What is Frugal February? Well, it is a way to help change habits, or, make better ones. It happens over the shortest month of the year, so it is the easiest to do. Frugal February is a notion to curb your spending habits… just for one month. There are so many things you can cut from your daily life that are not necessities, and you can end up saving a lot of money doing so. Try to live as cheaply as possible – again, only for the shortest month of the year. Some examples of this challenge are:
- Stop eating out
- Eat only what you have (I always have the pantry stocked with dry and canned goods)
- Stop going out for drinks
- Stop, or limit, the amount of times you buy your daily coffee (make it at home and bring it to work)
- Stop exercising your Amazon Prime membership
I heard about this challenge last year from my fiancé…we didn’t quite get to it. But, over the last year I have been changing my spending habits, better watching my money, saving, and starting to invest, so we are taking on the challenge this year. At the end of the month, I will tally how much we usually spend on groceries, coffees, and eating out – and then dump that into savings or one of my investment accounts (have that money work for me, instead of someone else).
I usually keep the pantry stocked with dry and canned goods – not that I am any sort of die hard apocalypse prepper or anything, I just like to make sure in the event of a prolonged emergency, my family can have enough to get by for a couple of weeks…just in case. To that end, we are planning on not eating out, going out for drinks, buying coffee from Dunkin’ Donuts on the way to work for the month. We did do a pre-February shopping trip to shore up on some staples, like eggs, bread, butter, and a few dry and canned goods, and inventoried everything we had. We then sought out recipes, and planned out our meals… not extensively, but, enough to know that we’d be good to go. So much so, we soft launched this challenge in mid-January.
Other than being the shortest month of the year, it is said that it takes about 3 weeks of doing something to form or break a habit – February is exactly 4 weeks this year. So it’s habit forming, plus a bonus week. If you are still catching up on bills from the holidays – now is the time to save more and put those bills to rest.
I’ll post an update of our progress at the end of the month!
Are you doing Frugal February? What are you cutting out? What are you expecting to save? Comment below!