April 1st – 7th is

Financial Literacy Week

What is Financial Literacy?

At Bank of Tennessee, our mission is to improve the financial health and well-being of our customers and our communities. One of the ways we can help is by sharing our expertise on Financial Literacy.

Financial Literacy is a set of essential skills and knowledge relating to financial matters. To enhance your understanding of Financial Literacy, we’re offering advice to help you achieve your financial goals. From budgeting to learning how much you can afford to borrow, we hope you’ll experience both short-term and long-term success by educating and investing in yourself!

A couple meets with a financial advisor/estate planner to discuss their estate plan.

Estate Planning Tips

It is never too early to begin making your Estate plan! Estate planning is an important process to determine the distribution of assets (or Estate).

Click here to check out our tips on making this process easier for you and your family:

A balance scale shows a miniature house on the right side and a stack of coins on the left side balancing each other out.

Determine Your Net Worth

Determining your net worth is crucial for achieving your financial goals! By calculating your assets and liabilities, you can get a clear picture of your current financial situation and track your progress. Make sure to recalculate your net worth periodically to monitor your growth. Remember, small steps today can lead to big financial gains in the future!

Not sure how to calculate your net worth? Check out our easy-to-use calculator here:

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Saving for College Education Tips

Are you preparing for your child’s college education? Don’t forget about the hidden costs associated with applying to colleges. From application fees to standardized testing expenses, these costs can quickly add up and leave you with a hefty bill. But don’t worry; there are ways to minimize these expenses.

Check out our tips on how to minimize hidden college application costs here:

A person is holding out their hand with a key fob to a vehicle to give it to another person

Financing a Vehicle Purchase

If you are considering purchasing a new vehicle and financing it with a loan, we want to introduce you to another useful tool – our Vehicle Loan Comparison Calculator. This calculator makes it easy to compare the costs of two different loans, enabling you to make an informed and educated decision to choose the loan that suits your needs and budget.

There are six stacks of coins on a table. Each stack has a small object on top. There's a graduation cap and tassel, shopping card, house, airplane, piggy bank and wedding bands.

The 50/30/20 Rule

Here is an easy way to start budgeting: the 50/30/20 rule!

It breaks down spending into needs, wants, and savings, creating balance while allowing for some fun. Adopting these habits can have a significant effect on your long-term financial outlook.

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