Hello! My name is Heather, welcome to The Frugal Females Challenge!
What started out as a fun activity for a group of friends has now expanded to the Frugal Females Challenge. Whether you’re a frugal female or a frugal fella, thank you so much for your interest in joining us! Your time and your money is valuable, your presence is greatly appreciated.
The Reality Check
Did you know that the average American will earn approximately $2 million in their lifetime? And did you also know that, on average, Americans are spending approximately 12% to 15% of their income on unnecessary expenses? That’s roughly $240,000 – $300,000 on pizza, shopping, trinkets, beer, tobacco, toys, and all those little “extras” or non-essentials within a lifetime. Does that blow your mind?
How many of us have compromised to pull that credit card out for something you know you couldn’t buy outright? Those new shoes, that vacation, leasing a new model car instead of driving the older car, eating out when we are too tired to cook… THOUSANDS of dollars each year are wasted on things that do not add real wealth or value to our families.
If you’ve never thought of your money before, the Frugal Females Challenge is a great start. Our goal is to challenge ourselves to spend our money differently. Paying off debt, building a nest egg, saving up for a family… the first step in reaching any of our goals is first getting the hang of our unnecessary expenses. Just a few simple calculations are all that it takes to complete the first step in smart money management: setting healthy and doable limits.
The Frugal Females Challenge is fun, simple, and extremely powerful — the success stories are incredible! Our participants have a variety of goals: some are paying down debt, some are saving for new families, some are saving for a new home, some are brand new to personal finances, and some just want to whip their wallets in to shape. We’ve got a supportive group of frugal friends together challenging their money habits and learning how to make their money work for them, starting with their spending. We’re all starting from different places; whether getting out of college or being financially autonomous for quite some time, budgeting is the first step.
Twice a year, in September and in February, people from all around the country together make a personal commitment to cap their spending limits to a percentage of their monthly take-home income – that is, after tax income. No more than 10% of monthly take-home wages goes to fun stuff, non-essentials, and luxuries.
For example, if my take-home is $3000 per month, my 10% limit for the month would be $300, roughly $10 per day. If your monthly income is irregular, set aside your percentage from each paycheck you receive. And if 10% seems too high, set the goal for 7 or 8%. Bottom line: make it challenging but doable.
Join the club!
This Challenge is for You! My goal is to provide access to a supportive group of people and resources, I’m hoping you’ll join in sharing the best of your frugal tips, tricks and motivation to keep us all successful. Hopefully we’ll have some fun along the way!
Get out your pencil, your pay stubs and your calculator. Find your 10%, and get ready because TODAY IS THE DAY for you.
Welcome to the Frugal Females Challenge!