Rayna 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

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    Contact Rayna directly at 850-450-6500
    Or call the American Federal Benefits Consultants team at 1-800-872-8857
    Visit: AmericanFederal.org

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    YouTube: https://www.youtube.com/@RaynaRetirement

    Rayna Retirement is the go-to podcast for federal employees – or anyone – looking to make smarter financial decisions with clarity and confidence. Hosted by Rayna Reyes, co-founder of American Federal Benefits Consultants, this show simplifies the complexities of retirement, benefits, and financial planning.

    Whether you're navigating your FERS or CSRS pension, maximizing your TSP, or seeking expert advice on 401(k)s or IRAs, Rayna is here to guide you every step of the way. Tune in for practical knowledge, ethical solutions, and expert insights as you prepare for a secure and fulfilling retirement.

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