If you missed out on 'No Spend January,' enter 'Frugal February.'
The shortest month brings another opportunity to change your financial habits for good. From planning your meals to trimming out unnecessary spending, a few simple changes can mean more money in your pocket.
"I need a frugal February, definitely," said shopper Janice Robb. "I could save some coin."
Shopper Sydney San also wants to make some changes this month.
"Now it's time to readjust and kind of figure out your plan and budgeting for the next coming year," San said.
Watch shoppers talk about joining the Frugal February movement:
Where to start
If you're up for the Frugal February challenge, Credit Karma consumer financial advocate Courtney Alev said a common mistake is cutting out too much at once.
"It's similar to trying to eat healthy," Alev said. "If you tell yourself today you're only ever going to eat boiled chicken, brown rice and broccoli for the rest of your life, you're probably at some point going to fail."
Create a new budget by looking at January's spending to see what you can trim, like subscriptions and online shopping.
"Then you can create a realistic budget, with the key word being realistic," she said.
Alev encourages consumers to make simple swaps, like more meals at home.
"It is so easy to feel like saving money equals being a hermit. And I will be the first to tell you it does not need to be that way," Alev said.
Socializing on a budget
For a frugal yet fun February, Alev recommends a potluck dinner, game nights and checking out what your local library has to offer.
"Sometimes there are opportunities to get free access to local attractions or museums," Alev said.
She encourages anyone trying to save money to be open with friends and family about their financial goals. That way, you have support throughout the process.
"I found that many people love an excuse to try to do something fun without spending money," Alev said. "Sometimes we just default to always going out, whether it's to a bar or a restaurant or brunch. It can be a really fun thing to do together to have a challenge of, 'How can we have fun, catch up, get that great social time,' without spending money."
Going beyond Frugal February
There are countless budgeting apps and tools available for people who feel they need a little help getting started.
Some budgeting tools include:
"Get a clear picture of where your money is going, what you're spending it on," Alev said, "and then you can really reflect on it and see these are some areas where I think I could improve."
Alev recommends setting up automatic transfers to your savings account, so you have funds to build on for the rest of the year.
"You don't want it to be a habit that stops on the 28th of February, but rather the beginning of a new journey," Alev said.
Like Robb and other shoppers, you might want to give it a try.
"We can have dry January and then move into Frugal February. I like that," Robb said.
That way, you don’t waste your money.
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