

Money Management Tips Every Millennial Should Know
In 2018, Black spending power was valued at $1.2 trillion, showing just how undeniably powerful the Black dollar is.
That same report also states that "African-American consumers are an important population for smart brands that want to grow market share and brand preference…brands can't afford to lose favor or traction with this segment without potential negative impact." With so many corporations looking to Black people and Black culture as a market opportunity - imagine if it was flipped. Imagine how much more powerful the Black dollar could become if we reinvested some of that buying power back into our individual finances and communities. One way to do this is by #bankingblack.
Meet Teri Williams, President and Chief Operations Officer of OneUnited Bank - the largest Black-owned bank in the United States. Through her work at OneUnited, Teri is committed to combating challenges and embracing the opportunities that come with educating and being relatable to people who look like her about the power of #bankingblack. "People start banking at the large banks because that's what they're exposed to," says Teri. "They don't realize there is a whole network of Black banks, credit banks, and community banks that better reflect their values."
Teri spoke to xoNecole about critical money management tips that can give Black millennials a step up when it comes to their financial literacy and building a strong financial base and future.
Check out her tips below!
1. Set up an automatic savings plan.
Though savings can be a bit of a struggle when you're trying to pay bills and other monthly expenses on time, paying yourself first is a MUST! "If the money goes into your pocket first, it's almost impossible to save," says Teri.
Try setting up your paychecks so that a certain amount is automatically deducted and moved into a savings account through direct deposit. "It doesn't matter the amount, it's the idea of taking money out of your paycheck and putting it into a savings account so you don't touch it," Teri explains.
You'll be able to look up a year (or more) from now and be amazed about how much you can spend. Making this process automatic will leave you little room to forget each pay period.
2. Adjust your student loan payments so you can still save.
For many of us paying back student loans is a major financial burden. However, Teri warns, "If you're paying student loans and not saving, you're sacrificing your future for your past."
She urges millennials to find ways to speak to lenders to negotiate payment plans that are consistent with one's current income. Many student loanees don't realize they don't have to pay the bill that's been sent. Speak to lending partners directly to see if there is flexibility in payment amount and payment scheduling. This will help make sure that though you're repaying a significant amount, saving towards your financial future monthly is also possible.
Courtesy of Teri Williams
3. Focus on buying (or investing) in real estate.
For many of us, getting out of the urban and low-income neighborhoods we're from can be seen as a rite of passage or a sign that "we've made it", but Teri thinks otherwise. "We look at our communities and say we want to get out of here, but instead we should be investing."
Gentrification isn't only affecting communities from a physical perspective, but it also affects potential wealth creation for Blacks and Hispanics. In order to fix this, it's important to "not turn your back on the community and run." She explains, "I'm someone who has been in banking in low-to-moderate income communities for the last twenty years. What I'm seeing on the ground is that our communities are being gentrified. We have been thinking about our communities from the past as opposed to the future."
Figure out where the real estate investing opportunities are in your community. "That dilapidated home down the street or that small condo you feel like is too small for your needs is going to be worth a whole lot more in the future." Now is the time to buy, while properties are still somewhat affordable.
This is also where banking at Black or community-oriented institutions is valuable. As a certified community development financial institution, the majority of OneUnited's lending is in low to moderate income Black and Hispanic communities. This is in comparison to other large banking institutions, where only 1-2% of the loans go to Black people. The odds of receiving a loan from a Black-owned bank like OneUnited is much higher. That's why depositing in a bank that looks out for the best interests of the community is crucial.
4. Don’t neglect your credit health.
Having bad credit isn't permanent, so it should be something that you're actively trying to fix and restore to good standing. Though this tip is pretty standard in the financial literacy world, Teri wants millennials to remember just how important an asset it is for one's financial future. If you're looking to rent an apartment, buy a car, or even buy a home - bad credit can significantly impact your ability to. Specifically, OneUnited offers a "How To Rebuild Credit" program that teaches customers safe ways to work on rebuilding their credit score.
If you're looking to use a credit card as part of your credit rebuilding, consider a secured credit card that reports to the major credit bureaus. Beware of prepaid cards with monthly fees that don't report to the credit bureau. Overall, working with a banking institution that offers financial education resources is important if you're in need of credit repair help.
Courtesy of Teri Williams
5. Create your retirement strategy early.
No matter how far away it is, planning for one's retirement future should always be prioritized. If you're working in the traditional corporate 9-5 structure, when choosing a place to work, always ask about the employer's 401k plan and contributions. It's always a plus if an employer contributes or matches contributions. According to Teri, it's basically "free money" and "helps you build retirement funds without money going into your pocket."
For those millennials who work in the "gig economy", which is also known as freelancing, short-term employment, self-employment or any other non-traditional job type - one of the things you're losing beyond health insurance and benefits is an automatic contribution to social security. As social security is an important part of one's retirement plan architecture, making sure you're contributing to your social security fund is critical.
Finding a career you're passionate is also another major key to the health of our retirement financial strategy. "The reality is that most people are going to work longer than they expect," says Teri. "Look for a career where you are paid your value, and would enjoy getting up and doing the work. Long-term, that will allow you to want to stay working longer which will help you with retirement."
Teri's excited about the future of Black banking and the impact Black millenials will have on the industry. "We need to start using our money more purposely. Bank Black. Buy Black. Build Black. Trust each other. Come together…" With confidence, she adds, "We're taught that we as a community are a failure. We're not taught the tremendous accomplishments within our community and contributions we have made to this country.
"We are not going to be defined by our liabilities. We are going to be defined by our assets."
Featured image by Getty Images
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Rana Campbell is a Princeton University graduate, storyteller, content marketing strategist, and the founder and host of Dreams In Drive - a weekly podcast that teaches you how to take your dreams from PARK to DRIVE. She loves teaching others how to use their life stories to inspire action within oneself and others. Connect with her on Instagram @rainshineluv or @dreamsindrive.
Smile, Sis! These Five Improvements Can Upgrade Your Oral Hygiene Instantly
This article is in partnership with Sensodyne.
Our teeth are connected to so many things - our nutrition, our confidence, and our overall mood. We often take for granted how important healthy teeth are, until issues like tooth sensitivity or gum recession come to remind us. Like most things related to our bodies, prevention is the best medicine. Here are five things you can do immediately to improve your oral hygiene, prevent tooth sensitivity, and avoid dental issues down the road.
1) Go Easy On the Rough Brushing: Brushing your teeth is and always will be priority number one in the oral hygiene department. No surprises there! However, there is such a thing as applying too much pressure when brushing…and that can lead to problems over time. Use a toothbrush with soft bristles and brush in smooth, circular motions. It may seem counterintuitive, but a gentle approach to brushing is the most effective way to clean those pearly whites without wearing away enamel and exposing sensitive areas of the teeth.
2) Use A Desensitizing Toothpaste: As everyone knows, mouth pain can be highly uncomfortable; but tooth sensitivity is a whole different beast. Hot weather favorites like ice cream and popsicles have the ability to trigger tooth sensitivity, which might make you want to stay away from icy foods altogether. But as always, prevention is the best medicine here. Switching to a toothpaste like Sensodyne’s Sensitivity & Gum toothpaste specifically designed for sensitive teeth will help build a protective layer over sensitive areas of the tooth. Over time, those sharp sensations that occur with extremely cold foods will subside, and you’ll be back to treating yourself to your icy faves like this one!
3) Floss, Rinse, Brush. (And In That Order!): Have you ever heard the saying, “It’s not what you do, but how you do it”? Well, the same thing applies to taking care of your teeth. Even if you are flossing and brushing religiously, you could be missing out on some of the benefits simply because you aren’t doing so in the right order. Flossing is best to do before brushing because it removes food particles and plaque from places your toothbrush can’t reach. After a proper flossing sesh, it is important to rinse out your mouth with water after. Finally, you can whip out your toothbrush and get to brushing. Though many of us commonly rinse with water after brushing to remove excess toothpaste, it may not be the best thing for our teeth. That’s because fluoride, the active ingredient in toothpaste that protects your enamel, works best when it gets to sit on the teeth and continue working its magic. Rinsing with water after brushing doesn’t let the toothpaste go to work like it really can. Changing up your order may take some getting used to, but over time, you’ll see the difference.
4) Stay Hydrated: Upping your water supply is a no-fail way to level up your health overall, and your teeth are no exception to this rule. Drinking water not only helps maintain a healthy pH balance in your mouth, but it also washes away residue and acids that can cause enamel erosion. It also helps you steer clear of dry mouth, which is a gateway to bad breath. And who needs that?
5) Show Your Gums Some Love: When it comes to improving your smile, you may be laser-focused on getting your teeth whiter, straighter, and overall healthier. Rightfully so, as these are all attributes of a megawatt smile; but you certainly don’t want to leave gum health out of the equation. If you neglect your gums, you’ll start to notice the effects of plaque buildup, which can irritate the gums and cause gingivitis, the earliest stage of gum disease. Seeing blood while brushing and flossing is a tell-tale sign that your gums are suffering. You may also experience gum recession — a condition where the gum tissue surrounding your teeth pulls back, exposing more of your tooth. Brushing at least twice a day with a gum-protecting toothpaste like Sensodyne Sensitivity and Gum, coupled with regular dentist visits, will keep your gums shining as bright as those pearly whites.
Your October 2023 Horoscopes Are All About Transformation & Finding Balance
With two Eclipses happening this month, this is one of the powerhouse months of 2023 and one that will be unforgettable for many. The month begins in Libra Season, and with Mercury also entering Libra on October 4th. When Mercury is in Libra, the focus is on keeping the peace, creating harmony, and finding the beauty in life. Relationships, finances, pleasure, and creation are all the focus during Libra Season, and this month overall will be creating a lot of positive change in these areas of life.
What October 2023 Has In Store For Your Zodiac Sign
On October 8th, Venus moves into earth sign Virgo, and love takes on a more serious and grounded tone here. Venus in Virgo has high standards and wants the best of the best. There is a possibility of becoming overly critical in love or relationships with this energy, however overall, Venus in Virgo will be focused on letting go of unhealthy behaviors in love and creating more positive ways of relating, giving, and receiving in relationships. A few days later, Pluto goes direct in Capricorn after going retrograde in Aquarius back in May, and fewer power struggles and obstacles are more likely.
With Pluto direct in Capricorn, it is easier to reach your goals, build success, and see your own self-empowerment in it all.
On October 12th, Mars enters Scorpio, and Mars loves being in this water sign as it’s the ruler of Scorpio. Mars in Scorpio is passionate and direct and heats things up when it comes to your relationships. Mars will be in Scorpio until November 24th, and a spark is definitely being lit. A few days later, we have a New Moon Solar Eclipse in Libra.
This Solar Eclipse is creating a fresh start in love, but may also be bringing things to the forefront that are uncomfortable to see. A Solar Eclipse in Libra is relationship-oriented, and this is where you will be seeing the most impact now.
Before the month ends, Mercury enters Scorpio on October 22nd, Scorpio Season begins on the 23rd, and there is a Full Moon Lunar Eclipse in Taurus on October 28th. The end of October is when a lot of big moves are being made, and transformations are occurring, and it’s about letting go of baggage before moving forward again. The Lunar Eclipse in Taurus is another eclipse that has an impact on relationships, as both Libra and Taurus are ruled by Venus, the planet of love.
Through what is changing and transforming in some of your close relationships, this energy suggests there is greater love on the other side of it. Find gratitude in where you are, and stand in hope and self-belief for where you want to be.
Your October 2023 Monthly Horoscopes
ARIES
Your strength is needed this month, Aries. During October, the Sun is in Libra, meaning the Sun is in your 7th house. The 7th house is the house of love and relationships, but it’s also the house of open enemies and opposition. This month, you will be finding your balance between the opening you are seeing in your life right now and what still needs to be built.
On October 14th, there is a New Moon Solar Eclipse in this area of your chart, the 7th house, and this is an impactful time for you emotionally. The intentions you have been setting in your love life and financially are creating a new scene for you. This is a good month to do more of the things that make you happy, to get creative, and to notice the beauty in your life. Before the month ends, your ruling planet, Mars, moves into your 8th house, and things get deep and even more emotional for you moving into November.
TAURUS
October is a month of reflection for you, Taurus. There is a lot happening this month and a lot happening for you personally, yet you are taking the time to tend to your inner world and recreate your safe spaces. With Venus in a fellow earth sign and in your 5th house of romance for most of this month, you will be sure to have plenty of love in your life to help you through some of the downtime you are getting in October.
Mars moves into your house of love on October 12th, and this is heating things up for you in your relationships and sex life. Fuel your passions and notice what is lighting you up inside right now. Before the month ends, on October 28th, there is a Full Moon Lunar Eclipse in your sign, and you are going through some major life changes. You are closing one chapter of your life of self-discovery and moving forward with a new view of yourself and the world around you.
GEMINI
This month is all about letting go, Gemini. You are moving through a time of releasing what has been filling your world with more chaos and confusion than clarity and are paving a new path for yourself. Your ruling planet, Mercury, is in your house of happiness for most of this month, and you are really thinking of the things that your heart wants and expressing yourself through this space of openness as well. Communication channels are exciting for you this month.
On October 14th, the New Moon Eclipse will be highlighting all of the energy of love you have been feeling this month and will be helping you hone in on your creative passions and hobbies as well. This month is surprising you on how well things turn out when you let go of what isn’t working. The second eclipse of the month is on the 28th, and this one for you is about laying the past to rest once and for all and giving yourself time to heal and process.
CANCER
October is an activating month for you, Cancer. There are some eye-opening moments happening, and a lot of things are coming to a head. The energy of the month is about letting things find their place and allowing yourself to be okay in the process. Venus is in your 3rd house of communication for most of this month, and you will be able to communicate more freely how you are feeling and what you need in your relationships right now.
With the Sun in Libra and in your 4th house for most of October, home is really where the heart is right now. Spending time in comfortable environments where you feel the most at ease is nourishing. Before the month ends, there is a Full Moon Lunar Eclipse in your 11th house of community, and things are coming full circle for you. Lean on your support systems and community for an extra hand, and know that you deserve to take up space.
LEO
This is a month of things moving forward for you, Leo. Patience is still needed, as things may not be moving as quickly as expected, however, they are moving nonetheless, and you are leaving the space of stagnation you have been feeling the past couple of months. Openings are coming into your life, and with Venus now in your 2nd house, you are able to capitalize on what you have been investing in and claim your abundance.
The Solar Eclipse happening mid-month will be awakening something within you when it comes to expressing yourself. You are breaking free from fears, limitations, and self-judgments and seeing yourself as someone who deserves to be heard. The Sun is also in this area of your chart until the end of the month, and you have all the support from the universe right now to speak up and speak your truths.
VIRGO
October is a month of blessings for you, Virgo. This year has been a year of a lot of ups and downs for you, and in the second half of this year, you really get to settle into more stability and positive fruition. You are being guided to use your instincts wisely this month, however, so as to keep blessings rolling. Your ruling planet, Mercury, will be in your 2nd house of income for most of the month, as well as the Sun, and financially, this is a really good month for you.
On October 8th, Venus moves into your sign, and you are receiving and feeling the love right now. Venus will be in your sign until November 8th, and over the next month, this is a good time for your relationships and business, receiving positive feedback, and putting yourself out there. On October 28th, there is a Full Moon Lunar Eclipse happening in your 9th house of adventure, and you could be seeing some travel or education plans coming to fruition now. You are really ready to enjoy how far you have come this month.
LIBRA
This month is all about creating your dreams, Libra. This is an exciting month for you and one where you are healing your inner child, gaining a new perspective, and manifesting your life. Libra Season is fully underway, and this is an impactful Libra Season for you, as there is a New Moon Solar Eclipse happening in your sign on the 14th. This Solar Eclipse is your time to shine, to bring your dreams to the forefront, and to let go of the past that doesn’t resonate with you anymore. It’s all about the vision this month; focus on the best one for yourself.
With the Sun and Mercury in your 1st house of self for most of the month and Venus in your 12th house of closures, you are finding your balance between the new and the old. You know there is a lot to release emotionally in your life still, but you are also giving yourself the space and freedom to soak in the good that has already arrived and making you happy right now. On October 23rd, Libra Season ends, and you are ready to focus more on your plans for the future.
SCORPIO
October is a month of rebirth for you, Scorpio. This is one of the most powerful months for you and one where you are starting fresh in many ways. Mercury is in your house of endings for most of the month, and your mind is focused on your spirituality, finding solutions, and letting go of perspectives and habits that don’t serve you or your health. Through the transformations that are occurring right now, new life is coming to fruition.
Mars and Mercury both enter your sign before Scorpio Season begins on the 23rd, and by the end of October, the energy moves from release to receive. You have more energy at your disposal when Mars is in your sign, and you are moving through a time of passion, action, and making things happen for yourself. This Scorpio Season for you is one where you are creating a new life for yourself and following the dreams you left to the wayside.
SAGITTARIUS
Sagittarius, October is all about the heart and about showing up. This month for you is a time of support, friendship, and community, and a time where you are really discovering who your people are. You are awakening to what your inner child needs to heal and are seeking forgiveness this month. This is a time for you to move toward a new path in your life, one that feels more fulfilling for you and your well-being.
Venus is in Virgo and in your 10th house of career this month, and you are seeing some positive changes within your professional world. You are being received especially favorably right now, and this is a good month to ask for a promotion, network, or redefine your career goals. On October 14th, there is a New Moon Solar Eclipse happening in your 11th house, and your hopes and dreams are coming true for you. The clarity you gain this month is life-changing.
CAPRICORN
This month is all about patience, finding your peace, and exploring the world, Capricorn. You are focusing a lot on your belief systems, your intentions, and what goals you have set for yourself and your life. Venus is in your 9th house of adventure for most of the month, and you are really thinking about the big picture right now. You are doing more things differently this time of the year, thinking outside of the box and allowing your intentions to come to fruition.
On October 10th, Pluto goes direct in your sign. Pluto retrograde entered your sign in June, and you finally get to settle into the transformations that have been occurring since then. You’ve had a lot of moments of self-clarity and change, but now you are ready to live in this space and experience fewer changes to your environment. On October 28th, there is a Full Moon Eclipse happening, and this Lunar Eclipse is a time of love coming full circle for you. Relationships are developing at the end of October, and you are letting go of the past in love.
AQUARIUS
October is all about allowing life to unfold effortlessly, Aquarius. The path of least resistance is the most rewarding one, and this month, you are tapping into your inner faith. You have truly been trusting the process, and with the Sun in your 9th house for most of the month, the divine guidance is there for you right now. This month is about trusting that things are coming together for you and enjoying your life how you can right now.
On October 14th, there is a New Moon Solar Eclipse happening, and this eclipse is helping you build new foundations in your life. You have goals you want to set, places you want to see, and people you want to meet, and this eclipse is highlighting all of that for you. The second eclipse of the month is happening on the 28th, and this Lunar Eclipse is about letting things settle in, finding your ground, and nourishing your inner world. You are going within a lot this month, and through the new insight you have found, you are ready to make some concrete decisions that have been needed.
PISCES
October is a time of compassion, nurture, and love, Pisces. You are putting the love into your life and feeling this energy come back to you as well. Venus is in Virgo, your opposite sign, for most of the month, and this is good energy when it comes to your relationships and your love life. Your focus is on the people in your life and where you want things to grow in love, and you are putting in the effort to make your dreams come true for you here.
With the Sun also in your 8th house of commitments for most of the month, another love area of your chart, you can expect this to be a more emotional month for you. You are getting vulnerable, expressing where you stand, and creating a new slate for yourself in love. On October 28th, there is a Full Moon Eclipse happening in your 3rd house of communication, and the messages and insights you have been looking for are coming in.
The end of the month is a busier time for you, and you will be suddenly seeing everything you want to do and plan right now.
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Featured image by Kyra Jay for xoNecole