

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!
Luxury Hairstylist On Viral 'Hey Boo' Texts & Professionalism In The Hair Industry
As Black women, our hair is our crowning glory - whether we paid for it or not. We take pride in how we wear and take care of our hair. As with everything, hair care and hair styling have evolved over the years. Long gone are the days of Blue Magic (although I hear it’s making a comeback).
Now, we have a plethora of creams, oils, conditioners, shampoos, and stylists to choose from. Beyond wearing our natural curls, we have a range of options, from wigs and sew-ins to tape-ins, I-tips, and K-tips. So much choice! But you know what they say about too much of a good thing...
The Black hair industry has definitely blossomed in the last decade with a wave of new stylists and salons popping up all over the place. As much as I love that for us, many of these stylists have become the subjects of viral TikTok and Instagram tirades because of their alleged questionable behavior and bizarre rules.
Excessive policies, strange fees, long wait times, poor performance, and the infamous “Hey boo” texts. Beauty is pain, they say… xoNecole got to the root of these issues with luxury hair extensionist Dee Michelle, who’s been in the hair game for 20 years and runs a seven-figure business - all while being a mom of four.
Antonio Livingston
“I started my business with my career in the hair industry [at] very, very young age when I was maybe like eight...So, over the years, I've just built a very successful seven-figure business very quickly just by offering high-end services and creating great experiences for my clients, many of whom are high-profile professionals,” she said. “I'm also a mother of four, including a set of triplets, which inspires me daily to show what's possible with my hard work and focus.”
Dee’s business has gone viral on social media because of what many call outrageous prices for her invisible K-Tip installs.
“When I developed my invisible K-tip extensions technique, I made sure that it wasn't just about the hair or the style, but about providing a high-end experience from start to finish. So, my clients just aren't paying for the extensions or just the style itself, but they're investing into my meticulous, seamless craft and premium hair sourced from the best suppliers…I've spent so many hours mastering my craft, creating this seamless method that gives my clients long-lasting natural results, and my pricing just reflects that - the value of my expertise and the exclusivity of the service.”
The K-tip specialist stands on business when it comes to catering to her clients and giving them an experience worth the cost.
“And it's just important for me to also say that my clients are high-profile individuals who value quality, their privacy, and their time. They want a service that fits into their lifestyle and their time. They want things that deliver perfection. And I deliver that every single time.”
I’m sure we’ve all seen the various TikTok rants about people’s nightmare experiences with stylists and uttered a silent “FELT!” We asked Dee her opinion on a few nightmare scenarios that beg the response, “please be so forreal."
On stylists charging extra to wash clients’ hair:
“I think they should just include it in the price, to be honest. Because I feel like when clients go to a stylist, they're expecting you to wash their hair. Personally, if I see that washing is extra, I just wouldn't go to the salon because it just shows a lack of professionalism, in my opinion, and a lack of experience.”
“I think they should just include it in the price, to be honest. Because I feel like when clients go to a stylist, they're expecting you to wash their hair. Personally, if I see that washing is extra, I just wouldn't go to the salon because it just shows a lack of professionalism, in my opinion, and a lack of experience.”
On ‘deposits’ that don’t go towards the cost of the service:
“I think that's kind of weird, too, for deposits to not be like a part of the service. I've seen people have booking fees and I just don't understand it, to be honest. I disagree with that kind of policy…By all means, people should do what works for them, but to me, it doesn't make sense. Why does somebody have to pay a fee just to book an appointment with you? I don't get it. It feels like exploitation.”
On stylists charging extra to style (straighten/curl) wigs, sew-ins etc., after installing:
“I don't get it. Clients come to us to get their hair done, to get it styled. So why is it extra for you to style it? If you're going to charge extra, just increase your price. I feel like it could be just a lack of confidence in those stylists, feeling like people won't pay a certain price for certain things, or just their lack of professionalism as well, because people are coming to us to get styled.”
On the infamous “Hey boo” text stylists send to clients when they need to cancel/reschedule:
“Professionalism in any industry, especially the beauty industry, is everything. So texting a client the, “Hey boo” is so unprofessional, and it's damaging to the client-stylist relationship. Clients book their appointments expecting a level of respect and care, especially when they're investing their time and money and a service. And I get it, emergencies happen, we're all humans. However, it should be done with a formal apology and a clear explanation.”
“Professionalism in any industry, especially the beauty industry, is everything. So texting a client the, “Hey boo” is so unprofessional, and it's damaging to the client-stylist relationship. Clients book their appointments expecting a level of respect and care, especially when they're investing their time and money and a service. And I get it, emergencies happen, we're all humans. However, it should be done with a formal apology and a clear explanation.”
We know all too well what kinds of things will keep us from ever gracing certain hairstylists’ chairs with our butts again. So, what should hairstylists do to provide a good service to their clients? What is good hairstylist etiquette?
“For one, being on time is an important rule for stylist etiquette. It's just not okay to require your clients to be on time, and you're not on time. Also, communication. Being able to communicate clearly, respectfully, and professionally, whether that's in person, via text, or on social media. Style is etiquette. Appearance matters. So just maintaining a clean, polished, and professional look. Clients respect you more whenever your appearance reflects your work. There's just so many things, but another thing I would say is active listening. So, being able to pay close attention to what your client wants and also clarifying any questions that they might have. Just to ensure that they feel heard and to minimize any misunderstandings.”
Dee also shared some red flags to look out for when considering a new stylist.
“Even me as a client, if I'm booking somebody and they have a long list of rules, I don't even book with them. That's, for one, just such a huge turn-off. Also, stylists who have inconsistent or unclear pricing, that's a red flag. People who change their rates too much without an explanation. Poor communication. So, if a stylist is responding very slow or responding unprofessionally, or giving vague answers to questions, that can make clients question whether or not they are respecting their time and their needs.
Another red flag - an inconsistent or low quality portfolio. And I feel like, I see this a lot with stylists stealing other people's work, and their portfolio on social media is just very inconsistent.”
We couldn’t let Dee go without getting the tea on what styles she predicts will trend in 2025.
“I feel like people are going back to natural-looking styles. So, a lot of people are ditching the wigs, the lace fronts, things like that. People are still wearing them, of course, but it is becoming more of a trend to embrace your natural hair and something that's not looking too fake. That’s one thing that we're going to be seeing a lot. I would say a lot of layers are coming back, heavy layers. Those are becoming really, really trendy. And people are leaning more towards platinum-colored hair. I've been seeing lots of like blondes coming out. Also, jet black is always going to be a trend. But I would say more like natural colors, but natural colors that are still making a statement.”
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Feature image by Antonio Livingston.
With Valentine's Day rapidly approaching, different shades of pinks and reds are heavy in rotation. And even though red lipstick is a bold statement no matter the time of year, this season in particular places a special emphasis on the timeless beauty staple. What says confidence and allure more than a red lip?
Vying for a place as your go-to red lipstick shade is The Lip Bar's latest release, "Good Karma," a warm rust-brown red lippie formulated with melanin-rich skin in mind. Finding the right red lipstick can be a game-changer when you're looking to make a statement, find your signature, or turn heads. And the beauty of dark skin means that the versatility of reds we can rock is limitless.
From rust-red or brick shades for warm undertones to intense reds, berry reds, or deep wine and true reds, melanin-rich skin has a richness to it that translates to a range of reds popping beautifully against our various skin tones. If you've been on the hunt for your one true pairing when it comes to the ultimate red lipstick shade, look no further than our list of Black-owned beauty brands.
The Best Red Lipsticks for Deep Skin Tones
"Good Karma" x The Lip Bar
"Good Karma"
Finish: Matte
Why It's a Winner: Following in the footsteps of The Lip Bar's "Bawse Lady," aka their #1 red matte lippie, "Good Karma" is a warm rust-brown red liquid matte that applies like a gloss and has all-day staying power.
"Elson 2" x Pat McGrath Labs
"Elson 2"
Finish: Matte
Why It's a Winner: Nicknamed "The Perfect Red," Pat McGrath Labs' "Elson 2" is a beauty lover staple and stays sold out. With its luxurious, highly pigmented formula and velvety smooth finish, this red lipstick delivers on its promise of pure color and then some.
"Sade" x UOMA Beauty
"Sade"
Finish: Matte
Why It's a Winner: UOMA Beauty knew what they were doing with their line of "Badass Icon Matte Lipstick" inspired by badass icons across generations. Talk about timeless elegance, "Sade" is a deep, balanced red that goes on as smoothly and wears as divinely as its namesake.
"Fierce" x Juvia's Place
"Fierce"
Finish: Matte
Why It's a Winner: "Fierce" is a standout in Juvia's Place's carefully curated Reds and Berries Velvety Matte Lipstick collection. The shades prove the beauty brand has the range when it comes to shades that have deep skin tones in mind and "Fierce"'s burgundy-red pigmentation is no exception.
"Blood Orange" x Mented Cosmetics
"Blood Orange"
Finish: Matte
Why It's a Winner: As a part of Mented Cosmetics' Sangria collection, the vibrant red-orange "Blood Orange" shade is a standout amongst the liquid matte lippies, offering a perfect pop of color that's not too soft and not too bold.
"Uncensored" x Fenty Beauty
"Uncensored"
Finish: Matte
Why It's a Winner: The Stunna Lip Paint in "Uncensored" by Fenty Beauty is a universally flattering true red that stuns on all skin tones, no matter the undertone. Bold, long-lasting, and kissably smooth, "Uncensored" is that red lipstick.
"Uno Love" x GloGirlCosmetics
"Uno Love"
Finish: Satin
Why It's a Winner: "Uno Love" is a fiery red lipstick shade with coral undertones that dares those who wear it to "live out loud." Enriched with vitamin E, the formula packs the pigment while ensuring your pout stays deeply nourished.
"Dare" x Wyn Beauty
Finish: Matte
Why It's a Winner: A ruby-red shade that is as hydrating as it is long-lasting, Wyn Beauty's "Dare" is a shade designed to keep your lips feeling soft while making an unapologetically bold statement.
"Rich AF" x LYS Beauty
"Rich AF"
Finish: Matte
Why It's a Winner: "Rich AF" is LYS Beauty's take on a classic red. This highly pigmented formula delivers bold color with one swipe while keeping lips nourished and soft for all-day wear.
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