County Executive Anthony Holt proclaims Feb, 19-26, as Tennessee Saves Week in Sumner County.  The Tennessee Saves Coalition is a partnership between The University of Tennessee Extension and other financial institutions, educational and governmental agencies whose mission is to encourage savings and reduction of debt.

Sumner County is the fastest growing county in Middle Tennessee, but many of the county’s homeowners are going under.  In 2011, Sumner County had over 300 foreclosures.  The median income between 2009 and 2010 dropped 14.4 percent in Sumner County, which was only 2.7 percent for Tennessee and 2.2 percent for the country (Source: 2010 American Community Survey)

In today’s economy, it is more important than ever Sumner County households spends responsibly and save habitually.  Across the nation one-fourth of all Americans do not save any money at all on a monthly basis for such long-term goals as retirement or a child’s education.  Tennessee also continues to be among the top states for personal bankruptcy, loan delinquency and default, and Tennesseans have among the highest average credit card debt.

Tennessee Saves is part of a larger nationwide American Saves Week and includes partners that include Consumer Federation of America, Cooperative State Research, Education, and Extension Service (CSREES), USDA, United Way of America, IRS, Federal Reserve Bank, National Foundation for Credit Counseling, Corporation for Enterprise Development, Annie E. Casey Foundation, and others.

America Saves was found in 2001 to encourage non-saving Americans to save through a social marketing approach.  About 1,800 organizations in over 50 local areas participate in American Saves Week, and have successfully encouraged and assisted hundreds of thousands of savers.

Theresa Allan, University of Tennessee Family Educator for Sumner County has developed a partnership with The Farmers Bank and Citizens Bank to offer some financial programs to encourage families to become Savers. We are encouraging citizens to go to the  Tennessee Saves website http://www.tennesseeesaves.org and or the America Saves website http://www.americasaves.org  and enroll to become a saver.  Start Small. Think Big.

Andy Nash, Executive Vice President along with President Tommy Whittaker of The Farmers Bank is encouraging families to save money in the Portland, White House, Millersville, and Westmoreland where The Farmers Bank branches are located. Gallatin’s Citizens Bank Vice President Randall Carter is encouraging savings in Gallatin, Castilian Springs, and Bethpage.

Allan who teaches financial management programs at the Sumner County Extension office says, “You must always pay yourself first”.  By that, she means put something aside for savings, even if it means saving your change every day. “If you save as little as $20 a month in a moderate yield investment account matched by your employer, you will have more than id="mce_marker"5,000 in 20 years”.  But if you owe $5,000 on your credit card and make only minimum payments, it will take you more than 70 years to pay off the debt and you will pay more than $40,000 in interest.

“We have to find money to save, whether it means drinking less soft drinks, buy generic grocery store brands and bringing lunch to work.  It is not easy but we must develop a spending plan for our family to build savings.” Said Allan and she will be working with these banks to develop some area programs.

Sumner is a large geographical county and the best way to reach families is by communities using great community oriented banks.  I am so honored to have The Farmers Bank and Citizens Bank as banking educational partners.  Stay tuned for upcoming events in your area.  There will be programs for our youth as well, as Piggy Bank Contests are being planned for children, Teen Savings programs and Money Crunch for county college students. Submitted.

Pictured at the Proclamation Ceremony are (l-r) Andy Nash, Executive Vice President, The Farmers Bank; Anthony Holt, County Executive; Theresa Allan, UT Family & Consumer Sciences Agent; and Randall Carter, Vice President, Citizens Bank.