Saving Strategies & Trends - "Revenge saving" is emerging as people prioritize saving due to economic concerns and inflation, shifting from post-pandemic "revenge spending" [1] - A study indicates that 7 out of 10 Americans are prioritizing emergency savings and changing their savings approach this year to save more [2] - Financial advisors suggest "taking your financial temperature" to gauge savings based on income, expenses, and savings goals, rather than emotions [3][4] - Reverse budgeting is recommended, prioritizing savings goals first and then allocating funds for expenses or discretionary spending [4] - Separating finances into different accounts, such as two checking accounts (one for fixed expenses/long-term savings and another for other expenses), is advised [5] - Automatically increasing savings by 1% every six to twelve months, even from zero, is a manageable way to boost savings [6] - Maximizing retirement contributions to 401(k)s, IRAs, or individual retirement accounts is encouraged [9] Retirement & Emergency Funds - Individuals should check for forgotten 401(k)s from previous employers, potentially worth $90,000 over a lifetime [7][8][9] - Contributing to a Roth IRA is beneficial, as withdrawals are tax-free [10] - A Roth IRA can serve as an emergency fund alternative, allowing contributions to be withdrawn at any time without penalties or taxes [11][12] - While a high-yield savings account is ideal for emergency funds, a Roth IRA can be a viable alternative [13] - The maximum contribution for a Roth IRA is $7,000 [10]