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Savings Tips
- Consider needs vs. wants. Think about the items you purchase on a regular basis. These add up. Where can you save?
- If you use check-cashing stores regularly, you might pay $3-$5 for each check you cash. This can easily add up to several hundred dollars in fees every year. Consider opening a checking account at a bank or credit union.
- If you get a raise or bonus from your employer, save that extra money.
- If you have paid off a loan, keep making the monthly payments to yourself. You can save or invest the money for
your future goals.
- If you receive cash as a gift, save at least part of it.
- Avoid debt that does not help build long-term financial security, for example: a vacation, clothing, and dinners
out in restaurants. Debt that helps building long-term financial security includes: paying for education, buying or
remodeling home, or buying a car to get to work.
- Save change at the end of the day and deposit it into the bank (every week or month).
- When you get a tax refund, save as much of it as possible. Avoid refund anticipation loans.
- Be sure to claim all your eligible tax credits and get your taxes prepared for free through a VITA tax preparation site.
You could save hundreds in tax prep fees and receive your return in only 7-10 days through direct deposit. Dial 2-1-1 for
the nearest VITA site.
Source: FDIC-Money Smart-Financial Education Curriculum “Pay Yourself First” |
 Individual Development Accounts
Individual Development Accounts (IDAs) are matched savings accounts to be used for job training, college education, small business start-up, or downpayment for a home. The resources below are here for you to contact to start up your own individual developement account.
Catholic Charities of Tennessee, Inc
Services: Refugee IDA Program
Description: This program provides a one-to-one match on savings (up to $2,000 for an individual or $4,000 for a family) towards a home, business, or vehicle. The enrollee is required to save for at least five months, and must attend a number of financial classes during that time.
Clients Served: Refugees
Fees: Free
Format: Appointment and class settings
Hours: M-F 8-4:30
Phone: 615-259-3567 ext. 794
Service Area: Davidson County
Web: www.cctenn.org
Level of Information: Beginner
Monroe Harding-Youth Connections
Services: Opportunity Passport Financial Management & Asset-Specific Classes
Description: Topics include budgeting, credit, predatory lending, banking and saving.
Participants will be compensated $100 into an IDA/matched savings account, & $20 into a checking account upon successful completion of all required paperwork, classes and online survey. Participants under the age of 18 are required to have a cosigner present at the time of enrollment. Individual Development Account, or Matched Savings, allows young people to save their money in a secure bank account until they are ready to purchase an asset such as a vehicle, education expenses, housing (rent
deposit or purchase), or other investments.
Clients Served: Youth ages 16-23 who are currently in or was previously in fostercare or state custody.
Fees: Free
Format: Class setting
Hours: Classes held second Saturday of each month from 9:45-3:30. Individual classes taught as needed.
Youth Connection hours of operation are M-Th 8:30-5:30; F 9-5
Service Area: Middle TN area and Upper Cumberland
Phone: 615-664-1509
Web: www.tnyouthconnections.net or www.monroeharding.org
“Opportunity Passport has helped me get an affordable car for fast and reliable transportation to and from school, work, appointments, and events; it has helped me get books and a laptop for school; and it has helped me save and be more financially secure. Because of Opportunity Passport, I am able to get more done, to take advantage of more opportunities, and to better take care of myself and help others.”
Michael Moore
Age 19
Opportunity Passport Program Client
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