‘You’re going to live on beans and rice’: This Arizona senior told Dave Ramsey she has zero savings and student loans — 3 retirement saving tactics to get you back on track

1. "Live on beans and rice"

When Ramsey suggests Robin “live on beans and rice” he doesn’t mean it quite so literally, but rather that living a frugal lifestyle and cutting spending where you can can help you boost your savings. So skip the steakhouse dinner and make some pasta at home.

While spending money is inevitable no matter how frugal you are, using a tool like Acorns — an automated savings and investment app — can make the most out of your spending.

When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and puts the excess into a smart investment portfolio. This way, even the most essential spending translates to money saved for the future.

Plus, Acorns lets you customize how you save. With an Acorns Silver plan, you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions. With Acorns Gold, you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.

When you sign up now, you’ll get a $20 bonus investment, too.

Another excellent way to grow your savings safely is with a certificate of deposit. CDs offer a guaranteed rate of return, and those rates are usually higher than your typical savings account. You can choose how long to lock in your investment, and so they’re suitable for both short- and long-term savings.

With SavingsAccounts.com you can shop and compare top CD rates from various banks and credit unions nationwide.

Their extensive database shows the most competitive rates, with daily rate updates and personalized recommendations based on your risk preferences and time horizon, so you can find the right CD to meet your savings goals.

If you want to help your money grow even faster, a high yield savings account can help you do just that.

To pick a high-yield savings account that is best for you, check out the Moneywise list of the Best High-Yield Savings Accounts of 2024 to compare your options.

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2. Reinvest dividends

You can boost your passive income by reinvesting it for a short period. A Dividend Reinvestment Plan, or DRIP, can allow you to deploy your regular dividends into acquiring more stock. These programs can expand your nest egg considerably.

For example, Walgreens Boots Alliance Inc. (WBA) currently offers a 11.03%8.6% dividend yield. Implementing the company’s DRIP program could double your capital in nine years, depending on the stock's performance during that time.

Platforms like Public make it easy to invest in dividend stocks and ETFs.

Public not only offers commission-free trading but also provides a high-yield account where you can park your cash between investments. Public also has social features, enabling users to follow and learn from other investors, share ideas, and stay updated on market trends with real-time insights — kind of like its own internal Reddit community.

As an added bonus, Public's high-yield cash account offers competitive interest rates on uninvested funds. Earn an industry-leading 4.6% APY with no fees and no subscription.

3. Tap into insurance

Home insurance policies allow you to cash out a certain amount before maturity. If a policy is no longer needed, consider this option to boost your retirement savings — but only as a last resort. Consult your tax professional or financial advisor before pulling the trigger.

WiserAdvisor — an online platform connecting you to vetted financial advisors — is an easy-to-use option to find the best financial advisor for you.

After answering a few questions about yourself and your finances, WiserAdvisor matches you with two to three FINRA/SEC registered financial advisors best suited to help you with your financial goals.

You can view the advisors’ profiles, read past client reviews, and schedule a free initial consultation with no obligation to hire. If you’re advised against cashing out your policy, you can still find a way to save money on your plan with a quick comparative search on BestMoney.com.

Their easy-to-use platform helps you find the best home insurance rates in your area. The process is simple and makes shopping for home coverage fast, easy and affordable.

All you have to do is answer a few quick questions about yourself and your home, and you’ll see a list of quotes tailored for your needs. You could save hundreds on dollars per year on your home insurance, and stash that money in your retirement accounts, where every dollar saved will add up to a happier lifestyle in your old age.