should have a National Saving and Investing Day. It should fall on the same day every year, preferably on the 1st of a month, when many Americans are getting their paycheck. With so much hype in the Fall around Black Friday, Small Business Saturday, Cyber Monday, and Giving Tuesday*, we are throwing our money everywhere. However, we are missing one important entity that should be receiving some of this money: ourselves.

It’s time to make saving money and building our wealth a priority, not just for the few of us that read personal finance blogs, books, and articles, but for the people that never learned personal finance strategies, the ones that don’t believe that they can get out of debt or ever retire. Perhaps changing the way people think about money can start by getting them (and the media) to focus completely on it for just one day.

And perhaps even more important than saving for this new holiday is investing. Saving is one of the most powerful financial tools, but it is a concept that is easy for everyone to grasp. Investing, on the other hand, can be a little more daunting. On National Saving and Investing Day, let’s encourage people to open up an investment account. Investment companies can lower their initial investment minimums on this one day, so you only need, say $25 to open an account as long as you set up an automatic investment (I am sure they can create new products that make this promotion financially viable).

Once people see that they can invest and they can save, then it is up to them to continue doing so. Currently, they don’t even see investing and saving as a choice. Let’s give them that choice! Let’s get people on more stable financial ground and improve lives across the country. Let’s show them that they can be financially viable as well.

That’s my thought for today, anyway. What do you think? Would a National Saving and Investing Day help? Is there another solution?

* To clarify, I fully support Giving Tuesday. I think being charitable is important. I think that being financially savvy is important in addition.


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19 thoughts on “We Should Have a National Saving and Investing Day

  1. Dee @ Color Me Frugal February 3, 2014 at 7:29 am

    Great idea! I think something like that would help a little bit- at least there would be more attention paid to the problem of financial literacy (or lack thereof). It can’t hurt, anyway!
    Dee @ Color Me Frugal recently posted: February Goals and Life UpdateMy Profile

    • Mr NYBudget February 3, 2014 at 9:31 am

      Sometimes I even forget how little people talk about it in places other than pf blogs and our corner of the Internet!

  2. Stefanie @ The Broke and Beautiful Life February 3, 2014 at 9:27 am

    It would be great to see the minimum deposit requirements for investments reduced. I think that’s what puts so many people off from starting.
    Stefanie @ The Broke and Beautiful Life recently posted: Carnival of Personal Finance #449: Recommitting to ResolutionsMy Profile

    • Mr NYBudget February 3, 2014 at 9:34 am

      Right – I can only assume that many more people would be willing to dedicate $25 or $50 plus an automatic investment each month, rather than the thousands of dollars that they don’t have currently. And the companies would stand to gain as well with the continued investment. It’s kind of like the whole “free checking when you have direct deposit” thing that banks do.

  3. Brooks J. Young February 3, 2014 at 10:03 am

    You’re a GENIUS! This is such an AWESOME idea. Most folks are so busy think about the present that they do not plan for the future. This will give those who do not invest to do so.

    After being homeless for seven years, I am now able to rebuild my life.

    Again, great idea!

    • Mr NYBudget February 3, 2014 at 10:47 am

      Thanks Brooks! Congrats on getting on a new path! Hopefully, if we can get the personal finance discussion in the public arena, more people can change their lives.

  4. Shannon @ Financially Blonde February 3, 2014 at 11:43 am

    I am all about a day where they lower the minimums on investment accounts or investment options. I have many clients who would like to do the “right” thing and invest in mutual funds, but some of the better funds have such high minimums that they can’t get started.
    Shannon @ Financially Blonde recently posted: Music Mondays – Thrift ShopMy Profile

    • Mr NYBudget February 3, 2014 at 11:54 am

      It’s interesting to hear from a financial professional that you have so many clients for whom this is an issue. I have definitely come across many people personally that can’t afford those minimums either.

  5. Kristin Wong February 3, 2014 at 12:48 pm

    I like the way you think! The awareness alone would make it a great idea. And it’d be awesome if institutions lowered their limit for a day.
    Kristin Wong recently posted: 5 credit card perks you might not know aboutMy Profile

    • Mr NYBudget February 3, 2014 at 1:50 pm

      Thanks Kristin!

  6. Jim February 4, 2014 at 11:23 am

    Great idea, I think it should become a national holiday. Only problem is we are a consumption, keep up with the jones’, society and if everyone would live within their means and save a good portion of their income, the economy may crash. Those who brainwash us don’t want that, we gotta keep priming the pump.
    Jim recently posted: Will You Buy, Hold, or Sell Stocks In The New Year?My Profile

    • Mr NYBudget February 4, 2014 at 11:28 am

      I think that investment companies like Vanguard would stand to gain from this, though and I think that they would have to take lead. Now, having this day wouldn’t completely turn everyone around and stop them from poor spending habits, but I believe it would, at the very least, help people consider spending on their future as well as everything else and introduce a bit more balance.

  7. Connie @ Savvy With Saving February 4, 2014 at 10:52 pm

    I like it! But the pessimist in me thinks it wouldn’t work. As a society, we’re programmed to judge people why what material goods we have and it’s hard to steer away from that.
    Connie @ Savvy With Saving recently posted: January Recap & February Goals: BRRR!My Profile

    • Mr NYBudget February 4, 2014 at 10:56 pm

      I am definitely with you on that one. I don’t expect this idea to completely change society – just make some people’s lives just a bit better and get people talking about personal finance.

  8. Phil February 8, 2014 at 6:07 pm

    Sounds like a good idea. I wish I had saved more during my younger crazy days, and wish I knew then what I know now. I always tell people to save some of their paychecks and invest in a 401K as much as possible. People need to not care what others have. I don’t.
    Phil recently posted: This Drunken Munkey is causing a ruckus in NYC!My Profile

  9. J. Money February 13, 2014 at 8:28 am

    Looks like you have a job to do now 🙂 We’re ready to celebrate it with you!!

    • Mr NYBudget February 13, 2014 at 10:13 am

      I’ve actually tried contacting Vanguard – no response. I’ll let you know if I, ya know, change the world.

  10. Shannon June 30, 2014 at 1:14 pm

    I love the idea! You’re absolutely right that everyone should be reminded of the importance of saving and growing their money – not just people who read finance news and blogs. And having a national day dedicated to it could certainly help open up the dialogue!
    Shannon recently posted: How Two Moves and a Major Career Change Led Me to Happiness and Financial FreedomMy Profile

    • Mr NYBudget June 30, 2014 at 1:21 pm

      Thanks Shannon! The lack of knowledge and dialogue about personal finance in the “real world” is astounding. As much effort as we spend on education in other areas, you think personal finance would be important to include!

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