As human beings, we are often conditioned to think that more is better. We want a bigger house, a nicer car, and the latest gadgets. However, life can often seem best when we’re content with what we have. Rather than focusing on everything we don’t own, we appreciate everything that brings us joy right now. This is where the concept of frugality comes into play. Let's remember the definition of frugality, which is the quality of being economical; whether it's food, clothes or money...it's about getting more from less, while still enjoying a good quality of life as recommended by Frugal and Thriving.
Frugal February is a great opportunity for people in Australia to save money. With the cost of living going through the roof according to Finder, we are all looking for ways to handle rising living costs in 2024 as you can read here in this Mozo article.
1. Make a budget and stick to it: Creating a budget is a great way to take control of your finances. It helps you see where your money is going and where you might be overspending. If you need help starting a budget, this MoneySmart budget planner has a handy Excel sheet. If you're happier working with apps, we've had recommendations for both Frollo's Money Management Platform and You Need A Budget (YNAB).
2. Find expenses you don’t need anymore and get rid of them: Take a look at your expenses and see where you can cut back. Cancel subscriptions you don’t use, switch to a cheaper phone plan, or negotiate your bills. A great service we recommend is BillHero.
3. Explore ways to save money around the house: There are plenty of ways to save money around the house. Turn off lights when you leave a room, unplug electronics when you’re not using them, and use energy-efficient appliances.
4. Make more meals and drinks at home: Eating out can be a big expense, so try to make more meals and drinks at home. Not only is it cheaper, but it’s often healthier too. A fun idea for February is to host a potluck party. Invite your friends and family over for a potluck dinner. Each person can bring a dish to share, which will not only save you money but also create a fun and social atmosphere. If cooking isn't your forte, you can easily save money on groceries and prepare meals with the help of HelloFresh, or EveryPlate.
5. Build a DIY home gym: Gym memberships can be expensive, so why not build a DIY home gym? You can use household items like water bottles and cans as weights or invest in some inexpensive equipment like resistance bands. Retailers such as Big W, Decathlon, and Onsport offer great deals on affordable fitness equipment.
6. Try DIY projects: Whether it's making your own cleaning products or crafting your own home decor, DIY projects can be a fun and cost-effective way to add a personal touch to your home. Temu offers a vast range of reasonably priced DIY craft kits and supplies for you to choose from.
7. Host a movie night: Instead of going out to the cinema, host a movie night at home with friends. Pop some popcorn, dim the lights, and enjoy a movie from the comfort of your own couch. Who needs Gold Passes for the movies when you can order your drinks in?
Remember, Frugal February is all about saving money without sacrificing fun. With a little creativity, you can have a blast while staying within your budget. Embracing a frugal mindset can be challenging, but it’s also a great way to take control of your finances and find joy in life’s simple pleasures. So, this February, why not give it a try? You might be surprised at how much you enjoy it.