Show Notes
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 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.