Author: Luis Forth

Saving money is hard. We get it. The truth is, most of us never feel like we have “extra” cash lying around that we can just hide away in a savings account. So, if you’re wondering how to start, congratulations. That’s an important first step to creating a budget and savings plan to help you manage your financial future.

GIVE YOUR MONEY A JOB

Look at the money you have and give every dollar a single job. Set money aside money for bills, groceries, gas, energy bills, utilities, and phones—all your monthly expenses. As you track your spending, you’ll see where the money goes and get a clear picture of what’s left for non-monthly expenses.

Paying closer attention to your spending habits will also help you identify spending that may not be necessary or important. Can you unsubscribe from some of those streaming service apps? Do you actually use that gym membership? Are those impulse buys on Amazon really that important? As you dial this nonessential spending in, your savings will increase.

Consider the following groups of expenses when it comes to savings:

THINGS YOU HAVE TO SAVE FOR

These are non-monthly expenses that you know will occur at some point. Some of them are entirely predictable, and others are

 not. Examples of both types include:

Predictable Non-Monthly Expenses:

• Annual car registration
• Holiday Shopping
• Annual subscriptions

Unpredictable Non-Monthly Expenses:

• Car repairs
• Medical and Dental bills
• Vet bills

THINGS YOU WANT TO SAVE FOR

Now that you’ve covered the essentials, let’s get down to the fun. Start by identifying the Things you want to save for. Consider starting small, like saving for new clothing or tickets to a show you really want to see. But you can start planning for a trip to Paris or a ski vacation in Aspen too. Set up your accounts, and watch the balances grow. Your budget can help you make this happen.

Setting up Your Sub-Accounts

Determining your savings categories will help you budget accordingly so you can track your progress and know where you’re at when you need to access funds to pay a bill or deal with a problem. Consider the following categories to start:

Emergency savings

Ideally, setting aside three to six months of income in case of a job loss or disaster would be great. But it’s a lot. A $1,000 Emergency fund is a good place to start but consider aiming higher once you get there.

If you’re risk-averse, a bigger emergency fund category can give you more peace of mind. If you have large financial responsibilities like kids or a house that needs maintenance or repairs, a bigger emergency fund might make sense.

Health and medical savings

Set aside funds to cover copays, uncovered balances, prescriptions, eyeglasses, elective treatments, and other cash outlays that health insurance doesn’t pay in full. Consider a health savings account (HSA) or flexible spending account (FSA). Both are designed to help you cover qualified Medical expenses, but they are different.

What is an HSA?

Designed to cover qualified medical expenses, an HSA can either be sponsored by an employer or opened by an individual. To open an HSA, you must:

• Be covered under a qualified high-deductible healthcare plan (HDHP)
• Not be covered by Medicare or any plan that is not a qualified HDHP
• Not be claimed as a dependent

HSA contribution limits for 2024 are $4,150 for single individuals and $8,300 for families.

What is an FSA?

An FSA also allows you to save for medical expenses, but you don’t need to be enrolled in a high-deductible plan to qualify. Your employer only has to offer an FSA benefit. The FSA contribution limit for 2024 is $3,200 regardless of whether it’s for an individual or a family..

CAR REPAIR OR NEW CAR SAVINGS

This one’s pretty straightforward. If you own an older car that requires regular maintenance, set aside enough to cover expected repairs, oil changes, tires, wiper blades, etc. Consider setting more aside in case a big repair is necessary. There are reliable estimates for annual car repair costs online. You may also consider setting aside funds for a new car down payment if that’s your goal. Calculate the price and decide what you can afford. The larger the down payment the lower your monthly loan payment will be.

Have a question for our Canopy financial coaches? Sign up for a financial coaching session today by clicking the link below. 

Individuals from different cultures and generations are drawn to red hair for a range of factors, including a mix of amazement, awe, and even competition. Red hair is the natural hair color that is the least common in the world, representing only one to two percent of the overall population. This is one of the reasons this is considerable. Those who remain in ownership of this unique product often attract attention and stimulate the curiosity of others. Redheads are quickly appreciable due to the striking visual contrast that is created by their multicolored hair, which mesmerizes viewers according to

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The color red hair is associated with a diverse series of cultural ramifications, which surpasses its large rarity in terms of appearance. The fact that redheads have been associated with both positive and negative connotations throughout history contributes even more to the attraction of their mystical look. The creativity of individuals all over the world has actually been mesmerized by redheads for a long time. Given that ancient times, people have actually been depicted in mythology as having magical talents, and even in modern-day times, stereotypes have actually perpetuated beliefs of intense tempers according to

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Redheads and their hair were thought about to be individuals who possessed a strong will and shown boldness in ancient Greece. According to Celtic mythology, red hair was associated with supernatural talents and strength, whereas the Romans adored red hair as a sign of virility and power from their perspective. Let’s fast forward to the present day, where referrals to pop culture such as “Anne of Green Gables” and “Pippi Longstocking” have provided individuals with red hair as being courageous, brave, and adventurous. These are characteristics that are frequently linked to redheads in reality.

There are various representations of redheads, and each one has contributed to the long lasting mystique that surrounds them. The general public’s curiosity with these distinctive Group of individuals is often fueled by the truth that they are unusual and by the age-old proverbs that are related to their intense locks. It is not only a matter of looks; the perceptions of society have likewise had a significant function in shaping the qualities of these people in equally compelling ways.

The characteristics of confidence, resiliency, and assertiveness are all favorable qualities that are connected with having a redhead. In popular narratives about popular redheads who have actually left enduring Impacts on their respective areas, these characteristics are typically hailed as being admirable. In the minds of those who think about terrific women like Lucille Ball or Julianne Moore, the image that comes to mind is not only one of charm, however likewise of strength and unyielding drive.

At the same time that we are investigating the historical fascinations that are related with the rarity and distinct characteristics of redheads, the mystery that lies behind the magnetic tourist attraction of redheads starts to unfold.