UT Extension Partners with America Saves to Encourage Tennesseans to Save
KNOXVILLE, Tenn. — Over the past two years, as the COVID-19 pandemic has impacted every aspect of life, some individuals and families have experienced significant setbacks. As most Americans focus on recovering from the economic effects of the pandemic, University of Tennessee Extension is excited to partner with America Saves Week and promote five critical areas of financial wellness.
“It’s important for everyone to save for emergencies, but the last two years have really brought to light for many people a need to assess their financial health overall,” says Christopher T. Sneed, consumer economics specialist and assistant professor with UT Extension Family and Consumer Sciences. “America Saves Week is a great time for anyone to take a look at their finances and make some concrete plans to save in these areas.”
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.
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.
Each day of America Saves Week is an opportunity to engage with these ideas and think critically about goals and challenges to financial resilience. Through its land-grant mission of research, teaching and extension, the University of Tennessee Institute of Agriculture touches lives and provides Real. Life. Solutions. utia.tennessee.edu.