RAWALPINDI: Pakistan Peoples Party leader and President of Taraqi Pasand Falahai Tanzeem Muhammad Amir Siddiqui has said that wise people always keep something saved for difficult times, as October 31 is observed globally as World Thrift Day to promote the habit of saving.
Speaking in connection with World Thrift Day, Amir Siddiqui said people had long been taught that extravagance was harmful and that even immense wealth could be exhausted through wasteful spending. He said Islam also discouraged extravagance, referring to the Holy Quran’s guidance against wasting wealth and the statement that Allah does not like those who commit excess.
He said the day was started to encourage thrift and was also known as World Savings Day. Its basic purpose, he added, was to motivate people to save money for their future and to promote financial literacy.
Amir Siddiqui said that in recent years, the day had also been used to encourage people to manage debt and repay it on time. He said another useful way to mark the day was to teach children the importance of saving money.
He said World Thrift Day provided an opportunity for people to start working towards their financial goals. He suggested opening a savings account or increasing the amount already held in an existing account. He also urged citizens to encourage others to start saving, including through social media.
He said awareness about financial literacy should be created among children and youth at community centres and schools. He advised people to prepare a budget and adhere to it, saying this was one of the most important steps. He said people should note their income and regular expenses so that they could create space in their budget for savings.
Amir Siddiqui said debt was against dignity, while simplicity was the way of self-respecting people. He said today’s savings could improve tomorrow, adding that one of the best ways to save money was to spend less than one earned.
He also advised people to invest, gather information about different savings schemes and institutions, and choose the safest place for investment.
