Take Pride in Retirement

Podcast Extra: Saving strategies in a High-Cost Environment

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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.

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    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.

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    Take Pride in RetirementBy Matt McClure