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FIRE with Froogal: Your Plan for Day 1-7

Everything you need to do to kick off your financial independence planning with Froogal

I'm going to assume that if you are reading this, you have already gone & created an account at www.froogalsavings.com.

If not, take a second to go register.

It's completely free to create an account - you only pay the monthly fee once you've launched a club (to be explained).

Day 1-7: Your first week

Once you've successfully created your account, you will reach the Froogal Dashboard.

To emphasize once more: YOU PAY NOTHING UNTIL YOU LAUNCH A CLUB - this stage/part of Froogal is completely free

This is where you will:

- See a summation of your total savings (across all clubs) & interest earned

- See the active & pending clubs you have joined

- See a summary display of your savings goals

- See your transaction history (obviously empty until you start adding money)

After taking a moment to admire the platform that is going to take you all the way to FIRE, it's time to complete a few basic tasks to get the wheels in motion.

  1. Create a club

  2. Create your short & medium-term savings goals

  3. Add an image/avatar to your profile

Create a club

You're probably wondering - what the hell is a club?

Clubs are how you save on the Froogal platform. They are essentially a group savings account that can accommodate up to 98 members.

Members are typically family/friends/co-workers.

The reason we use clubs, rather than individual accounts, is:

With clubs, you are able to pool money with other members (although every member's individual contributions are completely private to the group - you can only see your own contributions).

By pooling money, your group can

1) gain access to higher-tiered (optimal) deposit rates that you could not obtain individually and

2) it allows you to benefit from each member's efforts (the FIRE nerd in the group can make sure you are always using the "featured bank" with the highest rate).

So basically, you can earn more than you could ever earn individually & make sure that every member of your family/friend group is also thriving (no more leaving friends at large banks folks).

Back to creating - so on the dashboard you click on "create a club".

You will then see a pop-up screen that allows you to name the club & again states that you will pay NOTHING until the club actually launches. After it launches, it's only $3/month for each member,

So choose a name that makes sense (or doesn't make sense, who cares) and submit.

You will then see your club's operating agreement.

What this says (and you should read it) is that you maintain complete control of your money, all club decisions must be made unanimously (everyone must vote), Froogal acts as the administrator for your club (managing inflows/outflows/bank switches), and that you cannot publicly advertise your club (these are private clubs).

You will now be on the official club page - of which you are the only member.

As clubs need a minimum of 3 members, you will need to at least invite 2 other individuals on this journey using their email addresses.

People are slow to respond to emails so be sure to text your future/potential club members so they go sign up ASAP (so you can start earning more as a group).

We shall revisit the clubs again during day 8-14 (assuming your friends/fam will take up a week to go register & join the club).

Create your short & medium-term savings goals

Back to the dashboard!

All Froogal accounts come with a default goal: emergency fund.

We all know that this is a crucial piece to the FI journey so be sure to adjust & add funds (once you launch a club) to the emergency fund first.

But the goals don't end there.

For you to get to FIRE, you will need to plan your short & medium-term goals in HYPER DETAIL. Without doing so, you are wandering down a path of "surprise expenses" and stress (both which impede your ability to retire early).

The beautiful thing about Froogal is that you can do this with a partner/spouse or a bigger group. All you will need to do is add any member of one of your clubs to the savings goal.

All members inside of a savings goal will be able to add/track/withdraw/pay funds added. Members of a savings goal can also post comments & make edits (depending on their admin or view-only privileges).

Classic goals to build out right away:

New (1st) Home Purchase

Car Upgrade (from a '03 Corolla to an '08 possibly)



New baby

Annual Vacation/Reunion

All you need to do is select "add goal" on the dashboard to begin creating.

You can then name/describe/set goal date/and add members. You will need to assign the goal to a specific club (based on the members you are going to include).

Once you press submit, you can start building out the goal by category & individual line item breakdowns.

For example -

With each line item, you can also perform a number of "actions":

Pretty much all of the actions are self-explanatory, but "pay" requires a little explanation to make perfect sense.

When you are saving and ultimately purchasing the items/services you have been saving for, typically one member of the group will "front" the money (make the purchase on their credit card). So to save everyone from having to collect after the fact, "pay" allows you to send the user the specific amount (your share) of the total purchase in advance or in tandem with the actual money being spent.

Sounds complicated but it's really like: you're saving up for a group trip, one person pays for the hotel on their credit card, every other group member can send them the money they saved for that specific item with one easy click of "pay".

One last note, if the purchase amount turns out to be less than the total saved by the group, all money will be returned proportionally (4 members, actual cost was $20 less than the total saved, $5 are returned to each member). This assumes all members have contributed evenly.

So when all is said and done, you will have all of your short/medium-term goals broken down in a hyper-detailed format and you can begin saving with others involved.

Well done! All that's left is to figure out how much of a nest egg we need for our long-term retire-early goal, but we'll get to that later in the 30 days!

Add an image/avatar to your profile

Ok, this is by far the easiest week 1 task but it will add perspective to your clubs.

You can easily do this by going to the "Profile" section on the dashboard - found by clicking your name on the top right of the screen.

Then just click the "upload avatar" button on the profile page & upload an image of yourself (or a funny picture of your puppy - that count too).

Getting to see the people you care about every time you sign in to Froogal adds the "why" to the platform.

Whether you add an image or not, the point is to remember the people who make FI worth chasing.

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