One to Watch

Ones to Watch: Frugal Fab 5

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(L-R) Victoria Williams, Tonya Rapley, Marsha Horton-Barnes, Tiffany Aliche, Kara Stevens

Earlier this month a powerful collective of women committed to helping others get their financial house in order hosted their very first event, “Frugal Fab 5” here in New York City. While the evening was positioned as a meet up, guests walked away with more than just a handshake and a hello. The event hosts (pictured above) were able to share a few valuable nuggets of wisdom to get them started on their financial wellness journey.

“The most amazing thing about the event was that we created a safe zone for women of all backgrounds to talk about money and their money issues free of judgement. We were honest and real with our advice, but hopefully we set a few women on the right track. After leaving the event one woman was ready to kick her $30 a day cigarette habit for good!”

– Tonya Rapley, founder of myfabfico.com

While I wasn’t able to attend, I definitely wanted to share a few of the takeaways with you, with hopes of inspiring you to wrap up 2013 on a financial high note! Here’s what the ladies of Frugal Fab 5 want you to know:

1. Know how much your life cost you each month. Being aware of his number allows you to decided whether or not you can quit that job. It also helps you decide on the most effective budget needed to accomplish your goals.

2. Figure out why are you spending. Are you spending to remain competitive with other women? Are you seeking validation by way of your wardrobe. We all like new stuff, but figure out whether or not you’re spending for a self-esteem boost.

3. Do not be afraid of credit cards. They can be instrumental in helping build your credit score. If you need to start with a sub-prime card of an unsecured card, do so and prove your credit worthiness. After a year of positive payment history start with your bank and see if you can be approved for a prime card. Then make sure you pay most of your cards off to a zero balance monthly.

The next Frugal Fab 5 affair will be a half day budgeting “clinic” in November. Their goal is to help women determine their magic numbers such as how much do they need to make each month to cover their overhead, how much they need in emergency savings, how much they can afford to allocate towards their debt each month, and ways to financially prepare for quitting your job to follow your dream. Breakfast and lunch will be included. Date and location TBA.

To learn more about the Frugal Fab Five you can check them out on the following sites:

Tiffany “The Budgetnista Aliche www.http://thebudgetnista.com/
Tonya Rapley & Victoria Williams http://www.myfabfico.com

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As a New York City storyteller, filmmaker, digital content creator, and PR strategist, Renae Bluitt created "In Her Shoes" to empower and enlighten women committed to realizing their dreams.

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