Podcast Extra: Saving strategies in a High-Cost Environment

Happy "America Saves Week!" Guest: Shikha Narula, Head of Consumer Deposit Products at Bank of America Key Takeaways from the Interview Saving remains a priority—but it’s challenging: ~52% of Americans say saving is a top priority ~72% say inflation and cost of living are impacting finances Automation is one of the easiest wins: Tools like debit round-ups (e.g., “Keep the Change”) Recurring automatic transfers to “pay yourself first” Balance saving with lifestyle (don’t eliminate joy spending): Cut back—not cut out—small treats Identify “joy spending” categories and prioritize intentionally Use the 50/30/20 framework: 50% needs 30% wants 20% savings Make big goals more achievable: Break savings goals into smaller milestones Set deadlines and celebrate progress Use separate accounts for specific goals (reduces temptation) Free up extra cash with small adjustments: Review subscriptions Reduce unnecessary spending (rideshare, etc.) Small changes can compound over time Helpful resources mentioned: America Saves Week BetterMoneyHabits.com Bank of America Life Plan tools Schedule your free financial consultation at TakePrideInRetirement.com or call 855-246-9211. -- Request your free RSSA Roadmap for Social Security optimizationWatch full episodes on YouTube:https://www.youtube.com/@TakePrideinRetirementShowFollow on BlueSky, Threads, Facebook, Instagram — just search Take Pride in Retirement --  Take Pride in Retirement is proud to be named one of the top Pride podcasts on the internet by FeedSpot. For more, go to https://blog.feedspot.com/pride_podcasts About Take Pride in Retirement:Take Pride in Retirement is a podcast dedicated to retirement planning solutions for the LGBTQ community. Host Matt McClure, a licensed fiduciary financial advisor, shares strategies to protect your hard-earned money while pursuing market-like growth. Matt holds the RSSA® credential as a Registered Social Security Analyst®, helping clients optimize their Social Security filing strategies to potentially increase lifetime income. He’s also a Certified Annuity Specialist® (CAS®), a designation earned through a 135+ hour graduate-level program in fixed-rate and variable annuities from the Institute of Business & Finance. Based in Georgia with his husband and two dogs, Matt spent over a decade in New York City, working with The Wall Street Journal Radio Network, NY1, and WCBS Newsradio 880. A career highlight includes reporting from the floor of the New York Stock Exchange.