If you’re in need of a way to jump start your financial savings plan, the frugal February challenge may be just the ticket. Although the origins are a bit unknown, frugal February has been steadily gaining notoriety over the last few years. As it’s the shortest month, with expensive holidays in the recent past, the frugal February challenge is meant to be a month spent not spending. Focusing on ways to recoup money, kickstart savings and become financially resourceful for the entire month. There aren’t specific tasks you need to follow, so here are a few ideas to make your frugal February a savings success.
Tracking expenses is a somewhat straightforward process that any financial planner Orlando will recommend. If you haven’t tracked your spending before, use February to keep a close eye on where you’re spending your money and be sure to monitor both your credit and cash expenditures. Many people don’t realize just how much money they spend on things like groceries, or restaurants. Take this time to analyze how you spend your money and continue to monitor your habits in the months to follow as well.
What are your monthly bills and can they be lowered? Yes you need insurance, but when was the last time you checked your rate and coverage? Shop around and see if you can lower your bill, or find another company with a lower price. This also goes for entertainment. These days we all have multiple entertainment packages, during frugal February is the best time to look at what services you actually use, what services are worth spending money on and what you can cancel to save some dough.
Cutting back on your energy usage is good for the environment and better for your wallet and reducing electric and gas costs can be easily accomplished. By making sure lights are off in the rooms that aren’t being used, you can really reduce your electric bill. If you’re able to change your bulbs to efficient LEDs, you’ll find even more savings. The U.S. Department of Energy estimates that by lowering your thermostat by 1 degree, you save 1% on your energy bill. Imagine the savings if you lower it 3 or 4 degrees.
Frugal February is a challenge meant to motivate you to tighten up and better understand your spending habits. It will enable you to save, strategize, and create positive financial headway early the year.