Money & Career
Frugal February: A New Year’s Resolution for Your Wallet
2/1/2020 1:00:00 PM
Frugal February

After the holidays are over, many of us find that our budgets have been stretched a little too far during the past few months. Between presents and holiday meals, family time and parties, we tend to overindulge a bit during the season. Enter Frugal February — your chance to get back on track with savings goals and budgeting!

What is Frugal February?

Why February? Simple: it’s at the beginning of the year, plus it’s the shortest month, giving you a bit of a shortcut to success. 

Many people use the month as a way to boost savings — whether for emergency funds, house down payments, a new car, whatever their next goal is. The point of Frugal February is mindful spending. This essentially means that the ultimate goal is not to make you live on pennies, but to help you become more aware of what your goals are, where you’re spending the most money, how to cut back on excess spending, and so on. 

Frugal February is highly flexible. You can customize the "rules” to fit your lifestyle, your family’s needs, your goals, and your budget. If you’re already running a pretty tight ship and just want to take a month to really clamp down on any and all excess spending, you can do that. If you know that you just want to cut back on eating out, focus on that. Have a credit card debt you want to pay down? You can set that as your goal. Whatever your particular situation, Frugal February can help.

Tips for Frugality Success

Frugal February is very customizable, so take whichever tips will work for you and leave the rest — but here are some ideas to get you started.

Eat at Home

Yes, this might seem obvious, but it’s a great place to start. If you tend to eat out or order delivery regularly, try cutting it out altogether for the month of February.

Repair & Repurpose 

Rather than immediately rush out to purchase a new item anytime something in your home wears out or breaks this month, see if first you can repair it or repurpose something else to fill the gaps. This requires some creativity and varying degrees of know-how, but it can be very rewarding and easy on your wallet! There are entire websites dedicated to DIYs, and tutorials for skills can be found on YouTube and Pinterest.

Buy Secondhand 

This can take some patience and planning, since finding the right items or right size clothes can be less immediate than walking into a standard store, but it’s easier on the planet and your budget! Hit up thrift stores, garage sales, and online marketplaces to find items you need.

Category Spending Freeze 

Try choosing a category of spending that you can completely freeze for the month, like buying new clothes or any entertainment spending. Instead, roll that money into your savings account.

Track Your Spending 

If you don’t already, start thoroughly tracking your budget. There are many apps and websites that can help, many of which connect to your bank account and automatically update. This will give you a clear picture of where most of your money is going.

Here’s the Great News 

Your frugality doesn’t have to end with February! If you’re keen to pay off debts and save in 2020, take this month as a chance to kick start some new habits, and use these tips as you begin your new decade off financially strong.

Posted by: Keaghan P. Wier | Submit comment | Tell a friend

Categories: Finances

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