UT Extension provides saving tips

The University of Tennessee Extension is Partnering with the “America Saves” program….. Encouraging Tennesseans to make saving a habit.

The week of February 21-25, 2022, is the week selected for America Saves Week, and each day will focus on a particular saving theme in five critical areas of wellness. Both America Saves and UT Extension are approaching the week as an opportunity to support individuals as they build financial resilience so they can tackle the tough moments of life without experiencing financial difficulties. 

They offer up tips and reminders which include:

Save Automatically: Monday, February 21, 2002

  • Make saving a habit. The easiest way to do that is to setup automatic savings with a bank or credit union.

 

Save for the Unexpected: Tuesday, February 22, 2002

  • While emergency savings and rainy-day funds may automatically trigger thoughts of negative situations, they could also be needed for exciting or positive opportunities. A special moment or event or an unexpected move for a dream job are all situations where extra savings can create a chance to say yes instead of no.

 

Save for Retirement: Wednesday, February 23, 2002

  • Save so that your future self will thank you. Making saving for retirement a financial priority and consider different options that are available through an employer or through individual accounts.

 

Save by Reducing Debt: Thursday, February 24, 2022

  • Leverage credit responsibly so that you are setup for major milestones, like purchasing a home. And reduce debt in order to save money on interest and fees and by gaining more disposable or discretionary income to allocate as needed.

 

Save as a Family: Friday, February 25, 2022

  • Create a more financially resilient future for your family by involving young people or children into the conversation. Ensure young people in your life are equipped with the tools and building blocks of personal finance. Encourage saving from a young age and have age-appropriate conversations about money and financial decisions.