You guys, who is up for frugal February challenge?
The concept is, in frugal February, we would cut down all our WANTS and only spend on mandatory expenses. It’s an experiment that might open our eyes on how much we spend vs save.
I’m going to try it next month and wondering if anyone else is interested to join.
- Only mandatory expenses are allowed
- Eating out once a week is ok. No coffee or other small purchases allowed
- Go as frugal as you possibly can for just one month
- At the end of the month, identify what level of frugality is feasible for YOU to embrace for the long term.
- Try to be creative when it comes to spending. Can you live without that product one more day? If so, postpone the purchase one more day. Try not to purchase until you can no longer postpone the purchase
- Note down your January monthly spending and see how much you’ve reduced in February by taking this challenge
- Get rid of those unwanted/unused expenses. Haven’t used the gym membership for a while, yet continuing to pay every month? It’s time to let go of the membership.
Below are answers to some of your questions:
What if my spouse is not onboard with the challenge?
In that case, try it for yourself this time.
Am I allowed to buy if the deal is too good to pass even though it’s not a mandatory expense?
No. Let it go even if it’s a darn good deal.
Can I buy birthday presents and some necessary celebration expenses?
If possible, can you buy ahead in January itself?
Can I take my kids to paid events happenings in January?
Yes. Just because we are trying a new challenge doesn’t mean we need to deprive ourselves and stay home all month.
Does going out for work lunch considered under once a week eating out?
I’m long overdue for a haircut. Is it considered a mandatory expense?
No. If it’s something you can live without, it’s not a mandatory expense. Get it done in January itself
So what are the mandatory expenses?
Groceries, medical, bills, utilities, and gas are all under mandatory expenses.
If I want to participate in the challenge, where would I share/track my progress?
Are you ready for the challenge? As I mentioned above, it’s an experiment to identify true mandatory expenses. 42 of us are looking forward to February to do the challenge. I’m looking forward to you joining us as well.