Celebrate America Saves Week with Tennessee State Bank

A hand stacking coins.

This winter, Tennessee State Bank invites our customers and community members to participate in America Saves Week! Running from February 26 – March 3, 2018, this annual event is dedicated to promoting good savings behavior. Thousands of organizations across the country observe America Saves Week by providing free financial information and advice. Started in 2007, this popular campaign is coordinated by America Saves and the American Savings Education Council.1

Daily Savings Themes and Topics

Each day of America Saves Week features its own theme. Read on for a brief overview of the topics covered throughout the week. The information below comes from Nancy Reigelsperger, the Financial Management Educator for Cornell Cooperative Extension, a non-profit that has partnered with America Saves Week.2

Monday, February 26: Save with a plan

Studies have shown that people are more motivated to save money when they have a specific goal in mind and a concrete plan for making it happen. During the first day of America Saves Week, participants are encouraged to take the America Saves Pledge, in which they commit to saving a certain amount of money each month for retirement, education, or another goal. America Saves will help you stick to your plan by sending periodic tips and reminders.

Tuesday, February 27: Save the easy way…automatically

Psychologically, the easiest way to save money is to do so in an automated way. For instance, if your employer offers direct deposit, you could have a portion of your paycheck sent to a savings account each time you get paid.3 This way, the decision to save on an ongoing basis becomes the path of least resistance.

Wednesday, February 28: Save for rainy days

A rainy day fund is money that you have saved up for an emergency. A recent survey from Bankrate found that only 39% of Americans would be able to cover an unexpected bill for $1,000 using their savings.4 Rainy day money should be kept separate from your checking account and can be contributed to slowly over time.

Thursday, March 1: Save to retire

Saving for retirement is extremely important for the future. America Saves Week is the perfect time to learn more about 401(k)s and Individual Retirement Accounts.

Friday, March 2: Save the extra

People are more likely to save money that they consider to be “extra” income. Tax refunds, bonuses, and raises are all great opportunities to do some saving.

Saturday, March 3: Save as a family

The final day of America Saves Week encourages parents to talk with their kids about saving money. Good saving habits that start in childhood can last a lifetime. When children understand that the things they want to purchase require work and discipline, they gain an abiding respect for the value of money.

A mother helps her daughter put coins in a piggy bank.

Sevier County’s Piggy Bank Pageant

One of the best ways to get your kids interested in saving is with Sevier County’s Piggy Bank Pageant! During America Saves Week, Tennessee State Bank and other local organizations will sponsor a fun piggy bank making competition for kids in grades K – 12. The winners from the contest will have the chance to compete in the statewide Piggy Bank Pageant.

While we hope that your family is able to participate in America Saves Week, Tennessee State Bank also offers financial education throughout the year at area schools, the Boys & Girls Club, and at the library.

About Tennessee State Bank

Tennessee State Bank has been serving our local community for over 45 years. With branches in Sevier County, Knox County, Cocke County, and Jefferson County, we offer convenient banking services in East Tennessee. Whether you’re looking to open a checking account, obtain an auto loan, or apply for a home mortgage, we make the process as simple and straightforward as possible. Tennessee State Bank’s motto is “Banking at its Best!”SM, and we strive to live up to that creed every day. Let us know how we can help you by sending us a message via our Contact Form.

 

 

Tennessee State Bank is Member FDIC and an Equal Housing Lender.
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References
1. America Saves. America Saves Week.
2. Reigelsperger, Nancy. Cornell Cooperative Extension.
3. Weight, David. The Penny Hoarder.
4. Tepper, Taylor. Bankrate.