Sunday, February 01, 2015

Frugal February

Yes, it that time of the year when your post-Christmas bills star to arrive and you realize that you were a bit too enthusiastic with January sales. I want to do a minimal-spend February where I only spend money on essentials.

photo borrowed from news.com.au


I would like to see how much money I will manage to save and also re-evaluate my wants vs. needs.

Some guidelines I am planning to impose on myself:
  • Use phone app to track spending and income and note everything - bills, lunches, groceries etc. I use Expense IQ app on my Samsung and find it very useful as it gives me a breakdown and visual graph by category. It is also like keeping a food diary - makes you think twice before splurging on something.
  • Create a budget and stick to it.
  • No spending on non-essentials like clothes, make-up and other self-indulgent items.
  • Shop at cheaper grocery stores like Aldi for essentials, then get specific items from Coles/Woolies.
  • Cook at home as much as possible.
  • Minimize take-outs. I want to limit myself to 3 meals per week as it is not always possible to bring my own lunch. But I will keep some essentials at work to snack on or whip up a quick lunch such as nuts, canned tuna, crackers and fruit.
  • Find ways to entertain and socialize on a budget - cheap movie nights (our local cinema has $7 tickets on Tuesdays), picnics in the park, home movies and hangouts.
  • Spend free from shopping time on looking for better deals on loans, insurance and phone.
  • Don't even read those promotional email! Delete straight away or even better unsubscribe to remove the temptation.
  • No shopping around, avoid shopping centres all together.
I will try to report my progress throughout the month and let you know at the end how much I've managed to save.

2 comments:

  1. Expense IQ's great, not sure if they sych or back-up though? Looking forwards to seeing how you entertain yourself on a budget. No one actually knows this, but most of the events especially the arty ones I won tickets to or work there, as often staff get to see the shows for free.

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    1. Your job sounds awesome! Where abouts do you work?
      One of the reasons why I am doing this challenge is to get a step closer to financial independence so I can look into career change and find something that I truly love doing!

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