The holiday season can be a time of joy and celebration, but it often leaves many people facing the challenge of paying off credit card debt that accumulated during this period. If you can relate, participating in Frugal February may be the perfect cure for a holiday spending hangover.
What is Frugal February?
Frugal February is dedicated to spending as little as possible. The main point is to review your budget, develop strategies for purchasing only essential items, and determine a way to save more money.
Here are a few ways to practice Frugal February:
Tyler Draheim, Senior Mortgage Underwriter, says, “We try to grocery shop online and then select the drive-up option. This way we are not tempted to buy other things walking down each aisle.”
Kayla Stuhr, Commercial Loan Specialist, says, “One of my favorite ways to save money is to host a clothing swap.” Here’s how it works:
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Invite people: Send out invitations early and often, and include friends, family, neighbors, and co-workers.
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Set limits: Ask people to bring a set number of items, like 5-10.
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Choose a location: You can host a swap at home, in a garage, or community center.
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Prepare a changing area: Set up a place for people to try on clothes.
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Make it accessible: Consider people’s individual needs, like scent sensitivities and animal allergies.
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Pick a charity: Choose a local charity to donate unclaimed items.
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Thank everyone: Let people know their involvement made a difference.
Rachel Munger, PR Manager, has several tips for a frugal lifestyle. If you avoid instant gratification, you can avoid overspending. Instead of ordering from Amazon, keep a list on your phone, to practice mindful spending. If you have a list on your phone, try thrifting for those items. She says this way is better for your wallet and the planet. Just be patient though, it may take you a couple of months to find items on your list.
Munger also uses that same list for items she regularly needs, like soap, lotion, shampoo, socks, mascara, etc. She waits to purchase these items when they are heavily discounted and then buys several at a time; don’t pay full price for your essentials. Munger goes the extra mile and resells some of the items she purchases at a discount, especially when it’s normally a high-priced, high-quality item.
Make February a “no buy month” in a specific category. For example, in February, don’t purchase unnecessary items like clothing. Another great way to practice Frugal February is to avoid eating out for one month. This can help people break free from the cycle of consumerism and become more mindful about purchases. Practice buying only what you need.
Lori DuMars, HR Generalist, provides these thrifty tips:
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When you get to the bottom of a lotion bottle, cut the bottom off and you can usually get several more applications.
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When she makes an evening meal, she puts leftovers in multiple containers so it’s easy to grab and go to work in the morning.
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When a recipe calls for a 9x13 pan, she separates the recipe into two smaller pans so they can eat one and freeze the second for a future meal.
Amanda Waters, AVP, Loan Operations Manager, and savings extraordinaire offers up these tips:
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Check out the app called Krazy Coupon Lady. The app provides a list of discounted items and details on getting the best deals.
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Ibotta is another easy-to-use app. Before going to the store, she previews the app to find the best deals. This app works like a rebate, when you purchase the item, you get money back in the app. Once you have $25 in the app you can transfer it to your checking account.
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You may also want to try the coupons.com app. Simply purchase the item listed on the app and scan your receipt to get money transferred to your account.
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She also uses coupons from the newspaper. However, she reviews the coupon list before buying the newspaper to see if it is worth the purchase.
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While many of us believe buying in bulk is better, if you use coupons or Ibotta, lower quantities are typically the better deal.
Here are a few additional ways to get the best bang for your buck:
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Remember to use gift cards.
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Cash in your credit card points.
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Try DIY projects instead of hiring out projects.
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Cut your streaming services.
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Turn off lights and unplug devices to save electricity.
You can successfully achieve a frugal February by being mindful of every dollar spent. Remember to review your budget often and account for each dollar spent.