Saving and thrift seem to be all the rage lately, judging from the surge and success of blogs and coupon sites like , DailyWorth, Groupon, LivingSocial and Mile High on the Cheap.
Is this just a trend or a permanent shift in our saving culture? After the economic wake-up call of this generation, we hope it’s a permanent shift and one that we see being led by women.
While statistics often say that women make more than 85 percent of the purchase decisions in the home and control the purse strings, women as a whole make less than their male counterparts and tend to live longer. And yet, women are often intimidated when it comes to finances, or perhaps they simply do not make it a priority. After all, who wants to sit down with a glass of wine and your…checkbook?
Financial literacy is now slowly becoming a part of schools’ curriculum, but what’s a gal in her 20s and 30s to do?
Women are smart and resourceful. We already spend hours pouring over our budgets at work; why not devote the same amount of time to our personal budgets. We should make our own personal finances a priority, and be educated about savings, investing, our spending habits and how we give back to organizations that we love. That’s why we believe starting your own Women’s Saving Club is key for every group of girlfriends in the country. We call our meetings productive girls nights, but with a money-conscious twist.
A survey released by TIAA-CREF last month shows that most Americans realize that saving is essential for financial security but that more than eight in ten people (82 percent) don’t know what it takes to save and that nearly forty percent (39 percent) of Americans are not saving for retirement at all. A recent article by Newsweek describes how despite the current economic situation, Americans are spending more than ever before. Our club consists of 10 women with diverse work experiences, background and marital status. Each has different financial goals and different financial histories. In less than two months, with support from other club members, we collectively have saved thousands of dollars by making small changes in our financial lives.
The beauty of this idea is that doesn’t require changes in tax law, banking operations or technology. Just grab your girlfriends, set goals, and meet regularly to hold each other accountable and share ideas.”
Monthly, we create individual and group savings groups and provide updates and progress on past objectives. We adhere to our club rules: take part in discussions, come with resources and ideas, stay judgment free and don’t share financial particulars.
Every meeting, as part of creating our own financial sustainability, each member brings something to snack on from their pantry or fridge — no purchasing additional food. We also exchange material items – magazines, CDs, accessories — in order to practice thrift.
We rotate topics for discussion so every woman receives the information she wants, whether it’s starting a budget, investing, the difference between 401Ks and IRAs, how to think like an entrepreneur or build additional income streams. Each of our club members takes on the challenge of educating and inspiring each other about finances.
We believe that creating a more focused group of women interested in personal finance, each of them will make a stronger, more financially sustainable home. With each club that’s started, that’s 10 more women that are more financially savvy that influence their family, and their friends.
Before you know it, there are entire communities that are more financially conscious, and only then can America’s relationship with money begin to shift toward a stronger, more sustainable economy.
We hope that every woman considers starting her own Women’s Saving Club. Not only is it a productive evening of goal setting and learning, but it’s a chance for women in the community to get together during these busy lives of ours. The idea was recently named one of 10 finalists in the TIAA-CREF Raise the Rate Contest as an innovative way to raise the savings rate in America.
Women, we encourage you to start your own club, educate yourselves and be incredible role models to your female friends, sisters and daughters. If you’d like to learn more about our club or how to start your own, please visit .
Tara Tongco Rojas and Kate Wilson Stabrawa are the founders of the Women’s Saving Club, public relations professionals and long-time volunteers in the Denver community. EDITOR’S NOTE: This is an online-only column and has not been edited.
