February Fever

February is the perfect time to get your finances in order. It’s a short month and you’re likely still reeling from the holiday spend-fest. Interested in making Frugal February happen? Here’s a helpful guide.

Track Your Spending

First thing’s first for Frugal February: Track your expenses. You can’t reduce spending without knowing where the money is going. The two places you want to focus on are groceries and dining out, as those expense categories are usually easy to reduce. (They’re also the ones where many people bust their budget.)

Cut Back

Now that you know where your money is going, it’s time to trim the fat. Meal plan at the beginning of the week and plan meals using items you already have in the pantry and fridge. Cut back on dining out. Look at subscription payments and see which services you can cancel.

Reduce Energy Costs

As US News reports, the Department of Energy claims that turning down your thermostat by just one degree can save you one percent per billing cycle. If you can turn down the thermostat by even more, you’ll tack on additional savings.

Add to Savings and Evaluate

You should use your Frugal February savings to pad your retirement accounts or emergency fund (or both). As the month comes to a close, look back at your plan and see if maybe your frugal month could turn into a frugal year.