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Alabama Saves encourages saving, not spending

02/26/2014

On Tuesday, the lobby of Merrill Hall hosted the Alabama Saves event sponsored by Isaac Chappell Jr of the Alabama Cooperative Extension System.

The event was held in recognition of the national America Saves Week, which runs from Sun, Feb 23 through Sat, March 1.

Chappell uses talks and lectures to spread awareness among college students about the importance of saving money and further financial
responsibilities such as identity theft prevention.

He encourages students to set savings goals by filling out an enrollment pledge form.

Not only can students set monetary goals, but also a purpose for those savings such as going on a vacation or education expenses.

Those who enroll in the Alabama Saves program will also receive a newsletter every three months informing recipients of financial tips and recent financial news.

Chappell says the goal of Alabama Saves is to “create a culture of saving” rather than a “culture of debt” by teaching people to “make saving automatic.”

Information provided included strategies on saving money when shopping, planning savings for emergency situations, saving for a home, and saving to avoid debts and to pay off existing debts.

According to Finance major Christine Cheney, Chappell visited Dr. Scroggin’s Investment class to give a talk about identity theft prevention and awareness.

General tips provided include:

Save loose change. It may not sound like much, but putting aside just 50 cents per day for a year can add up to $182.50 in an emergency fund.

Keeping track of expenses is always important. Keep track of receipts from credit card purchases and always keep checking accounts balanced. Review purchases to ensure optimal spending with respect to savings.

Always be aware of discount opportunities and sales to get more for less.

Match indulgent expenses with an equal amount in savings: for every $20 case of beer or $9 movie ticket, place an equal amount in savings, and when those amounts cannot be matched it is time to rethink those purchases.

At 2:30 pm, Wayne Johnson, Branch Manager of the Jacksonville Regions Bank, gave a lecture to conclude the event at JSU and drive home the importance of saving and financial responsibility.

JSU’s co-sponsors were also in attendance at the event. Dr. Robb Landry of the Finance Department sponsors ENACTUS at JSU, which seeks to spread financial literacy.

Dr. Ben Boozer, Assistant Professor of Finance in the College of Commerce and Business Administration, is JSU’s sponsor of the Financial Management Association (FMA), a student organization providing business students with networking opportunities and organizes trips such as to the Federal Reserve Building in Atlanta.

Landry and Boozer provided assistance for Chappell and provided the necessary channels to open JSU up for the event.

For more information about Alabama Saves and America Saves visit americasaves.org.

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