Economy

Millennial money: Don’t freak out about your emergency fund

SOUTH FLORIDA TIMES — Let’s be real: For millennials, having an emergency fund is way down on the financial worry list, behind student loan debt, medical bills or saving for a down payment.

Published

7 years ago

March 18, 2019

Oakland Post

By Amrita Jayakumar

Let’s be real: For millennials, having an emergency fund is way down on the financial worry list, behind student loan debt, medical bills or saving for a down payment. Some weeks, it can feel like you barely have enough money to get by, let alone put some away for a rainy day. But that cash stash can be crucial in preventing a debt spiral or keeping you afloat if you lose your job. Regardless of income, building your emergency fund doesn’t have to be intimidating.

START SMALL, BUILD A HABIT

First, pick an amount you can put away on a regular basis, no matter how small. Then, commit to it.

“It can be as little as $10 a week into a separate savings account,” says Lara Lamb, a certified financial planner at Abacus Wealth Partners in Los Angeles. Making a small contribution every week is less painful than shooting for an ideal final sum, she says. Automatically transferring the money to a separate account helps you succeed at saving. The saving habit – even if it’s small – is valuable for your finances in the long term, says Eric Gabor, a certified financial planner at Eagle Grove Advisors in Jersey City, New Jersey.

A family with at least $250 in savings is less likely to face financial turmoil such as a missed utility payment or eviction, according to a 2016 study by the Urban Institute, a Washington, D.C.-based think tank. Any amount above that – $400, $500 – improves your chances of navigating a setback.

Getting started is especially important for younger adults. An Urban Institute study released this year found 35.6 percent of adults ages 18-34 surveyed in December 2017 had experienced “financial insecurity” in the previous 12 months. That was the highest among the study’s three age groups of adults under 65. It defined financial insecurity as the “inability to come up with a small amount of money to buffer negative economic shocks or to pay his or her credit card or non-mortgage loan.”

Lamb suggests working toward one month’s fixed expenses, which includes rent, groceries, transportation and insurance. “Don’t worry about your eating-out money or shopping money,” she says. “If you are in an emergency or a transition, the whole idea is you would cut back on your spending.”

A savings account that pays a high interest rate is a smart place to keep your fund, both planners say, so it can grow.

MAKE USE OF WINDFALLS

An easy way to kick-start your fund is to use windfalls – part of a tax refund or even birthday money from relatives. Young professionals typically get tax refunds instead of owing money, Gabor says. The IRS allows you to direct deposit your refund in up to three accounts, so you can send part directly to your emergency fund.

If no windfall is imminent, check your checking account. Leave a small buffer so that you aren’t at risk of overdrawing and put anything else in the emergency fund to earn interest, Lamb says.

There’s no ideal amount to keep in your checking account. But both financial planners warn that having a lot of extra “cushion” in a checking account carries the temptation to spend it.

PLAN FOR NON-EMERGENCIES

If you’re building the habit of saving for emergencies, use that muscle to plan for other expenses.

Financial experts often use the terms “irregular expenses” and “unplanned expenses.” An unplanned expense is something you don’t foresee, such as an illness or car repair. Irregular expenses are predictable costs that come up during the year – think of car registration fees or holiday season spending.

Ideally, an emergency fund shouldn’t be used for irregular expenses, Lamb says. Instead, build a separate pool of money for them.

“Sit down and look at last year’s worth of spending and look at the things that popped up periodically”’ she says. “Think about the coming year and how that might change. Figure out the annual amount and divide by 12. That dollar amount is what you set aside every month in an irregular expense account.”

USE THE MONEY WHEN YOU NEED IT

Don’t be afraid to use your emergency fund when you need it. Knowing the difference between unplanned and irregular expenses can help you decide when to tap it.

If the alternative is maxing out your credit cards or taking a high-interest loan, it’s cheaper over the long term to use your cash, then immediately start rebuilding the fund.

This article originally appeared in the South Florida Times.

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Activism

At the event, 16 entities signed the EIP pledge, vowing to take steps to increase public contracting opportunities in their spheres for small and historically underutilized businesses. The pledge signees included Hub International, the Port of San Francisco, the San Francisco Public Utilities Commission, California High-Speed Rail Authority, the Port of Oakland, Robert Graham of Webcor Builders, Holder Construction, the Weitz Company, Sky Blue Builders, Hornblower, Swinerton, Luster National, Talson Solutions, Center for Community Wealth Building, and the Construction Contractors Alliance.

Published

1 week ago

June 24, 2026

Oakland Post

Toks Omishakin, secretary of the California State Transportation Agency, was one of the speakers at the event. Photo by Shellee Fisher Photography and Design.

By Calvin Naito, Special to The Post

On June 4, a national nonprofit named the Equity in Infrastructure Project (EIP) – which aims to increase public construction contracting opportunities for small and historically underutilized businesses – held a day-long event in downtown San Francisco to rally supporters and build momentum to its cause.

It was attended by more than 100 individuals from public agencies, private firms, and other organizations committed to increasing contracting opportunities with governmental agencies, thereby creating more competition and lowering public costs.

The EIP event was held the Hyatt Regency San Francisco in conjunction with BuildIT, which aims to increase contracting opportunities for LGBT-owned businesses.

At the event, 16 entities signed the EIP pledge, vowing to take steps to increase public contracting opportunities in their spheres for small and historically underutilized businesses.

The pledge signees included Hub International, the Port of San Francisco, the San Francisco Public Utilities Commission, California High-Speed Rail Authority, the Port of Oakland, Robert Graham of Webcor Builders, Holder Construction, the Weitz Company, Sky Blue Builders, Hornblower, Swinerton, Luster National, Talson Solutions, Center for Community Wealth Building, and the Construction Contractors Alliance.

Following the workshop, BuildIT hosted a VIP evening reception honoring EIP, whose principals – Phil Washington, John Procari, and Rick Jacobs – accepted the award.

The event also set in motion the coalition’s efforts to implement recommendations from EIP’s “Procurement for Prosperity: A Playbook.”

The Playbook is a practical guide for public agency leaders and procurement and contracting practitioners to grow the capacity of small and first-time contractors, strengthen competition, and deliver better value for taxpayers.

Toks Omishakin, Secretary of the California State Transportation Agency (CalSTA), a long-time EIP supporter, also told attendees, “This is about commitment. This has been a life’s work. This is a tailwind moment.”

The event’s presenting sponsor was Hub International, one of the largest insurance brokerages in the nation, which was joined by partners Travelers Insurance and the State Compensation Insurance Fund.

After the pledge-signing ceremony, attendees participated in a workshop in which they examined the policies, practices, and programs needed to meet EIP goals, learned from practitioners, and identified next steps toward utilizing the Playbook.

Ingrid Meriwether, formerly of Merriwether & Williams Insurance Services (MWIS) and current president of Hub International’s Aligned Risk Management, MWIS, described the hard-fought lessons she and her MWIS team have learned over the last three decades administering contractor development programs (CDPs) for the City and County of San Francisco, Alameda County, City of Los Angeles, LA Metro, and other municipalities.

The CDPs help small and local construction firms win public infrastructure contracts with these government agencies. The program provides bonding assistance, contract financing, technical support, training, and other services to underrepresented businesses funded by public agencies who seek greater contracting participation with these firms.

Merriwether said programs like these “break down systemic barriers, create greater fairness, and save taxpayers money by enabling more competition. The contractor development programs have, cumulatively, over two decades, helped contractors access over $1 billion in bonding, supporting over $380 million in awarded contracts, and maintaining a loss ratio 250 times lower than the industry average – while saving participating municipalities more than $27 million in contracting costs as a result of enabling more competition.”

Rick Jacobs, EIP co-founder and co-chair urged attendees make plans to meet again in the near future “to continue building on this work, share progress on organizational commitments, and discuss how we can collectively advance the goals of the EIP pledge.”

For more information on the EIP and to access a copy of the Playbook, go online to https://equityininfrastructure.org/

Calvin Naito is communications manager for Equity in Infrastructure Project.

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Bay Area

A Long Time Coming: School District Kicks Off Massive $97 Million Renovation of West Oakland’s McClymonds High School

The extensive project will involve the full modernization of the campus, including essential upgrades to building systems such as plumbing replacement (with lead abatement), seismic improvements, and modernization of heating, electrical, ventilation, and air conditioning systems. Indoor spaces will be updated with new flooring, wall treatments, and upgrades to classrooms, labs, shops, and sports locker rooms.

Published

1 week ago

June 24, 2026

Oakland Post

Renderings of McClymond High School renovation. Courtesy image.

‘We gather on sacred ground,’ said OUSD Supt. Denise Saddler

By Post Staff

After being stalled for many years, the massive $97 million renovation of McClymonds High School is finally breaking ground under the leadership of the district’s new superintendent, Dr. Denise Saddler, and backed by the unrelenting efforts of the school’s parents, students, school board members, community, and alumni.

The Oakland Unified School District (OUSD) held the groundbreaking ceremony on June 12 to kick off the three-year modernization project for McClymonds, a historic center of African American culture and educational opportunity in Oakland, located at 2607 Myrtle St. in West Oakland.

The overhaul will include seismic and environmental upgrades, a new turf field, and modernized campus facilities. The comprehensive transformation is financed by Measure Y, a $735 million general obligation bond approved by Oakland voters to renovate and upgrade aging school sites.

This renovation is considered a milestone for the West Oakland campus, which has operated in the same building since 1938 and has been in dire need of structural and plumbing safety remediation for years.

Speaking at the event, Supt. Denise Saddler said,

“We gather on sacred ground… that has shaped generations of Oakland leaders, scholars, artists, activists, entrepreneurs, educators like Mr. Herman Brown – one of our top math teachers. I also want to say it’s the historic home of the mighty Warriors (athletic teams). It’s a historic home of so many people.”

“This was, for Black people, our high school,” she continued “For more than a century, McClymonds has stood as a beacon of excellence in West Oakland and beyond. It’s not simply a school building; it’s a symbol of resilience, pride, community, and possibility.”

The superintendent said the legacy of McClymonds includes legendary alumni such as NBA player-coach Bill Russell, whose excellence transformed the game of basketball and whose courage helped transform the nation.

The school’s legacy also includes MLB players Frank ‘Judge’ Robinson and Curt Flood, basketball player Paul Silas and civic leaders including Lionel Wilson, a Superior Court judge and Oakland’s first African American mayor.

She emphasized that the groundbreaking was not only about honoring the past, but also about investing in the future.

“(It) represents Oakland’s commitment to the young people of West Oakland. It sends a powerful message that our students deserve facilities that match their brilliance, their talent and their dreams. “

The cafeteria also will be reconfigured, and outdoor areas will feature a new grandstand, track and field upgrades, accessible field bathrooms and concessions, and updates to the plaza, garden, and outdoor gathering areas.

Mayor Barbara Lee, who attended the event, thanked Oakland voters for passing the Measure Y bond that is paying for the school’s renovation.

Renderings of McClymond High School renovation. Courtesy image.

“It’s a good day – It’s a good news day,” she said. “The voters who (approved) Measure Y care about our young people. Today, we have the opportunity on this historic day to say, well done. Thank you to the voters for the facilities our community, our students, our teachers deserve.”

School Board member VanCedric Williams, whose district includes McClymonds, said that OUSD passed repeated school bond measures for decades, promising to renovate the school, but it did not happen.

“I just want to thank all the community (who) put pressure on the district to do right, to hold school board members accountable, and to really say, ‘We’re not going to take anything less than a renovation.’”

“When I first met Dr. Saddler, she said, ‘I have a commitment to McClymonds – I’m going to make it happen.’ And she has done something in one year that has not been done in 20 years. So, I have the belief that we’re going to get it done.”

Rising senior LaTanya Nolen, praised the school for the opportunities she has received and for the dedication of its staff.

“Every student here is treated like they matter and given opportunities to grow and build onto themselves,” she said. “We’ve gotten to do things like sports, field trips, college and career excursions, networking, and more. Our futures are taken seriously, and the people around us are always pushing us so that we are prepared for it.”

Parent Brejea Colthirst said, “Thank you to everyone who had a part in this, who helped make this possible. Together, we are building something special.”

Brian McGhee, popular McClymonds staff member and alumni, pledged to build on the strength of McClymonds’ traditions. “Mack is back. We’re going to up the enrollment with this new school. We’re going to continue to know every student’s name who comes through this school. My job as a community manager is going to continue to provide resources for our families and our students, and continue to communicate with our parents, which is huge.”

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Activism

NCBW-OBAC Champions Black Women Entrepreneurs at Business en Blaque Expo

Aspiring entrepreneurs, small business owners, and financial professionals gathered for a day of education, networking, and community engagement. Participants attended workshops and panel discussions covering Business Literacy 101, wealth-building strategies, and entrepreneurship fundamentals.

Published

1 week ago

June 24, 2026

Oakland Post

NCBW OBAC President Shari Wooldridge, moderator Jennifer Hammock, Eva Allen of Full Belly Bakery, Samantha Wise of Tip Top Shape, Ashley Harvey of Phoenix AI, Michelle McQueen, owner of Town Fare and Lucy Blue, at the "Business en Blaque” Entrepreneurship Workshop and Small Business Expo at Oakland's Executive Inn & Suites. Photo by Carla Thomas.

By Carla Thomas

The National Coalition of 100 Black Women, Inc., Oakland Bay Area Chapter (NCBW-OBAC) strengthened its commitment to economic empowerment through its 2026 Sisternomics initiative, offering free financial literacy and entrepreneurship resources aimed at advancing financial independence among Black women.

As part of the initiative, the “Business en Blaque” Entrepreneurship Workshop and Small Business Expo was held Saturday, May 23, at the Executive Inn & Suites in Oakland.

Aligned with the national theme “Resilient. Resourceful. Ready.,” the event highlighted NCBW-OBAC’s ongoing efforts to close economic gaps and expand opportunities for Black women.

One featured session, moderated by Jennifer Hammock, included panelists Eva Allen of Full Belly Bakery, Samantha Wise of Tip Top Shape, Ashley Harvey of Phoenix AI, and Michelle McQueen, owner of Town Fare and Lucy Blue. Panelists shared candid insights on their business journeys, including both successes and challenges.

McQueen and Blue emphasized the importance of maintaining clear financial records. “It’s important to know where you stand financially so you can make adjustments when necessary,” she said.

Ashley Harvey of Phoenix AI encouraged entrepreneurs to leverage AI tools such as ChatGPT and Claude to streamline operations and save time. She also stressed the importance of consistency in marketing. “Just put it out there. We’ve got to get over ourselves,” she said, noting that pre-scheduling social media posts can improve efficiency.

Wise echoed that sentiment, highlighting the value of consistent engagement. “I post two to three times a day because people want to be engaged, and your post doesn’t have to be perfect,” she said. She also shared that her faith continues to guide her work and purpose.

Allen spoke to the role of passion and community in entrepreneurship. “Baking is my passion, and it’s great to build community,” she said.

In addition to educational sessions, the Small Business Expo showcased local Black-owned businesses, creating a platform for visibility and support. The event fostered meaningful connections among attendees, speakers, and vendors.

Anita Russell of Working Solutions provided guidance on accessing capital, encouraging entrepreneurs to be prepared and intentional. “Do your homework, know your ‘why,’ and do not marginalize each other,” she said.