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

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.


  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.

    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!