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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!
How This New Bond Repair Line Transformed One Mother's Postpartum Shedding Into The Ultimate Curl Comeback
This article is in partnership with SheaMoisture
For Crystal Obasanya, her wash day woes came shortly after her son did. The beauty and lifestyle content creator had been natural for years, but during postpartum, she quickly learned about one reality many mothers can relate to experiencing: postpartum hair loss. “Sis had thinning hair. Sis had split ends,” she shared about her hair changes in a Reel via xoNecole.
Over a year into her postpartum journey, Crystal explained she also had dry, brittle hair, noting that keeping it hydrated before pregnancy had already been “a task.” The 4C natural recalled going from thick hair during pregnancy to a thin hairline due to postpartum shedding as “devastating.” When it came to strengthening and revitalizing her hair, the new SheaMoisture Bond Repair Collection was just the thing she needed to elevate her damaged coils to revive and thrive status and get them poppin' again.
SheaMoisture is providing us with the cheat code for transforming dry and damaged strands into thriving and deeply nourished crowns. By unveiling their 4-step hair system, the SheaMoisture Bond Repair Collection is equipping you with the tools to reverse signs of hair damage caused by protective styling, heat, and color and is uniquely formulated for Type 3 and 4 hair textures.
The haircare system revives damaged natural hair by repairing and rebuilding broken hair bonds through a game-changing combination of HydroPlex Technology and AminoBlend Complex, a unique blend of fortifying amino acids formulated specifically for curly and coily hair. Scientifically proven to reduce breakage by 84% and make your hair six times stronger (vs. non-conditioning shampoo), the collection infuses your hair with the nourishment it craves and the strength it deserves.
All five products of the SheaMoisture Bond Collection are infused with natural strengthening ingredients like Amla Oil and fair-trade shea butter. The collection consists of the 4-step breakage-fighting Bond Repair system, as well as the Bonding Oil.
“When trying it out, I quickly noticed that my hair felt revived and renewed, and my curls were so hydrated,” Crystal said while using the Amla-infused Bond Repair Leave-In Conditioner. “I also felt my hair strands were stronger.” So much so that the influencer felt brave enough to get her hair braided shortly thereafter. “I can definitely say that I will be keeping it in my hair wash routine,” she added in the caption of her Reel about her positive experience using the products.
SheaMoisture Bond Repair Collection is making bond-building a key player in your wash day routines and the purveyor of life for thirsty manes. Because who doesn't want stronger, shinier, happier hair?
Step One: Bond Repair Collection Shampoo
Rejuvenate your hair with SheaMoisture Bond Repair Shampoo, your go-to solution for luscious locks. Packed with hella hydration power, this shampoo adds moisture by 60% while removing buildup without stripping your strands. This shampoo gently cleanses impurities while significantly enhancing shine, smoothness, and softness.
The Bond Repair Collection Shampoo is the first step in the 4-step Bond Repair system, all of which are powered by the uniquely formulated AminoBlend, and HydroPlex, SheaMoisture’s technology that rebuilds hair strength at its core.
Step Two: Bond Repair Collection Conditioner
Tailored to repair styling damage, this creamy conditioner locks in 12x more moisture than standard non-conditioning shampoos, boosting damaged hair strength by 1.5x with significantly less breakage. The creamy SheaMoisture Bond Repair Collection Conditioner deeply hydrates, enhances manageability, and leaves your hair looking healthier and shinier.
Step Three: Bond Repair Collection Masque
This Ultra Moisturizing reparative masque is a moisture-rich game-changer for those dealing with the aftermath of hair damage caused by styling. The SheaMoisture Bond Repair Collection Masque delivers 13 times more moisture compared to non-conditioning shampoos, ensuring your hair feels nourished and soft. Designed to repair and rejuvenate, this masque significantly strengthens damaged hair — making it twice as strong while reducing breakage.
Step Four: Bond Repair Collection Leave-In Conditioner
Elevate your curl game with SheaMoisture’s Bond Repair Collection Leave-In Conditioner. Lightweight and hydrating, the Bond Repair Leave-In Conditioner provides 12x more moisture than non-conditioning shampoos and tames frizz with 24-hour humidity control. Designed to define curls and coils, the leave-in conditioner enhances softness and shine allowing you to detangle effortlessly.
Bonding Oil
The SheaMoisture Bond Repair Collection Bonding Oil is a multitasking all-in-one formula that acts as a heat protectant and provides the hair with moisture, strength, shine, damage protection, and intense nourishment. This lightweight oil not only offers 24-hour frizz and humidity control but also fortifies your tresses, making them up to 5 times stronger with significantly less breakage.
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Unapologetically You: Overcoming Summer Body Anxiety With Self-Acceptance
When the summer hits, warmer temperatures mean fewer clothes.
This seasonal transition from heavy, concealing garments to lighter, more revealing attire can trigger feelings of self-consciousness and discomfort in our bodies. Whether the pressure to be “swimsuit ready” is influenced by social media body standards or felt inwardly, the demand for the “perfect” summer can lead to the all-familiar feeling of summer body anxiety.
Summer body anxiety refers to the feelings of distress, unease, or discomfort that individuals may experience regarding their physical appearance, shape, or size. It often involves a heightened self-consciousness about one's body, leading to negative thoughts and emotions. People experiencing body anxiety may feel pressure to meet societal or personal standards of beauty or fitness, which can contribute to feelings of inadequacy, shame, or insecurity.
Take a few scrolls down your social media feed or FYP, and it won’t be long before you stumble across an ad persuading you to join a 30-day shed challenge or to order a one-size-fits-all meal plan. While these can be helpful for those aiming to meet their weight goals for summer, for others, they can trigger feelings of anxiety and psychological distress, due in part to diet culture.
“When we hear the word ‘diet,’ we think about restriction, versus it meaning what your relationship around food is,” mental health consultant and CEO of Revita Therapy and Wellness, Ce Anderson, tells xoNecole. “The word ‘diet’ simply means what it is that you are consuming, but we live in a culture where diet means restricting yourself for a specific reason or result.”
Psychologically, when there is any kind of restriction, Anderson says that it can cause our behaviors and self-perception to worsen, if not approached healthily or consciously.
To manage triggers from diet culture and comparison, particularly during seasons of increased body exposure, Anderson emphasizes the importance of concentrating on self-acceptance and acknowledging the fleeting beauty standard perpetuated by the media. “Social media, print images, and TV often promote unrealistic and unattainable beauty standards. Recognizing the artificial nature of these images and focusing on self-acceptance can help mitigate the impact of these triggers,” she says.
During the warmer months, the shorts are shorter, our tops are cropped, and dresses cling to every curve of our frame. But if the hyperawareness of how our clothes fit causes us to avoid social situations or engage in excessive grooming, this could put limits on our summertime enjoyment. “Are we doing things like constantly checking or asking ‘How do I look?’ or ‘Do I look okay?’ Are we using clothes to camouflage or hide our body?” she asks. “This can be damaging to one's self-image and self-efficacy.”
How To Ditch Self-Consciousness & Practice Self-Acceptance
Many individuals, particularly in the summer or on vacations, may steer clear of warm places or activities like swimming because they can't easily hide or cover up their bodies. But the shape or size of our bodies shouldn’t compel us to hide. To shift our mindset from striving for a "perfect shape" to appreciating our bodies for their current state and capabilities, Anderson offers the following tips to encourage self-acceptance.
Reflect On Your Standard:
“What are your standards? Examine them and then examine where your standards came from,” she says. “Are they perpetrated by society? Do they come from your family system? Do they come from the people around you, or do they come from inward?”
Consider The Realism Of These Standards:
“Ask yourself: Is this standard realistic for my age? Meaning, where am I in my personal physiological development? Let's be realistic about where we are in life in development,” Anderson shares.
Consider Health and Psychological Impact:
“After you examine your standards, ask yourself if these standards are putting you at any health risks, psychological risks, or imposing a burden on you,” she notes. “If you're noticing these restrictions are causing you health problems or that they hold a big chunk of my life, that's a problem.”
Evaluate External Influence:
“Lastly, is this even your voice, or is it that of someone who held authority in your life?” she shares. “Were they healthy enough to comment on your body composition?”
Anderson emphasizes that practicing self-acceptance involves recognizing your worth independently of social media, internal pressures, or family and friends. It's about affirming one's worth and truly embodying the mindset of, "I am enough."
“Being able to accept yourself looks like 'regardless,'" she tells xoNecole. “That means, 'regardless' of what social media says, 'regardless' of what people say, I am accepting myself — 'regardless' of the expectations of other people.”
She continues, “Why do we compare? Because if we’re unique, there is no comparison. I'm focused on my journey, and my journey looks like my health is a lifestyle; is not just three months before summer hits.”
Ultimately, our bodies are the vessels that hold us and protect us in every season of life, not just when we’re wearing less clothes. Appreciating our bodies isn't just about being thankful for the way they look but for it’s abilities. “Am I grateful for the fact that my heart is pumping? That my legs are moving, and for the sight that I have? That’s appreciating and valuing your body,” Anderson says.
“Acceptance is not a one-time thing. Acceptance is a daily practice. And that doesn't look like scrolling social media for hours. That looks like limiting your exposure to the things that make you feel bad.”
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