Get ready for 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 starting 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 an app or an online retail site. Take a break from easy spending and remove your card this month. You may be less tempted to spend when you need to enter your card for each purchase, each time. Take what you would’ve spent and add it to your savings.
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 29 days. If your biggest expense is food — ordering in delivery — commit to meal planning and cooking at home more.
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 29-day challenge where you commit to saving a little each day, instead of each week. Use this 52-Week Challenge chart as a guide to create your own Challenge specifically for this month.
Set up weekly check-ins
It’s a good idea to review how your Frugal February savings is progressing. Hopefully, by the end of each week you’re putting away a few extra dollars. If you’re using an online money manager, log in and compare your expenses between now and this time last year to see how much more you’ve saved.
At the end of February, look at all you’ve put away. Adjust, if necessary, then repeat next month!
Article provided by Local Government Federal Credit Union.
The advice provided is for informational purposes only. Contact a financial advisor for additional guidance.