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Here's Where To Start To Get Your Savings All The Way Together
It’s always a good time to start saving. Whether you have a few bucks or hundreds to set aside every payday, putting away a little amount of funds over time can lead to financial security later down the road.
As life would have it, there’s always something that we’re striving to obtain that may take a little more than the everyday cost to cover. No matter if you’re saving up for the deposit to your big girl apartment, putting money aside for a girls' trip, or simply wanting to start a new financial discipline, establishing a savings account dedicated to our financial goals can help keep track of your progress and ensure that funds are aside for when you need them the most.
While spending money is fun in the moment, committing to the habit of making regular contributions to our savings account is a practice that will delight your future self. And setting realistic savings goals is the best place to start. “One of the easiest ways to set realistic savings goals is to start by knowing how much money you're bringing in,” Dr. Melody Wright, P.D. AFC, tells xoNecole. “That's going to be how much income you have and how much money is actually going out in the form of expenses. Based on what you have left when you subtract your expenses from your income will determine how much to put into savings.”
How To Set Realistic Saving Goals
Setting savings goals can feel like a daunting task, depending on how much you seek to put aside and how much cash flow you’re currently working with. That’s why when it comes to creating your savings plan, Dr. Wright says to consider what you can mentally manage first.
“Let's say you have a goal to save $10,000. For a lot of people, that large amount is going to overwhelm them because they're only going to be focused on saving that $10,000,” she explains. Instead of allowing the big, end-goal numbers to fluster you, breaking the amount down into your first $500 or $1,000 and tracking your progress from there can make the goal feel more manageable.
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There are various options for savings accounts, and having the right clarity on what separates a traditional savings account and a high-yield savings account is an important distinction to make to ensure you’re getting the best return on your savings. “Whenever you're thinking about opening a savings account, you want to make sure that it has no minimums, has little to no fees, and is FDIC insured,” she says.
The FDIC provides deposit insurance to protect your money in the event of a bank failure, allowing your deposits to be automatically insured to at least $250,000 at each FDIC-insured bank.
Traditional savings accounts, commonly found in brick-and-mortar banks, typically offer an average annual percentage yield (APY) of around 0.30%. In contrast, high-yield savings accounts, depending on the type, can yield significantly higher returns, sometimes over 15 times more, with rates reaching as high as 5%. The key factor is that the higher the APY, the more money your funds will earn while they sit in the account. This increase in earnings is attributed to the power of compounding, where the money in the account generates returns and begins to work for you.
What is a Roth IRA?
The mention of a Roth IRA is a common term in financial planning discussions. A Roth IRA is a type of individual retirement account with distinct features. “IRAs come in different flavors,” Dr. Wright explains. “Two of the main flavors that you'll see are traditional IRAs and a Roth IRA. With a traditional IRA, you're putting money in that hasn't been taxed. However, when it's time to take that money out, you're going to get taxed on that money.”
Unlike a Traditional IRA, contributions to a Roth IRA are made with after-tax dollars, meaning they are not tax-deductible. However, qualified withdrawals, including earnings, are tax-free in retirement. Roth IRAs provide tax advantages, flexibility, and a unique approach to retirement savings within the framework of individual financial planning.
It’s important to note that there are stipulations when it comes to setting up a Roth IRA, which is why the traditional option is available. Roth IRAs come with certain income limits, and based on whether you are married or single, if you make over a certain amount, you won’t be able to invest in a Roth IRA.
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Sinking Funds
Organizing sinking funds for short-term savings goals involves establishing a systematic approach. Sinking funds are useful for saving towards specific objectives like a trip or wardrobe revamping. The key to effective organization lies in the planning process.
“You want to set the sinking funds up based on priority and how soon you'll need that money,” she says. “Once I establish which fund I’m going to need to use first, then I start to put more money into it. When you think about it, you want to prioritize them based on how soon you'll need that money and how much money you'll need to be saving.”
Consider categorizing sinking funds, determining contribution amounts, and creating a dedicated account for each fund. This structured approach ensures that funds are allocated appropriately, making it easier to track progress and meet short-term financial goals.
Overcoming Limiting Beliefs Around Money
For those feeling intimidated or overwhelmed by the prospect of planning their savings accounts, one thing to keep in mind is that even taking the first step towards saving is a commendable one. Whether you’ve had a savings account that you’ve had to use, or starting from scratch, Dr. Wright reminds us that saving is something you can start and restart anytime.
“A lot of times, we feel like we have to put a lot of thought into it, but the idea is that you want to start saving as early as possible and as much as you can,” she says. “If all you can save is $5 or $20, start saving that because as you continue to save those amounts, they’re going to build, and it’s going to be earning money for you.”
Dr. Wright often tells her clients to “prepare for famine while they're feasting,” because we don't know what tomorrow is going to bring us. “When life is good, and that money is flowing in, you want to make sure that you're putting some money aside for those times when that money is not as abundant or when those seasons are a little bit drier so you can have that to fall back on.”
She continues, “The goal is for you to start putting money in that savings account and not touching it unless you have a true need so that money can grow for you.”
Remember, financial planning is a journey, and progress is more important than perfection. Happy saving!
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Aley Arion is a writer and digital storyteller from the South, currently living in sunny Los Angeles. Her site, yagirlaley.com, serves as a digital diary to document personal essays, cultural commentary, and her insights into the Black Millennial experience. Follow her at @yagirlaley on all platforms!
This article is sponsored by Hulu.
UnPrisonedhas returned for its highly anticipated second season, delving deeper into the complex dynamics of the Alexander family.
The series premiere comes a year after its debut season garnered rave reviews from fans and critics and earned record-breaking ratings for Hulu's Onyx Collective brand. UnPrisoned's success can be attributed to its raw, relatable themes and comedic appeal.
Inspired by creator Tracy McMillan's life, the show follows Paige (Kerry Washington), a therapist and single mother whose life takes an unexpected turn when her father, Edwin (Delroy Lindo) --who was released from prison-- moves in with her and her teenage son, Finn (Faly Rakotohavana).
Throughout UnPrisoned's first season, viewers witnessed how Edwin's incarceration deeply affected Paige's life and relationships. In the series, Paige unpacks her trauma through interactions with her inner child and her online followers. Meanwhile, Edwin is overcoming specific struggles with his own past that led to his life of crime, including a dysfunctional upbringing and his mother's arrest. As the Alexanders attempt to reconcile, new challenges arise.
This new season promises to further explore their unconventional family dynamic. Here are several compelling reasons why season two of UnPrisoned should be on everyone's watchlist.
The Alexander Family Life Is Still In Shambles
UnPrisoned's second season resumes where the series left off, with Paige grappling with the fallout from her troubled therapy practice and Edwin navigating life independently after moving out. Meanwhile, Finn faces his own challenges. The teenager is battling anxiety and seeking information about his father—a topic Paige avoids discussing.
The Alexander Family Are Attending Therapy To Resolve Their Underlying Issues
Amid the chaos in their lives, the Alexander family decides to mend their bond by confronting their past traumas. They seek professional help and attend therapy sessions with a “family radical healing coach,” played by John Stamos, a new cast member. This collective effort aims to unravel the complexities of their shared history and strengthen their relationships.
The process of unraveling each character's internal conflicts and their potential impact on future relationships may clash with Paige's textbook therapy approach. While Paige is used to being in the therapist's seat in both career and family, this forces her into the unfamiliar role of a patient during therapy sessions. This shift would compel her to look in the mirror and try a radically different approach.
The Alexander Family Learned A Big Lesson During A Therapy Session
In therapy, the Alexanders are tasked with addressing their individual traumas to salvage their remaining relationships. One of the family therapist’s eccentric suggestions was an exercise involving a family wrestling match. During this session, Paige faces tough questions about her refusal to share information about Finn's father.
While it's unclear whether this scene is reality or fantasy, the image of the family duking it out in the ring certainly makes for hilarious yet compelling television.
Paige Tries Dating Again Following Failed Relationships
Amid her life's chaos, Paige decides to step back into the dating field. However, her many attempts have left her with mixed results. The dating apps have turned out to be a fail, and an outing with her ex Mal (Marque Richardson), who is also her father's parole officer, doesn’t go quite as expected after he brings an unexpected guest – his new girlfriend.
The situation takes an awkward turn when Mal's new partner learns why the former couple split, partly due to Paige's self-sabotage.
UnPrisoned Is A Perfect Balance Of Comedy And Drama
As a dramedy, UnPrisoned takes a comedic approach to its heavy subjects. The show takes us on a ride with Paige's dating misadventures and navigating a friendship with her ex.
Other lighthearted moments include Edwin's attempts at CPR based on online videos and, of course, the antics of the Alexander family's unconventional new healing coach.
The second season of UnPrisoned is now available on Hulu.
UnPrisoned | Season 2 Trailer | Hulu
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Actor Jessie T. Usher reveals his secrets for maintaining his physical appearance while filming Amazon Prime's The Boys.
The series, which spans four seasons, follows vigilantes as they battle corrupt superheroes. In The Boys, Usher portrays Reggie Franklin, also known as A-Train, a superhero with incredible speed.
During a recent Men's Health magazine interview, the 32-year-old spoke about his diet and workout regimens. These routines help Usher stay in shape for the show's stunt work, which involves intense cardio to match his character's super-speed abilities.
In the discussion, he revealed his workout regimen consists of resistance training and cardio. On rest days, the Shaft star incorporates yoga and stretching into his routine.Jessie On What He Eats In a Day
Regarding his diet, Usher shared he typically eats three meals daily with minimal variations. He begins each day by hydrating and waiting an hour or two before breakfast. On production days for The Boys, Usher opts for eggs with herbs and seasonings, accompanied by fruit.
The Dangerous Lies actor keeps it light for lunch with protein-rich options like quinoa bowls or salads with lentils, chicken, and vegetables from CAVA. Dinner is his heartiest meal, featuring chicken and fish (particularly sea bass or salmon), after which he refrains from eating for the rest of the night.
Usher focuses on protein intake for all his meals rather than counting macro calories to support muscle growth. He boosts his protein with peanut butter shakes. While maintaining a disciplined diet, The Almost Christmas star allows himself occasional indulgences like Funyuns or Nutter Butters. To round out his health regimen, Usher takes daily vitamins.
Jessie On His Diet And Workout Routine For "The Boys"
When asked about adjusting his diet or workout routine for his role in The Boys, Usher explained that his health-conscious lifestyle eliminates the need for significant changes.
“Honestly, no. Because by the time I got to The Boys I was already health conscious. Very much aware of what I was putting in my body and how,” he said.
Regarding his workouts, Usher revealed he tailors his routines to include more diverse cardio exercises. This approach ensures he's physically prepared for the scenes he shoots for the show.
“A day of working out for The Boys is a little bit different. I feel like I added more variations of cardio work,” he stated. “When [you’re shooting] you just have no idea what they’re about to throw at you. I just want to be ready for all of those challenges, especially the cardio things. I just wanted to have the endurance to be able to get through whatever type of scene that I would possibly be shooting.”
Season four of The Boys is now streaming on Amazon Prime.
Everything ‘The Boys’ Star Jessie T Usher Eats In a Day | Eat Like | Men's Health
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Feature image by Phillip Faraone/Getty Images for Paramount Pictures