Frugal February: A Creative Guide to More Conscious and Joyful Spending

Frugal February is here!

The concept of frugality, even temporarily, is meaningful because when we shake off the consumerist pressure surrounding us, we find our truest joy is found in the simple things.

Frugality is "cool again" in the eyes of many - a study conducted by Chime of 2000 Americans split by generation and gender found that 61% of respondents said being frugal today is more socially acceptable than it was 10 years ago, including being careful and intentional with spending and even talking about money and budgeting in social settings. I, for one, am here for it!

At it's core, Frugal February is a simple and fun way to build a more positive relationship with money. It is a reminder to take a step back and give an honest look at your spending and financial decision-making in order to stay aware, intentional, and satisfied with your day-to-day money habits. In this way, you create a learning opportunity for yourself to understand which spending brings you the most joy, and which doesn't, and ultimately make your money work harder for you by allowing you to make more conscious choices.

In my experience, most folks' relationship with spending could use some TLC. Given that most families and education systems don't teach much in the form of practical personal finance know-how nor understanding our money personalities and mindsets, combined with the capitalist, ultra-consumerist society we live in, we have to make the effort ourselves to take a much needed step back and evaluate what we truly want.

Fortunately, a little creative and strategic thinking can do us wonders to keep us conscious, avoid habitual, boredom and lifestyle-creep spending that isn't actually serving us, and able to replace that unhappy spending with joyful spending and savings.

I might also add- this challenge is for everyone! Regardless of income level or net worth, everyone can benefit from embracing financial wellness and practicing this mindful approach to money.

Now, without further ado, here's a list of creative & fun ways to celebrate Frugal February ✨

1 - Freeze Spending By Budgeting Category

Challenge yourself to cut out things like clothes, online shopping, or coffees and see how it feels. Either for the whole month, or rotate categories weekly. This experiment helps us be immediately more aware, and can bring very interesting results.

The lesson here is not about deprivation, but about curiosity and learning to identify what truly brings you joy and is worth spending your hard-earned money on!

2 - Plan No-Spend Dates or Days

You can find lists online that fit your style (from DIY at-home brewery/wine tastings and hosting movie nights with friends, to themed bike rides and picnics/games at the park or beach), and you can explore local free entertainment through sponsored events by community groups, parks, and libraries.

Research events now and save the ones you like on your calendar. You can proactively invite friends, or when someone asks you to hang out you know just what to suggest.

3 - Find Alternative Sources for Planned Purchases

Instead of supporting giant online retailers, check around first with friends and family, or give new life to an item through local thrift stores or your local Buy Nothing Group, or look for ethical alternatives.

More on this and other forms of financial activism can be found here.

4 - Pay Yourself First

Save more, either in cash to your emergency fund or short-term goal funds, or contribute more to your 401(k) or IRA. Decrease discretionary spending by the same amount to stay balanced.

Check out this compound interest calculator to see what $500 in extra savings invested today could grow to by retirement!

5 - Minimize

One of my favorite minimalism reminders is that not only do I have to buy/acquire every object that I own , but I also have to store, maintain, clean, repair, and eventually, discard that object. Put like that, it feels like a lot of work to own an item- too much work for things that I don't actually need. With that in mind, free yourself from burden by giving away your excess.

Perhaps there's an opportunity to sell them, or you may find joy in simply giving things away to friends, family or on Buy Nothing.

6 - Audit Your Subscriptions

Cancel unused or underwhelming subscription services.

7 - Apply for a New Rewards Credit Card

As long as you have a healthy relationship with debt (do not carry credit card balances, do not spend over your credit limit, etc) - a single rewards card bonus can save you hundreds of dollars a year (and potentially add more value through benefits like comped travel).

Fun fact: credit card rewards are considered rebates, not income, and are therefore tax-free!

8 - Shop Around for Better Grocery Store Prices

If you know me, you know I’m a huge Aldi fan, and for good reason: I am fairly confident that it is the most affordable grocery store in greater San Diego, and their products tend to be high quality and free of synthetic colors, GMOs, and more.

Sebastian and I eat most meals at home, and I'd say we typically spend about $110/week on groceries and alcohol for the two of us by shopping at Aldi. (I am in no way sponsored by them, I'm just a fan, haha)

9 - Embrace Budgeting

Create a detailed budget outlining income, expenses, and your savings goals. Oftentimes you can pull transaction information and averages from your banking apps. Seeing it all laid out can help you understand your cash flow (money in and out) and see where there may be work to do.

Alternatively, try out a short-term structured monthly savings challenge.

1. 50/30/20

2. Envelope method

10 - Plan a Fridge Clean Out

Use up those random items collecting dust in your food pantry and freezer.

1. Keep It Simple: Make clean-out-the-fridge style soups, salads, or burritos.

   1. Bonus points if you manage to meal prep doing this.

2. Step It Up A Notch: Host a creative chef night with a date or friend.

   1. Bonus points if you tell them to bring their random food pantry items!

11 - Reuse Creatively

Find creative uses for things you already have around the house or already produce regularly.

One of my favorite reuse hacks:

1. Use toilet paper rolls as fire starters. Sebastian and I save empty toilet paper rolls (two folded inside of a third to create a thick cardboard log) in a little bag, and then we take the bag whenever we go camping or to a beach bonfire. These are favorite activities of ours, so they go fast! On occasion we end up with old cooking oil (usually canola oil after cooking Colombian buñuelos), so we'll drizzle some on the rolls for extra fire catching oomph.

   1. Personally, I hate the smell of lighter fluid, not to mention I don't really want to cook my food and marshmallows on top of chemicals, so this little trick is a win-win in my book.

12 - Negotiate your Bills

Did you know that you can negotiate with some service providers (think: internet, cable, insurance) for better rates or discounts? In general, or identifying discounts through memberships such as AAA.

I do this annually like clockwork with Cox and get an internet discount every single time.

13 - Switch Providers

If you can find comparable services at a better cost, and can't negotiate with your current provider, consider switching. For example, for insurance check out Lemonade. Always assess changes in coverage and limitations of new plans before switching.

14 - Learn a New Skill

Attend a home DIY class. Home Depot offers free DIY classes.

15 - Invest in Energy-Efficient Appliances and Light Bulbs

Simple and efficient for long-term savings on electricity.

16 - Talk About Money More

Talk more with your friends and family about money and get their best tips and money hacks. If that sounds stressful, start slow and simple, with questions like:

1. What are your favorite money saving tips?

2. How do you view frugality and saving money in general?

3. What are your financial goals?

4. If money were no object, what would you do with your time and life?

17 - Open a High-Yield Savings Account (HYSA)

Your emergency fund and any other long-term cash savings should be in a HYSA. A few institutions with solid HYSAs are Wealthfront, Bask, Ally, and Marcus.

Read: 5 other simple ways to improve your finances today.

18 - Volunteer with or Donate to a Rockstar 501(c)3

There's nothing like giving back to your community to help you feel connected, impactful, and grateful for what you already have.

Phew! What a list.

That was fun, and I hope these ideas help spring you into a more Frugal February. As well as help remind you that money is a tool to be used to serve YOU, not the other way around. When we stay conscious, we prevent letting it make a tool out of us (I solemnly swear to never pass up a good pun.).

I hope that you'll join us at Sage Financial in embracing Frugal February, and slowing down to enjoy the things that bring us the most joy and value while shedding those that simply don't.

• • •

Have questions? Drop a comment on this post.

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📌 Sage Financial Planning LLC is a California RIA providing values-based financial planning and financial advice in San Diego, CA and nationwide via virtual platforms. Sage Financial specializes in serving First Generation Wealth Builders who want to change their financial family trees for the better, as well as values-based clients who want to not only achieve financial security and freedom for themselves, but who want to support their communities in meaningful ways and leave the world better than they found it.

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