NASHVILLE, Tenn. — April is Financial Literacy Month, and Melissa Cohen, a lecturer in the Department of Economics and Finance in the Jones College of Business at Middle Tennessee State University, has valuable insights on how to save money.

Drawing on her expertise in finance, Cohen provided five practical tips for budget-conscious people trying to save money amid rising prices during her appearance on the “MTSU on 2” segment from the studios of WKRN-TV News 2, the ABC affiliate in Nashville.

“Spring cleaning a budget can be really fun if you make it a game to see how much money you can save,” said Cohen. 

You can watch the segment, part of the station’s Local on 2 programming, with program co-host and producer Laura Schweizer and co-host Stephanie Langston below.

Five tips for spring cleaning your budget

• Review bank and credit card statements to see the charges and where you spend your money. Look for any subscriptions or auto-billing you may have forgotten about or no longer use.

“Rack up quick savings by stopping those subscriptions for things and services you don’t use anymore, such as the gym and professional memberships, any free trials that are now charging you, digital newspapers and magazines,” Cohen said.

• Identify areas to reduce spending, like shopping, eating out and entertainment.

“An easy way to reduce your food budget is to plan your meals around the weekly sales ads. If Mexican or Italian ingredients are on sale that week, then that’s what you cook. Then sign up for the loyalty programs and clip their digital coupons even before you step into the grocery store,” Cohen suggests. 

• Find free or cheap activities to replace more expensive ones.

“There are so many free or cheap activities around the area, especially with the local festivals such as Murfreesboro JazzFest on April 25 and 26 and Nolensville’s Buttercup Festival on May 3,” Cohen said.  

“My family uses the local libraries for books, digital movie rentals, games and puzzles, and even magic and science shows for the kids. MTSU also offers free concerts on campus, a wonderful library with a creative maker space, and Athletics Fan Days, too. We take advantage of the free community days at the museums too, such as the National Museum of African American Music (Free on May 7),” she said.

• If you can, increase your savings and retirement contribution rates.

“Even when the budget feels tight, set a financial goal of having $1,000 in cash for any emergencies. Once you have that, try to save six months’ worth of expenses. Another goal is to increase any savings or retirement contributions by another 1%,” Cohen said.  

• You can still have fun on a budget!

“You can definitely still enjoy your life by purposefully spending your money on things that bring you joy,” she said.  

Cohen adds that even though the economy may feel unstable, these things can help ease some concerns.

“Budgeting is a balance of saving for a rainy day and loving life. Everyone can make one small change to slowly build up savings, especially when there’s uncertainty in the world,” she said. “Having more money in your pocket can certainly help ease financial concerns.”

The month of April is Financial Literacy Month in Tennessee and is dedicated to raising awareness and promoting education about money matters.

To learn more about the undergraduate programs offered by MTSU’s Jones College of Business, including those in its Department of Economics and Finance, visit the college’s webpage at, visit https://jones.mtsu.edu/.

— DeAnn Hays (deann.hays@mtsu.edu)