June 9: BEST FROM THE BLOGOSPHERE

June 9, 2025

Two things Suze Orman feels we need to “get honest about” in our savings efforts

Writing for GoBankingRates, Laura Bogart reports that most people are “feeling a financial crunch” and are “tired of hearing that if you would only give up avocado toast, you’d instantly have enough money to retire on.”

Her article quotes well-known financial commentator Suze Orman as citing two basic things that people need “to get honest about” if they truly want to get their savings on track.

Orman, the article notes, felt “sad and concerned” when a recent CNBC survey found that “less than half of all workers feel even cautiously optimistic about having a secure retirement.”

“I am fully aware that for many households, the lack of optimism is not because of bad choices — spending too much, borrowing too much — but more a function that the cost of just getting by each month can make it hard to save more for retirement,” Orman is quoted in the article as having stated.

However, she states in the article, even if “times feel tough through no fault of your own,” we all need to “buckle down and get back on track with retirement savings.”

And it all starts, she states in the article, with “getting honest with yourself.”

Her first question is this – “are you really prioritizing your needs over your wants?”

She issues, in the article, this challenge: “No lip service, or casual commitment. I want you to carefully stop yourself every time you are about to spend money and ask yourself: Is it for a need or a want?”

Try this, she states in the article, for three months. “Be ruthless in asking yourself whether you really need to spend money on something or if it’s just to keep up with the Joneses. If your kids come begging for concert tickets or the latest smartphone, say no — no matter how hard it may be. You owe your children love and support, not front-row seats to the hottest show in town,” the article explains.

And, when you do spend, maybe it’s time “to consider reaching for a cheaper store brand or shopping at more budget-friendly outlets” rather than loading up on expensive “brand-name organic food,” the article continues. If you can, pick the least expensive option when shopping for cars and other major purchases, GoBankingRates advises.

When it comes to savings, Orman states in the article, “every $10, $20, $50 matters.”

The other key thought from Orman, the article continues, is this – “are you saving everything you possibly can?”

“If you are currently saving six per cent of your salary in a retirement account, change it to seven per cent, and set a calendar alert to bump that to eight per cent in six months,” she is quoted as saying in the article.

Other advice from Orman cited in the piece includes adding an extra $50 to your minimum credit card payment. Small changes – saving more, paying down debt faster – will add up, the article continues.

“Make sure you’re spending only on needs, not wants, and at the same time, save, save, save as much as you can. It’s really that simple,” the article concludes.

The idea of gradually increasing your retirement savings rate by small increments is an achievable one for members of the Saskatchewan Pension Plan. SPP allows you to decide how much you want to contribute to your retirement nest egg – you can set up pre-authorized contributions from your bank account and can ask us to increase them whenever you want. More contributions increase your savings nest egg, which is win-win for your future you.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

GoBankingRates

---

---