Search

Frugal February Challenge: Smart Finance Plans to Change

Who doesn’t love a good challenge? And if it involves your finances, we think it’s worth fighting for. Why not try a simple challenge to get your finances back on track during the shortest month of the year?
Frugal February Challenge: Smart Finance Plans to Change
It's not something that might thrill you. Still, this simple challenge during the shortest month of the year can make a significant difference and also help you reach your financial goals. At the end of it, even if you fail, you would be in a better place than you were in January.
In this article

The first month of 2022 is already over. Some of you may be doing great with your new year resolutions and some of you may be just settling down after a beautiful holiday season. Whatever may be your financial situation, the Frugal February challenge is worth trying.

Tracking expenses

The first step is the easiest and the most crucial. When you track your expenses, you know your financial situation more clearly than before. You will see where the money is going out. This may seem like an insignificant step, but many people are actually shocked when they visualize their financial situation. It also puts things in perspective and makes us think about the future.

While tracking expenses, pay close attention to essentials like:

Groceries: you will see how much money is going twice or can be avoided.

Take out: Americans eat out about 5.9 times a week. Try to avoid eating outside often.

Electricity and gas: Trying to cut down on your electricity and gas bill.

This might sound funny, but you will be surprised when you see your bill after simply turning off lights and other devices when you don’t use them. You can also replace conventional light bulbs with energy-saving LED bulbs that cost very little. Even lowering the thermostat by just one degree will make a big difference in your bills.

Money diet

Try cooking your favorite dish at home instead of takeout. See if you are making most of the streaming service or are using it once in two weeks? You can find an alternative to pay for a movie only when you watch it. Avoid shopping for wants. You can also review your insurance, plans, monthly dues, memberships to check if you are missing out on promotions and discounts.

Also Know About : Tracking expenses

What next?

If you have successfully saved a lot of money, you can save the money in a high-yield savings account that earns interest. You can also consider building a retirement fund in a retirement account or an emergency fund that you can withdraw from easily. The Frugal February Challenge is simple but rewarding. Are you up for it? If you conquer this, move on to the No-Spend Challenge and rule your finances.

Was this helpful?

Did you like the post or would you like to give some feedback? Let us know your opinion by clicking one of the buttons below!

👍👎

Author

Picture of Richard Samuel

Richard Samuel

E Richard Samuel loves learning. From finding out the newest food in town to traveling and writing, he loves learning about everything. When he’s not writing, he’s probably trying to master the piano or watching food reviews.

Editor

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

Related Posts

What is Wayne Gretzky's Net Worth?
What is Wayne Gretzky’s Net Worth?
Wayne Gretzky is a known personality in the field of Ice hockey. He is one of the most financially successful people in this field. Read on to know more about his career and financial success.
What is Marilyn Mosby’s Net Worth?
What is Marilyn Mosby’s Net Worth?
Marilyn Mosby has had an incredible journey. She rose from a working-class professional to one of the most respectable legal positions: state attorney. Read on to know more details about her career and financial journey.
What is Tones and I's Net Worth?
What is Tones and I’s Net Worth?
Tones and I’s early career started on the streets of Byron Bay. However, the publication of "Dance Monkey" in 2019 was her big break. Read on to know more about her journey and financial success.
What is Sean Kingston’s Net Worth?
What is Sean Kingston’s Net Worth?
Sean Kingston was born in Miami, Florida, on February 3, 1990. When he was six years old, his family relocated from Jamaica. Read on to learn more about his music career and journey to success.
What is Anthony Cumia's Net Worth?
What is Anthony Cumia’s Net Worth?
Anthony Cumia began his career in 1994 by submitting an O.J. Simpson parody song to a contest on Gregg ‘Opie’ Hughes' show ‘Nighttime Attitude’. The duo launched the successful ‘Opie and Anthony’ program on WAFF in Boston in 1995.
What is Dennis Rodman's Net Worth?
Dennis Rodman Net Worth – Biography, Career and Salary
Dennis Rodman accumulated an estimated $27 million in salary over his NBA career, which, adjusted for inflation, amounts to approximately $43 million today. Read on to find out his net worth in 2024.
Features
Essentials

Get up to $1,000 for emergencies

Send money to anyone in the US

Ger personalized financial insights

Monitor and grow credit score

Save up to 40% on car insurance

Get up to $1,000 for loss of income

Insure up to $1 Million

Coming Soon

File federal and state taxes at low cost

Quick estimate of your tax returns

Get up to $1,000 for emergencies

Send money to anyone in the US

Save big on auto insurance - compare quotes now!

Zip Code:
Zip Code: