2 new ways to save money, and more

Here are this week's top pieces of financial news and advice:

How your savings stack up

"Some good news on the retirement front," said Donna Rosato at Time. The average 401(k) balance has reached a record high, hitting $91,800 in the first quarter, "up 3.6 percent from a year ago." A report from Fidelity also showed that a record 23 percent of workers increased their contributions last year, bringing the average savings rate, including employer contributions, to 12.5 percent. Sadly, "it may not be enough." Many of the balance gains "are owed to the bull market, which will eventually fade." Plus, the averages are likely skewed by high-income workers. To ensure you'll have enough for your golden years, "you need to save consistently over a long term," with a goal of setting aside 10 to 15 percent of income each year.

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Negotiating financial aid offers

The families of high school seniors across the country are currently weighing financial aid packages for college, said Ann Carrns at The New York Times. But if the financial aid offer at your student's preferred school isn't what you had hoped, it doesn't hurt to ask the school for a review, especially if your finances have changed since the application was filed. Appeal procedures differ from college to college, but "in general, writing a letter — rather than an email — or asking for an appointment is best." And be sure to distinguish between "need-based aid, which depends on your financial situation, and merit aid," which is based on the student's academic promise. If you've lost a job or faced a medical emergency, be sure to provide documentation. And if you think your child's credentials merit more money, you shouldn't be afraid to negotiate, so long as "you're polite about it."

New ways to save

Finding it tough to save money? asked Cameron Huddleston at Kiplinger. There's an app for that. Digit links to your bank account and "analyzes your income and spending habits to figure out how much you can afford to set aside," then automatically transfers a handful of dollars into an FDIC-insured Digit account every few days. The account isn't interest bearing, but you can withdraw funds at any time without paying a fee. Another new tool, called Acorns, rounds up credit and debit card purchases to the nearest dollar, then invests that "spare change" in a diversified portfolio of index funds, with typical returns of 4 to 9 percent. There is no commission, but you will get hit with a small monthly fee.