HIS Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Crown Prince and Senior Minister at the Prime Minister’s Office, in his capacity as the Chairman of Autoriti Monetari Brunei Darussalam (AMBD) declared May 28 as the National Savings Day during the official opening ceremony for AMBD Day 2015, and the day has been celebrated annually since then.
Among the objectives of National Savings Day is to promote a savings culture and prudent money management in Brunei Darussalam.
A savings culture is one that speaks to the Bruneian culture, and can be reflected in the Malay proverb – Sediakan payung sebelum hujan – which teaches us to always be prepared for emergencies or unexpected incidents. As such, inculcating a savings culture in every individual is important, especially at a young age.
The AMBD, to commemorate National Savings Day 2018, in a press release shares the meaning behind the National Savings Day logo and the importance of saving.
Three colours are used in the logo to reflect the importance of financial management and to reflect the strength and stability of the financial sector.
Green is often associated with money and wealth. This colour is used to signify a bright future stemming as a result of saving.
Dark blue is a symbol of wisdom and intelligence. In this context, it represents smart and prudent spending, keeping in mind the concept of ‘needs vs wants’.
Grey reflects the stability and soundness of the financial industry in Brunei Darussalam as a means to facilitate financial activities and reaching financial goals.
The stack of coins reflects the financial industry in the country. The quantity signifies the 10 denominations of Brunei dollars issued by the AMBD: BND1, BND5, BND10, BND20, BND25, BND50, BND100, BND500, BND1,000 and BND10,000.
The Simpur leaves were chosen to signify the national flower of Brunei Darussalam and also to represent Brunei Darussalam’s culture. The number of leaves also carries its own significance, whereby it represents the four importance of money and saving.
To protect yourself and your loved ones.
Make sure you have a separate savings account specifically for emergency usage only. You may save a small amount at a time, however, it is important that you are determined in being consistent in your savings. Make sure you save at least 10 per cent of your monthly salary for this purpose. In order to ensure disciplined savings, you may instruct your bank to channel a portion of your salary automatically into the dedicated savings account.
To grow for future purposes and goals
As the Malay proverb Sedikit-sedikit, lama-lama jadi bukit goes, your savings may grow and multiply if you practise saving in a consistent and disciplined manner. Know the different types of savings products offered in the market, and choose ones according to your needs. There are also insurance/Takaful and investments products and services which are savings-oriented that you may wish to explore.
To fulfil necessities
Saving and planning your finances will allow you to reach your goals, both today and in the future. By preparing a financial plan that also takes into account future expenses, you will become more aware of how much you need to save in order to reach your goals. If there are any items that you wish you purchase that are beyond your capability, try to avoid being dependent on debt. Instead, plan your finances wisely to meet those needs. Another way to plan your finances wisely is to embrace the habit of preparing a shopping list to avoid spending on unnecessary items.
To give by helping others through Zakat and alms
The practise of giving Zakat and giving to charity (alms) is a righteous act which can be considered as an investment for the Hereafter. Savings which fulfil the conditions for Zakat should be given to those deserved.
Among the purposes of Zakat are to help Muslims who are poor; to produce a sense of compassion among Muslims; for the stability and prosperity of the nation; as a sign of gratitude towards Allah the Almighty; to purify the heart; and to purify your wealth.
The practise of alms and giving to charity is also strongly encouraged. Giving to charity is a way to forgiveness from Allah the Almighty; and brings about greater provisions (rezeki).
A number of activities to commemorate National Savings Day 2018 will be held throughout June to August 2018.
Visit AMBD’s website at http://www.ambd.gov.bn; or by following AMBD on Instagram at @autoriti_monetari for more details. – AMBD