MEMPHIS, Tenn. — This week from February 21 to February 25, Tennesseans join the rest of the U.S. in celebrating America Saves Week, and the Tennessee Department of Commerce and Insurance (TDCI) is stepping in to offer financial strategies that can make financial resilience a reality.
For America Saves Week, which started in 2007, TDCI is sharing ways individuals can become financially resilient. Financial resilience is the ability to successfully manage costly life events that unexpectedly impact one’s income or finances.
Being financially proactive rather than reactive is a key part of being prepared when life happens.
TDCI planned savings strategies for each day in hopes to motivate individuals to set savings goals that they can commit to.
Monday, February 21, 2022- Save Automatically
Saving without thinking is the easiest way to see financial growth. TDCI advises people to use the “split-to-save” and “automatic transfer” methods by having fixed amounts deducted from their paychecks or bank accounts each pay period. TDCI provides resources for those who may feel that they do not have room to save or for those who are in debt. Remember, small money becomes big money.
Tuesday, February 22, 2022- Save For The Unexpected
Saving for the unexpected can mean preparing for the worst of times, or it can mean being financially able to enjoy the best of times. According to TDCI, saving for the unexpected is simply “paying yourself”, making money easily accessible and available for whatever you need or want.
Wednesday, February 23, 2022- Save For Retirement
TDCI encourages people to get in the “retirement ready mindset”. TDCI advises people to take advantage of 401K, 403 B, and other IRA options. Keep in mind, retirement is not exclusive to senior citizens. Set healthy financial boundaries that will allow early retirement.
Thursday, February 24, 2022- Save By Reducing Debt
Reducing debt is the most effective way to save. Finding ways to decrease recurring monthly expenses is the key to having access to more money. Look forward to seeing an increase in available funds after paying off credit cards, car notes, and even student loans. TDCI suggest using debt payment methods like the snowball method and the avalanche method, which each take separate approaches to eliminating debt by either paying off what is most import, has the highest interest rate, or has the lowest or highest debt balance.
Friday, February 25, 2022- Save as a Family
Financial literacy is key. Teaching kids about money at a young age can help them successfully manage money later in life. Handling money well is not an innate skill. Good money practices are either taught or learned by trial and error.
To get more money tips, visit TDCI’S America Saves Week blog.