Podcast Extra: Saving strategies in a High-Cost Environment

About this episode

The episode discusses saving strategies in a high-cost environment with insights from guest Shikha Narula of Bank of America.

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 -- Visit: AnotherMoneyShow.com Call Rotchford & Associates: (623) 523-0444 Email the show: Team@AnotherMoneyShow.com…

People in this episode

Hosts: J.R. Rotchford, Anthony Carrao

Guest: Shikha Narula

Topics covered

• saving strategies
• high-cost environment
• financial planning
• automation in saving
• joy spending
• budgeting
• financial goals

Keywords

• saving
• inflation
• cost of living
• automation
• budgeting
• financial goals
• joy spending
• 50/30/20 framework
• subscriptions
• financial freedom

Mentioned in this episode

Organizations: Bank of America, Rotchford & Associates, America Saves Week, BetterMoneyHabits.com, Another Money Show, YouTube

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