Follow these four money rules to save big and have a fabulous Frugal February

February is notoriously expensive for families with children for good reason: summer camp registrations land; Christmas credit card balances are still being paid off; couples are celebrating Valentine’s Day; and savers are stretching to make RRSP contributions before the 2025 tax deadline on March 2.

If more money and feeling better in February is what you’re chasing, here are four money rules to adopt.

Rule 1: Be efficient, not miserly or miserable

This principle centres on saving money without making life worse.

It’s intended to protect your quality of life rather than destroy it through cheap money moves that, not surprisingly, never work out. Being efficient will also lighten your ecological footprint because there’s less waste.

A few simple efficiency ideas that cost you nothing: run full laundry and dishwasher loads; lower the thermostat slightly and bundle up; fix weather stripping on drafty doors and windows; fix or replace leaky faucets and run-on toilet parts (YouTube videos are amazing when it comes to teaching how to DIY these repairs).

Before buying anything new, use up what you have.

Dig to the backs of cupboards, medicine cabinets, pantries, garage shelves and your refrigerator.

From body lotions to food to restyling the clothes you already have, use these items up. When something is actually needed, buy good quality so that it lasts longer and feels great.

If you’re not sure how to classify a need versus a want, wait 48 hours before buying, which is enough time for any impulses to fade away.

If the need is really big, say a laptop replacement, it might require even more time to do research, and potentially consult with your financial adviser.

Rule 2: Default to home for food and drinks

The category of food and drinks is probably the fastest, least painful, place to save.

Challenge yourself to design a meal plan for the full month, and don’t forget to account for any special recipes you’d like to try on Valentine’s Day. Your plan can include a treat here and there — that’s totally healthy and normal.

Meal planning will help you avoid buying ridiculously expensive food delivery takeout and will keep your grocery shopping on target. It’s a fantastic way to eat healthier whole foods, and will save you time having to return to the store for random ingredients.

Plan to make your work coffee at home, and pack a lunch using any leftovers and lingering ingredients from the fridge. Keep snacks on-hand so you won’t have to do any ‘convenience’ snack purchases, especially for your kids who are always “starving” when you pass by a Tim Hortons.

Your wallet will thank you. 

Rule 3: Plug your financial leaks

Money leaks are often tiny, overlooked costs that are rarely missed when gone — but can add up to big savings. These include things like little used subscriptions and memberships, silly late fees and penalties that are completely avoidable, and small recurring charges here and there.

The best way to hunt down these costs is to go line by line through your past 30 days of spending and review everything that hit your bank account and credit card statements.

When you see a transaction you know is either a waste, or not bringing you joy, flag it. These can be cancelled, reduced or paused.

Measuring and tracking your spending weekly, is a great practice to continue beyond February.

It shines a light on habits that are helping your goals, and those that are hindering.

You’re bound to uncover costs that are more fixed. Many can be negotiated, saving even bigger sums. Roll up your sleeves and renegotiate utility, internet, phone and insurance plans by calling the provider and reviewing your pricing and services.

Be prepared to present them with a competitive offer that demonstrates better value and/or lower pricing elsewhere. Many providers will match.

I recently did this with my home and auto policy and have saved more than $1,000 for this year. Negotiating can take time, but pays you back each month.

Rule 4: Declutter and purge daily

Declutter and purge three items every day.

If it’s worth more than $25, post it for sale on Kijiji, Facebook Marketplace or your local swap-and-sell website.

Your space will feel better, and hopefully you’ll earn some money that you can use to build an emergency fund, pay off your credit card or make an RRSP contribution.

If you want to supercharge your Frugal February, challenge yourself to save a few dollars each day.

Simply transfer or deposit this money into a savings account and see just how quickly it adds up. An easy $5 a day for 28 days is $140. Over a year you’ll have socked away $1825! Not bad for the cost of a Starbucks.

And having the savings will make you feel fabulous!

This article was originally published in The Star. Lesley-Anne Scorgie is a Toronto-based personal finance columnist and a freelance contributing columnist for the Star.