If you don’t know about The Frugal Fab 5, you should! And I am not just saying that because I am one-fifth of this group.
The Frugal Fab 5 is a collective of five brown personal finance female bloggers based in New York City and North Carolina, committed to making women of color feel strong, empowered, and knowledgeable about their money and their money decisions. Even though The Frugal Fab 5 hosted its first meet-and-greet and panel discussion only recently, but their financial advice is evergreen and timeless. Here are some of their top tips:
-Apply the 50-30-20 Rule. If you are just beginning your journey towards financial freedom and need a guideline for how to manage your money: set aside 50 percent of your income for your fixed expenses like rent, food, and transportation, 30 percent for your wants and whims, and 20 percent for your savings and investment initiatives.
-You may be one check away from being homeless and hungry. There is no guarantee that you will always have your job, so you have to make saving a priority for you and your family.
-Before you make a purchase, figure out if you like it, want it, need it, or love it. When you have a fixed budget, you have to think strategically about what you will do with your money. Don’t make the mistake of frittering your trip-around-the-world-money on daily lattes and shoes because you haven’t made your love of travel a priority and planned accordingly. Similarly, don’t blow your rent and retirement contributions for a cruise to the Caribbean.
-Don’t be afraid to create financial boundaries with friends and family members. It is important to learn how to protect your financial future from those in your circle. It is not a matter of being selfish. Establishing how you will spend your money and being unapologetic about it is an act of self-care. With this approach to lending, you will never feel the guilt and resentment that comes when you feel taken advantage of or without agency.
The ladies of The Frugal Fab 5 are preparing to host their next event before the end of the year—a budgeting clinic that will provide women a safe space to ask questions about the basics of budgeting and to create their own.
Here are the websites of each of The Frugal Fab 5, so you can connect with them individually: Tiffany “The Budgetnista” Aliche, Marsha Horton-Barnes, Kara Stevens, and Tonya Rapley and Victoria Williams.