Saving for the rainy days, what does this mean? (2024)

“A rainy day” has been used as a metaphor for hard times or times of misfortune since the late 1500s- according to Idiom Origins.

Prudent people have been quoted to be saving for rainy days by putting money away in anticipation of such times.

The idea of “saving for the rainy days”, is a reminder to “put something” aside for a future time of need or setting aside some funds to cater for needs when your account balance may not be sufficient at a later date.

Another way of couching this idea is to “salt away”, This means putting something into storage for use at a later date. This may also be alluded to “preserving foods”, especially meat, by curing them with salt.

Over the years, saving money has emerged as one of the routes to wealth creation.

It is one of those concepts that have enjoyed an overwhelming consensus across generations and different societal classifications.

Even though the coinage has evolved over the years and options to ensuring security for rainy days have undergone tremendous changes, the core of the concept remains intact. For example, saving money in the early 90s involved storing legal tenders in “piggy banks”, safes or under mattresses. Today, this can hardly pass as forms of saving money, given that humans have evolved, and wealth creation has been enhanced such that, savings has become an integral part of the modern-day financial services industry.

The ’rainy days’ will come, it is a fact of life.

But would your savings be adequate?

With a FirstBank Savings Account, you can do more than save for a rainy day, you can save towards a project or aim at a particular target like children’s education, etc.

A better option than a piggybank or “under your mattress”, is to utilise one of First Bank’s Savings Account. There are many options with added benefits and perks.

There is a regular savings account you can open with zero minimum opening balance and still get attractive interest rates. Other types of savings accounts include FirstInstant account for customers who live an “on-the-go” lifestyle, whilst FirstSavings Plus (which is a hybrid savings account), allows you to enjoy the benefits of both savings and current accounts.