Harris: What is America Saves Week?

By Charlestien Harris

It’s a national celebration, and you can join in the festivities! Since 2007, America Saves Week has been an annual celebration as well as a call to action for everyday Americans to commit to saving successfully. Through the support of thousands of participating organizations, we encourage individuals to do a financial check-in that allows them to get a clear view of their finances, set savings goals, and create a plan to achieve them. 

The week of April 7-11 was recognized as America Saves Week 2025. The themes for this week are geared toward providing you with tips and educational information to assist you with how to save money when you say there is none to save. Each theme day is listed as follows:

1. Monday, April 7: Learning to Save Automatically
   Automatic saving is like setting cruise control in your vehicle. Once you set it, you can “forget it” because those withdrawals are automatically taken out of your account and deposited into a separate or designated account. One of the benefits of automatic savings is that it allows you to set aside funds without giving it too much thought. Over time, saving becomes a habit. Making small adjustments may help you gradually increase the amount set aside without making significant lifestyle changes.
2. Tuesday, April 8: Learning to Save for the Unexpected
   You might ask, “Why do I need to save for the unexpected?” The answer is, without savings, a financial shock – even a minor one – could set you back, and if it turns into debt, it can potentially have a lasting impact. The idea behind saving for the unexpected is to help you withstand a major reduction in income, such as from a job loss, or to pay for a major, unexpected home or car repair, and other emergencies that might arise unexpectedly.
3. Wednesday, April 9: Learning to Save for Major Milestones
   Celebrations and recognition are common in most of our lives, and being prepared for them is just another reason we should consider saving for those special events as well. Life can be full of significant events, such as weddings, buying a home, starting a family, and even the future educational needs of your children or grandchildren. These events often come with substantial costs, but a savings plan allows you to support these milestones with less financial strain. Develop a plan for how much you need to save and when you want to have that money saved. Like many of us, whenever you have more than one goal you are working on at the same time, it’s important to prioritize them. Yes, you can save for retirement and education or retirement and home ownership at the same time. You just may need to allocate a greater percentage of your available money to save more for one goal over another.
4. Thursday, April 10: Learning that Paying Down Debt is Saving
   Reducing your debt enables you to improve your credit score, enjoy greater financial peace of mind, and free up resources to save for other goals. Paying down debt requires a huge amount of money and time. Whether you choose to utilize the debt snowball or debt avalanche methods, or just pay whatever you can each month, most of your expendable income needs to go toward debt repayment if you want your actions to count. You are saving yourself from paying high interest on borrowed money. You are also “freeing up” additional income to put toward your savings goal.
5. Friday, April 11: Learning to Save at Any Age
   Raising money-smart kids can be the goal for parents wanting their children to be financially savvy. Even when a child is very young, there are everyday moments you can take advantage of to teach them about money. For example, when you pay for something at a store, count out the money with your child or let them pay the cashier. In the teen years, you can talk to them about the reasons you save, spending decisions, and why these things are so important. Also, don’t be afraid to discuss money mistakes you’ve made in the past to help them avoid doing the same thing. As young adults, learning to save can be a huge advantage when it comes to your retirement dreams. Getting to retirement can be quite a journey, but with the right planning, you can enjoy the fruits of your labor in your golden years more comfortably and have extra money to splurge on those things in life you have always dreamed about doing.

As you can see, there are many great reasons to save and why saving should be a regular step in your money management plan. Saving money allows you to create a sort of “safety net” for your future expenses as well as unplanned financial needs. The more you save, the more peace of mind you have, as you are better prepared for anything life throws at you.

For more information on this and other financial topics, you can email me at Charlestien.Harris@banksouthern.com or call me at 662-624-5776.  

Until next week – stay financially fit!

Charlestien Harris is our financial contributor, a financial expert with Southern Bancorp Community Partners whose articles are seen in a number of publications around the region.