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Take the 'Frugal February Challenge' and rebuild your savings after the holidays

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Posted at 4:00 AM, Feb 01, 2023

Many people just wrapped up "Dry January" as a way to cut back on drinking this year.

Rachel Vogel is among those who avoided alcohol during the last month.

"I drank lots of water, lots of lemonade, lots of Diet Coke," she said.

She is now ready to try out"Frugal February."

"I think it's a great idea," she said. "You got to be frugal. You got to watch what you spend."

Mixie McNolty loves the idea too.

"After the holidays, we just spend so much on consumerism," she said. "And it's good for us to refocus."

Kristin Myers of The Balance, a financial advice website,says it's important to make an honest budget.

"You need to have a true accounting of how much money you have coming in, but also all the money that is going out," she said.

Decide What You Really Need

Myers says you should take a hard look at what you really need this month.

"A lot of people like to place their wants in their 'needs' category," she said, "but I'm here to tell you your 'needs' are things like food, clothing, shelter."

Myers' tips for improving your finances this month:

  • Cut out streaming and subscription services you rarely use
  • Freeze spending in one category, such as clothing
  • Commit to calling your insurance and utility providers to ask how you can lower your monthly bills
  • Dine in rather than dining out several times this month

"Instead of going out to a restaurant," Myers said, "maybe my friends and I will actually cook a meal together and enjoy it at home."
"I'm learning to balance the budget, and the only way to balance the budget is to cut back," said Eric Adams, who was planning to cook at home.

Those simple tips can help you make sure you don't waste your money.

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