Saying that «saving money today is tough» would probably be the understatement of the decade. With everyone from Gen Z just getting started and Boomers looking forward to their later years, it seems like there are looming financial threats hiding around every corner.
The job market is extremely competitive, real estate inventory has remained low, home prices and mortgage rates are high, and to top it all off, tariffs on imported goods are expected to increase prices on groceries, electronics, cars, and more.
However, no matter what stage of life you’re in, saving amidst all of these economic challenges is arguably more important than ever. We never know what the future may hold, and creating a solid nest egg for unexpected expenses (as well as your retirement) is key to remaining calm amidst the chaos.
That’s why we spoke to Neha Kumar, co-founder and Chief Operations Officer (COO) ofFull Glass Wine Co, a brand acquisition and management firm.
With a BA in economics from UCLA and an MBA from USC Marshall School of Business, Neha founded her company, which acquires direct-to-consumer (DTC) wine companies to build a multi-brand platform that offers wines across customer profiles and price points, in 2023. Since then, Full Glass Wine Co. has managed to acquire seven DTC companies in 18 months, with a 2025 revenue target of over $200 million.
Ahead, Neha shares her insights on the steps we all can take to better our current financial situation and future longevity for retirement.
Scroll to see expert-approved tips on saving money and building up your retirement!
How can you safeguard your investments?
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Amidst the volatile stock market, plenty of people are worried about their investments right now, whether they’re in stocks, bonds, exchange-traded funds (ETFs), certificates of deposit (CDs), retirement plans, and more. According to Neha, diversification and a long-term perspective are the keys to safeguarding your investments.
«Spreading your money across different asset classes– stocks, bonds, real estate, and more–helps reduce risk. If one sector struggles, others may help stabilize your overall portfolio,» she explained.
«It’s also important to stay informed and intentional. Regularly review your investments to make sure they still align with your goals, risk tolerance, and time horizon. Adjustments are normal and necessary as markets–and your life–change,» she continued.
«Lastly, maintain a long-term perspective. Investing is not about reacting to headlines–it’s about being consistent, disciplined, and patient.»
Are there other avenues for retirement funds you can consider other than a 401(k)? And is that different given the current economy than vs. before?
Khwanchai Phanthong
A majority of companies offer 401(k) plans with an employer match on employee contributions, but Neha made it clear that it’s not your only option.
Roth IRAs, for instance, let individuals contribute post-tax dollars right now, allowing you to enjoy tax-free withdrawals when you reach retirement. Health Savings Accounts (HSAs) are another underutilized tool, offering «triple tax advantages and can serve as a supplemental retirement account.»
Meanwhile, 529 Plans, which were traditionally used for education, have changed. With the new rules, unused funds can sometimes be rolled into a Roth IRA.
«These options reflect how retirement planning has expanded in recent years. Where once a 401(k) might have been the main path, now it’s just one part of a more dynamic, customizable strategy,» Neha said.
«The more you diversify your retirement savings tools, the more flexibility and security you can create for the future.»
Do you think a cash reserve is realistic or necessary?
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Aside from just planning for your golden years, financial planners have begun stressing the importance of «emergency funds.» Neha agrees, calling a cash reserve «a cornerstone of financial stability.»
Given life’s unpredictability, unexpected changes (and expenses) can pop up at any time. That’s why an emergency fund is critical, providing a safety net should you ever suffer medical issues, a job loss, or other unforeseen bills.
«The typical recommendation is to set aside three to six months’ worth of essential living expenses in a high-yield savings account. This keeps your funds accessible and earns more interest than a traditional savings account,» Neha detailed.
«While saving that much may feel daunting at first, t’s absolutely attainable when broken into smaller, consistent steps. Automating your savings can make it easier and help you stay on track,» she added.
«In short: investing grows your future wealth, but a cash reserve protects your day-to-day life–and both are essential parts of a strong financial plan.»
Do you have a formula — or hard and fast rules — for what a healthy retirement amount would look like?
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Neha also answered everyone’s burning question: how much money we should each put away for a «healthy» retirement. Unfortunately, there’s no magic number that will fit each individual’s situation, but a solid starting benchmark is to contribute 10% to 15% of your income toward retirement. This includes any employer match you receive.
«Ultimately, the right amount depends on your goals, lifestyle, current income, cost of living, and how long you expect to be retired. What matters most is starting as early as possible, contributing consistently, and adjusting your plan as your circumstances change,» Neha stated.
«Even if you can’t contribute the full amount right away, building the habit early sets you up for long-term success.»
Is there such a thing as too little money to retire on?
Yan Krukau
Retirement is a major stressor for so many people for a reason: Neha underscored how there is such a thing as too little money to retire on. This is precisely why nailing down solid saving strategies today is of utmost importance.
Humans are living and working longer, given the raised retirement age. Not to mention, there have been changes to Social Security. So, Neha stressed how protecting your older self starts with education and action now.
«With longer life expectancies, relying solely on minimal savings can put your retirement security at risk, but that said, it’s never too late to start planning and saving. Taking even small steps now—such as cutting unnecessary expenses, increasing savings by just 1–2%, or using catch-up contributions if you’re over 50—can have a significant impact over time,» she noted.
«Retirement doesn’t have to be an all-or-nothing scenario. Some people choose to work part-time, downsize, or delay retirement in order to bridge financial gaps. The key is to be proactive. The earlier you begin, the more choices and control you’ll have later.»
What steps can you take immediately to better your retirement?
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Financial management and planning are understandably overwhelming, and with such a wide range of advice available on the internet, it can be tough to know where to get started. The good news is that there are many smaller steps you can begin working into your weekly or monthly routine that will quickly add up in the long run.
First, it’s helpful to know exactly what you are saving for. Not only does it give you a solid savings target, but it also provides you with motivation to stay on track. Whether you are hoping to cushion your retirement, buy your own home, create an emergency fund, or pay off your debt, start there and set a number.
Then, create a budget and work in a «pay yourself first» strategy. Think about it: if you wait until the end of the month to put whatever funds are left over in your checking account into your savings account, it’s going to be hard to make a dent in your goals. So, reframe your perspective and view your savings as its own «bill.»
Once you receive your paycheck, for instance, pay your rent, mortgage, utilities, car insurance, student loans, and whatever other expenses you have. At the same time, withdraw a set amount of money to deposit into a savings account of your choice.
It doesn’t matter if it’s $50 or $200. The point is that you will begin viewing your savings as a built-in living expense. This saves you from grappling over your finances at the end of each month and helps you set a more realistic budget for miscellaneous or «extra» expenses in your day-to-day life.
To make this process easier (and more motivating), turn to budgeting apps or spreadsheets. You can track how much money you’re saving each month and even compare it to how much cash you’re spending on things like streaming subscriptions, eating out, recreational activities, and more. It’ll probably only take a short amount of tracking time to realize that there are areas where you can pull back (and invest more in your financial future).
Last but not least, try to keep in mind that tiny choices can have a large impact on your financial well-being. If you currently have a gym membership and a pilates membership, for instance, perhaps pick the one you like most and cancel the other to save some extra cash. Or, try packing a lunch for work instead of spending $10 each weekday, which can add up to a whopping $2,400 per year.
Of course, savings strategies will differ for everyone, and we aren’t saying you need to sacrifice all of life’s pleasures in the process. But by picking and choosing what’s most important to you and saying goodbye (or at least, «see you later») to certain expenses, you can quickly better your financial situation.
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