True or false: Streamlining your email inbox can help you save for retirement.
True!
Although spring cleaning your inbox seems like an unconventional strategy to save for retirement, it's a small change that can add up over time. Here's how: The annual jewelry sale email? Unsubscribe. 50% off that must-have grill you keep seeing on YouTube? Unsubscribe. That $100 off your favorite guilty-pleasure store? Unsubscribe.
By cutting expenditures, you'll have more money – even an extra $10 is a win – to invest in your U-M Retirement Savings Plans. Your strategy doesn't have to be a grand plan; continuous, small changes add up over time.
Other simple steps you can take to save a few bucks for your retirement account or other necessities include:
- When the temperatures rise, set your thermostat one degree warmer than normal. This simple step saves 6-8% on rising energy costs, and most people don't notice the difference.
- Take stock of paid subscriptions. The average American spends $150-$200 each month on paid subscriptions, with some they don't use and don't remember subscribing to. Use free apps or track your subscriptions manually; cancel those you haven't used in six months.
- Sell things you don't use. Books, clothing, kitchen items, car accessories and basically any item you're not using can be posted on safe social media sites for sale. If you have time and want to meet more people in your community, organize a garage sale.
- Track your internet and cellphone plans. If you're not using all the data you're paying for, cut back and save a few bucks each month.
View "How to save thousands in a year" for more cost-cutting and "saving small" ideas.
Learn by Livestream
Fidelity Investments and TIAA, U-M's longtime financial partners in administering the university's Retirement Savings Plans, offer several live and on-demand events each month with a variety of topics. These events can help you learn more about a subject that interests you, or freshen your existing knowledge about the ever-changing financial world.
These events are free and take place on Eastern Time. Upcoming events include:
Fidelity
Medicare: Navigating Key Enrollment Decisions
Wednesday, May 6 – noon-1 p.m.
Fidelity Medicare Services professionals will address commonly-asked questions from clients approaching this milestone. This event will help you feel more confident in your Medicare enrollment so you can make choices that meet your health and financial needs.
Women Talk Money: 6 Steps to Help Maximize Your Retirement Savings
Wednesday, May 13 – 2-2:45 p.m.
During this session, you'll learn:
- An easy-to-follow savings and investing hierarchy to help take the guesswork out of what’s next
- How to decide what “enough” can look like, where you should save, and why women may need to save more
- Ways to take full advantage of workplace plans, IRAs, HSAs, and potential “catch-up” contributions
- Factors to consider as you get ready to transition into retirement, such as withdrawal strategies and preparing for the unexpected
To view more educational events, go to the Fidelity Special Events Learning Center web page.
TIAA
Money Psychology: Beyond the Numbers
Thursday, May 7 – 11-11:30 a.m.
When it comes to money, our decisions aren't always driven by logic— they're shaped by emotions, habits, and personal experiences. During this webinar, you'll learn how your mindset impacts your financial behavior and how to build confidence and clarity in your financial journey.
Topics will include:
- How your emotional wiring influences money decisions
- What drives behaviors like overspending or hesitation
- How to align financial choices with long-term goals
Finance for New Grads
Tuesday, May 19 – noon-12:45 p.m.
Starting your career can be exciting — but it can also feel overwhelming. During this session, you'll learn foundational skills to help you manage money with confidence, build healthy financial habits and plan for the long term.
Topics will include:
- What to look for in job-related benefit packages
- How short-term spending plans support long-term goals
- Traditional (pre-tax) vs. Roth (after-tax) contributions
- The importance of building an emergency fund
To explore TIAA's webinar library, go to the TIAA Webinars web page.
Check In to Check Out
Events are great ways to increase your financial knowledge, but they can't replace personal connection with your TIAA or Fidelity retirement specialist. You can meet with a strategist virtually, by phone or in person for optimal convenience. Evolving technology allows them to screen-share so you can see your account information in real-time.
To schedule your one-on-one appointment:
- Visit the Fidelity Scheduler web page or call (800) 642-7131, weekdays from 8 a.m. to midnight. Fidelity offers appointments exclusively for U-M employees every Tuesday from 8:30 a.m. to 5 p.m.
- Visit the TIAA scheduling web page or call (800) 732-8353, weekdays from 8 a.m. to 10 p.m.
Help at MHealthy
MHealthy also offers several resources to assist faculty and staff with improving their financial well-being. These include education programs and resources, coaches, and immediate assistance for those who need help now.