This is a companion blog related to the Ask Gregory Podcast 113: Shifting Your Mindset to Build Stronger Financial Habits.
With rising costs, economic uncertainty, and financial stress weighing on households across the country, many people are asking themselves: How can I make ends meet—and still make progress towards retirement? Gregory Ricks, wealth advisor and host of the Ask Gregory podcast, believes it starts with mindset. In today’s economic climate, building financial resilience requires not just money—but a willingness to invest your time, adjust your habits, and take small, steady steps forward.
In this episode companion, we’ll break down Gregory’s key ideas and offer you tools, resources, and encouragement to help you build habits that stick.
Rethinking Your Emergency Fund: Call It a Reserve Account
Gregory suggests a fresh take on the traditional emergency fund—call it a reserve account instead. This shift in language can help reduce guilt or hesitation around using saved money when life throws a curveball.
“Think of it as an account with ebb and flow,” Gregory says. “It’s not just for emergencies—it’s for readiness.”
Try This:
- Rename your emergency fund in your online banking system to “Reserve Account.”
- Set a monthly goal (even just $25) to start building that balance.
Helpful Source: Consumer Financial Protection Bureau on Emergency Savings
Start Small: Progress Beats Perfection
The data is clear: According to a 2024 Bankrate report, 27% of U.S. adults have no emergency savings, and 63% report that inflation is causing them to save less. But Gregory encourages listeners not to let that stop them from starting.
“Even if it’s 1%, it’s something. That’s how momentum builds.”
Try This:
- Automate 1% of your paycheck into a separate savings or IRA account.
Pay Down Debt with a Plan: Snowball or Avalanche?
Whether you’re carrying $1,000 or $30,000 in credit card debt, Gregory recommends picking a method and sticking with it.
- Avalanche Method = Pay off the highest interest debt first.
- Snowball Method = Pay off the smallest balance first, then roll that payment forward.
“I used the snowball method myself—and it changed everything,” Gregory shares.
Helpful Source: Investopedia: Debt Avalanche vs. Debt Snowball: What’s the difference?
Save and Invest—Especially If You Have a Match
Gregory’s golden rule: Never pass up free money. If your employer offers a 401(k) match, contribute at least enough to get the full match—while continuing to build your reserve account.
“You can’t get that compounding time back.”
Try This:
- Log into your retirement account and increase your contribution by 1%.
- Check if your employer offers automatic escalation for retirement contributions.
Make it Fun: Vision Boards, Rewards, and Accountability
Budgeting and saving don’t have to feel like punishment. Gregory recommends visual tools and small rewards to keep things engaging.
“Create a poster board with your goals. Put pictures on it. Make it something you want to look at.”
Try This:
- Create a digital or physical vision board with pictures of your goals (travel, a new car, debt-free life).
- Partner with a trusted friend, spouse or family member and check in monthly on your progress.
Build Financial Literacy: One Article or Podcast at a Time
A big reason financial goals fail? We’re often taught not to talk about money. Gregory encourages breaking that silence through simple education and open conversation.
Try This:
- Subscribe to a finance podcast on your favorite streaming platform (we’re biased to Ask Gregory!)
- Commit to reading one financial article a month, like this blog or related sources.
Final Thoughts: Invest Time Where It Matters Most
As Gregory says, financial success isn’t about perfection. It’s about investing time—consistently and with purpose. Whether it’s five dollars or five minutes, small steps matter.
Want more support? Request Gregory’s book Retirement Deserves a Helpful Hand for free by emailing info@gregoryricks.com.
You’re worth the investment. Let this be the year you prove it.
Download our worksheet “Dream, Plan, Act: Your Personal Financial Vision Worksheet” to get started on your path to financial stability today!