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

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About the Hosts:
Bradley serves as an Investment Advisor Representative and Registered Social Security Analyst. Madison is a licensed life and health insurance agent and also a Registered Social Security Analyst.

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