Make this month your Frugal February. Since it’s the shortest month of the year, it’s a great time to practice being frugal and boost your savings. Here are four penny-wise savings hacks to try this month.
Commit to a spending freeze
Pick the category where you spend the most money. Then make a commitment to “freeze” your spending in that category for 28 days. If your biggest expense is food — dining out and office lunches — commit to bringing lunch and eating at home. Invite friends over for a potluck dinner and games instead of going out to dinner and a movie, to save on entertainment costs.
Try a monthly savings challenge
February is the perfect time to try a month-long savings challenge. Modify your 52-Week Challenge, turning it into a 28-day challenge where you commit to saving five dollars a day, for example. Use this 52-Week Challenge chart as a guide to create your own, specifically for this month.
Remove your card from retail apps
It’s easy to tap and pay — and spend too much — when your credit card is stored in the app of an online retail site. Take a break from easy spending and remove your card this month. You’re less likely to spend when you need to enter your card for each purchase.
Set up weekly check-ins
How is your Frugal February going? Hopefully, you’re putting away a few extra dollars here and there. If you’re using an online money manager, log in and compare your expenses between now and this time last year.
February is the shortest month in the year so it can be even easier to hit your goals! At the end of the month, take whatever you’ve put aside and add it to your savings account. You can earn dividends to boost your savings even more!