Filed under: Personal Finance, Dr. Boyce Money, Budget
The Frugalista lays out her own experience with debt and how she found a way to save money without forcing herself to live a Spartan life. She transformed frugal living into "balling on a budget." She teaches that saving money should not be the only important thing in your life, but that financial responsibility can be a key to having a better life experience. It is for that reason that Natalie P. Mcneal is today's Dr. Boyce Watkins Spotlight on AOL Black Voices:
What is your full name and what do you do?
I am Natalie P. McNeal, but I jokingly say my superpower name is Frugalista. I am a first-time author of 'The Frugalista Files: How One Woman Got Out of Debt Without Giving Up the Fabulous Life.' It's the first personal finance book that Harlequin has published in its more than 60-year history. No pressure. Oh yes, I am the creator of the blog, thefrugalista.com, too.
What is the story behind your blog and the concept of the Frugalista?
I started "Frugalista" blogging after being more than $20,000 in debt, and realizing that I didn't have a real plan to get rid of it other than "I want to pay it down." I had a car note, student loan and credit card debt.
After being fed up with the lingering debt, I created the blog to chronicle going on a No-Buy Month. I went a month without getting my hair and nails professionally done. I didn't dine out. I didn't even get my car washed. I cooked at home. I saved almost $400 and I loved how my bank account looked that month. I was so used to my checking account balance dwindling every day. During the No-Buy Month, my account stabilized. From then on, I decided to pamper my finances, stop being a promiscuous spender and to find ways to have fun for low or no cost. I did all three! A Frugalista is a person who lives within her means and saves money, but still looks good, eats well and lives fabulously.
After adopting the Frugalista lifestyle, I became debt free in little more than two years.
What is your background?
My background is journalism. I am a Howard University graduate and I majored in news editorial. I used to work in newspapers, covering local news. I always wanted to be a business reporter, though.
The movie 'Good Hair' implied that black women sometimes put themselves in financial jeopardy by trying to look good. What are some ways that women can find a balance between staying fly and staying solvent?
Well, sisters, love a great head of hair. There is nothing wrong with that. However, if it's draining your bank account, it's probably not worth it.
To save money on their hair, women can try to wean themselves off going to the hair salon so frequently. For instance, if you go every week to the salon, try going every two weeks instead. That's cutting the money you spend on your hair in half. Over time, you will probably realize that your hair still looks pretty good and will feel more confident to stretch the time between professional salon visits longer.
Or, it may be worth it to invest in a $100 flat iron and high quality shampoo and conditioner so you can style your hair at home instead of getting your hair done professionally.
Also, some natural products such as olive oil may work as a conditioner on your hair. If you have gray hair and your roots are just starting to show, you may want to try a "color your gray" stick for touch ups before rushing to get a professional coloring job. It's about five dollars.
If you wear a weave, it might be better for you to spend the extra money for high quality hair that you can reuse for up to a year, instead of always buying new tracks from the beauty supply.
How can people find out more about you? What are your plans for the future?
My book, 'The Frugalista Files: How One Woman Got Out of Debt Without Giving Up the Fabulous Life' has a lot of details about me as well as money saving tips, so it's a good place to start. Also, my blog, thefrugalista.com and my Twitter feed, twitter.com/frugalista are great ways to learn about me in real time.
I plan on continuing to spread the frugal and fabulous gospel and being a social media addict. It fascinates me. I also want to think of new things to do with Frugalista. The book is just the beginning.
Is there anything else you'd like to share with our AOL Black Voices audience?
I am doing another No-Buy Month in February. I'd love it if the readers would join me! I just want everyone to know that you can have fun and be frugal. There are a lot of happy hours, free music concerts and other ways to have fun without burning up your bank account. The recession hit our community pretty hard, so it's important that we try to hold onto our cash for as long as we can.
Dr. Boyce Watkins is the founder of the Your Black World Coalition and the author of the bookBlack American Money To have Dr. Boyce commentary delivered to your email, please click here. To suggest a subject for a Dr. Boyce Watkins Spotlight, please click here.