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Modifying your savings strategy as your life evolves
NNPA NEWSWIRE — According to a study by Magnify Money, nearly one-third of households have $1,000 or less in savings. Setting yourself up for the future begins with asking yourself what you should be saving for outside of monthly payments, and how much you can reasonably save with each paycheck.
Make sure you’re still saving enough as your situation changes.
What did your life look like when you started saving for your goals? Since then, maybe you’ve gotten married, moved, or bought a car. All these events may change how you think about your savings.
Learn how you can modify your savings plan to fit your changing needs.
What can you save for?
Did you buy a home recently? Thinking about starting a family? This can change how you need to save. For instance, the cost of raising a child could be close to $13,000 a year, according to a United States Department of Agriculture (USDA) report. While that’s just an estimate, if you’re planning on having children, think about how you can save ahead of time.
According to a study by Magnify Money, nearly one-third of households have $1,000 or less in savings. Setting yourself up for the future begins with asking yourself what you should be saving for outside of monthly payments, and how much you can reasonably save with each paycheck.
Start with increases and automatic transfers
Making the most of your savings strategy can be as simple as increasing the monthly amount you put toward your savings goal, as long as your adjusted budget allows for it.
There is a variety of ways you can make sure you’re doing this. Try using monthly automatic transfers from your checking to your savings account. You can also set up a payroll allotment, which automatically takes money from your paycheck and drops it into a designated savings account. The idea behind using automatic transfers and payroll allotments is that what you don’t see, you’re not likely to miss. Plus, you can use the money you put in savings to cover emergencies, a home repair, school tuition, and even retirement. If you want to separate out your savings based on different needs, consider different account options.
Change your spending habits so you can save differently
If you go through a change that impacts your finances, saving isn’t the only area to shift. You can also think about your daily, monthly, and yearly expenses. Add up everything that you spend on:
- Prepared foods
- Meals out
- Entertainment, such as movie tickets
- Cable/TV/streaming services
- Gym memberships
Identifying the ways that your money is being spent is a step towards determining the areas that you can save. Prioritize the things you spend money on that you value most. Try giving up those that you feel don’t contribute that much to your quality of life, and keep the ones that do. Having a savings strategy doesn’t mean you have to give up all fun.
Remember, saving isn’t just about having a spending plan — you need to follow through. The Hands on Banking® website offers great advice and templates for people who want to start using a spending plan to keep better track of their money.
© 2019 Wells Fargo Bank, N.A All rights reserved.
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IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78
NNPA NEWSWIRE — Born on September 4, 1945, in Los Angeles, California, activist Ramona Edelin’s early years were marked by a commitment to education and social justice. According to her HistoryMakers biography, after graduating from Fisk University with a Bachelor’s degree in 1967, she pursued further studies at the University of East Anglia in England. She earned her master’s degree before completing her Ph.D. at Boston University in 1981.
The post IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78 first appeared on BlackPressUSA.
By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia
Once upon a time, Black Americans were simply known as colored people, or Negroes. That is until Ramona Edelin came along. The activist, renowned for her pivotal roles in advancing civil rights, education reform, and community empowerment, died at her D.C. residence last month at the age of 78. Her death, finally confirmed this week by Barnaby Towns, a communications strategist who collaborated with Dr. Edelin, was attributed to cancer.
Born on September 4, 1945, in Los Angeles, California, Edelin’s early years were marked by a commitment to education and social justice. According to her HistoryMakers biography, after graduating from Fisk University with a Bachelor’s degree in 1967, she pursued further studies at the University of East Anglia in England. She earned her master’s degree before completing her Ph.D. at Boston University in 1981.
Edelin’s contributions to academia and activism were manifold. She was pivotal in popularizing the term “African American” alongside Rev. Jesse L. Jackson in the late 1980s.
Jackson had announced the preference for “African American,” speaking for summit organizers that included Dr. Edelin. “Just as we were called Colored, but were not that, and then Negro, but not that, to be called Black is just as baseless,” he said, adding that “African American” “has cultural integrity” and “puts us in our proper historical context.”
Later, Edelin told Ebony magazine, “Calling ourselves African Americans is the first step in the cultural offensive,” while linking the name change to a “cultural renaissance” in which Black Americans reconnected with their history and heritage.
“Who are we if we don’t acknowledge our motherland?” she asked later. “When a child in a ghetto calls himself African American, immediately he’s international. You’ve taken him from the ghetto and put him on the globe.”
The HistoryMakers bio noted that Edelin’s academic pursuits led her to found and chair the Department of African American Studies at Northeastern University, where she established herself as a leading voice.
Transitioning from academia to advocacy, Edelin joined the National Urban Coalition in 1977, eventually ascending to president and CEO. During her tenure, she spearheaded initiatives such as the “Say Yes to a Youngster’s Future” program, which provided crucial support in math, science, and technology to youth and teachers of color in urban areas. Her biography noted that Edelin’s efforts extended nationwide through partnerships with organizations like the National Science Foundation and the United States Department of Education.
President Bill Clinton recognized Edelin’s expertise by appointing her to the Presidential Board on Historically Black Colleges and Universities in 1998. She also co-founded and served as treasurer of the Black Leadership Forum, solidifying her standing as a respected leader in African American communities.
Beyond her professional achievements, Edelin dedicated herself to numerous boards and committees, including chairing the District of Columbia Educational Goals 2000 Panel and contributing to the Federal Advisory Committee for the Black Community Crusade for Children.
Throughout her life, Edelin received widespread recognition for her contributions. Ebony magazine honored her as one of the 100 Most Influential Black Americans, and she received prestigious awards such as the Southern Christian Leadership Award for Progressive Leadership and the IBM Community Executive Program Award.
The post IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78 first appeared on BlackPressUSA.
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Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues
NNPA NEWSWIRE — Recent legislative actions in Tennessee, such as repealing police reform measures enacted after the killing of Tyre Nichols, underscore a troubling trend of undermining local control and perpetuating racist agendas. The new law preventing local governments from restricting police officers’ authority disregards community efforts to address systemic issues of police violence and racial profiling.
The post Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues first appeared on BlackPressUSA.
By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia
Tennessee State University (TSU), the state’s only public historically Black college and university (HBCU), faces a tumultuous future as Gov. Bill Lee dissolved its board, a move supported by racist conservatives and MAGA Republicans in the Tennessee General Assembly, who follow the lead of the twice-impeached, four-times indicted, alleged sexual predator former President Donald Trump. Educators and others have denounced the move as an attack on diversity, equity, and inclusion (DE&I) and a grave setback for higher education.
Critics argue that TSU’s purported financial mismanagement is a manufactured crisis rooted in decades of underinvestment by the state government. They’ve noted that it continues a trend by conservatives and the racist MAGA movement to eliminate opportunities for Blacks in education, corporate America, and the public sector.
Gevin Reynolds, a former speechwriter for Vice President Kamala Harris, emphasizes in an op-ed that TSU’s financial difficulties are not the result of university leadership because a recent audit found no evidence of fraud or malfeasance.
Reynolds noted that the disbanding of TSU’s board is not an isolated incident but part of a broader assault on DE&I initiatives nationwide. Ten states, including Tennessee, have enacted laws banning DE&I policies on college campuses, while governors appointing MAGA loyalists to university trustee positions further undermine efforts to promote inclusivity and equality.
Moreover, recent legislative actions in Tennessee, such as repealing police reform measures enacted after the killing of Tyre Nichols, underscore a troubling trend of undermining local control and perpetuating racist agendas. The new law preventing local governments from restricting police officers’ authority disregards community efforts to address systemic issues of police violence and racial profiling.
The actions echo historical efforts to suppress Black progress, reminiscent of the violent backlash against gains made during the Reconstruction era. President Joe Biden warned during an appearance in New York last month that Trump desires to bring the nation back to the 18th and 19th centuries – in other words, to see, among other things, African Americans back in the chains of slavery, women subservient to men without any say over their bodies, and all voting rights restricted to white men.
The parallels are stark, with white supremacist ideologies used to justify attacks on Black institutions and disenfranchise marginalized communities, Reynolds argued.
In response to these challenges, advocates stress the urgency of collective action to defend democracy and combat systemic racism. Understanding that attacks on institutions like TSU are symptomatic of broader threats to democratic norms, they call for increased civic engagement and voting at all levels of government.
The actions of people dedicated to upholding the principles of inclusivity, equity, and justice for all will determine the outcome of the ongoing fight for democracy, Reynolds noted. “We are in a war for our democracy, one whose outcome will be determined by every line on every ballot at every precinct,” he stated.
The post Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues first appeared on BlackPressUSA.
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Braxton Haulcy and the Expansion of Walker|West Music Academy
May 24, 2023 – Walker West Music Academy gets an early start on expansion. Join us for a Wednesday episode of The …
The post Braxton Haulcy and the Expansion of Walker|West Music Academy first appeared on BlackPressUSA.
May 24, 2023 – Walker West Music Academy gets an early start on expansion. Join us for a Wednesday episode of The …
The post Braxton Haulcy and the Expansion of Walker|West Music Academy first appeared on BlackPressUSA.
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