Feb. 20-26 is Missouri Saves Week - Events will encourage saving and asset-building for all Missourians

Photo by Sufi Zawaz

COLUMBIA, Mo. - Saving is a great tool that can help you control your money, rather than letting money control you.

With the U.S. savings rate at half what it was in the late 1950s, University of Missouri Extension is joining forces with America Saves to encourage Missourians to set aside funds for the future.

Today, many Americans are not saving for retirement, and most low-income households do not have enough emergency funds to adequately deal with emergencies.

"In today's economy, personal savings has never been more important," says Brenda Procter, MU Extension consumer and family economist. "A small emergency fund can make a big difference when unexpected expenses come up."

The celebration will kick off on Feb. 20, on the MU campus in Columbia, with Gov. Jay Nixon proclaiming Feb. 20-26 as Missouri Saves Week.

MU Extension family financial education specialists from all areas of the state will be available to offer tips and advice to help Missourians build their nest egg or rainy day fund.

Procter said there are some relatively easy ways for everyone to put aside some money on a regular basis.

"Even people who struggle to get by can usually find a way to save a small amount. Developing the habit of 'paying yourself first' can pay off for a lifetime," Procter said.

On Thursday, Feb. 23, there will be many events around the state to promote good saving behavior and help individuals review their own saving habits.

Contact your local MU Extension office to learn more.