A recent Bankrate analysis ranked Tennessee as the easiest state to save money, considering metrics like tax burdens and cost of living. Southern states tend to provide more favorable conditions for savings compared to the Northeast. Tennessee stands out due to its lack of income tax, solid local economy, and growth rates in employment. This trend encourages Americans, particularly from higher-cost states like California, to relocate for better savings opportunities. Financial expert Stephen Kates emphasized that lower taxes have a significant impact on an individual's ability to save money effectively.
The lower the tax rates, the more likely you're going to be to save, and the ability to save is more important than your ability to actually earn in some of those money markets or CDs.
Southern states, Midwestern states, they have got the lower cost of living. Some of them have the lower taxes or no taxes, and that does go a long way.
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