‘You’re going to live on beans and rice’: This Arizona senior told Dave Ramsey she has debt and zero savings — here's his response plus 3 retirement saving tips 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 2025 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% 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

Some life 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.

You may want to consult your tax professional or financial advisor before pulling the trigger.

Life insurance can help protect your loved ones from unanticipated costs but policies can vary. Some policies pay a portion of the benefit while the policyholder is still alive, which could ease the burden of unexpected expenses in retirement.

Term insurance is usually a less expensive and more flexible option than whole life coverage. If the insured individual dies during this term, the policy pays a death benefit to the designated beneficiaries.

Young families and busy professionals looking for fast and affordable insurance can easily connect with Ethos and get term life insurance in 5 minutes, with no medical exams or blood tests.

With Ethos Insurance, you get a policy with up to $2 million in coverage, starting at just $2/day. Ethos’ application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.