Frugal February Money Saving Challenge Conclusion

Frugal February Money Saving Challenge

Frugal February went by in a flash but it made a real difference to our household finances. As my mid month update was so late not much has changed but here is a recap of how things went.

My first challenge was to look over the house hold bills to see where we could trim the fat. I found two small bills at £14.99 and £12.79 which we could get by without which meant a monthly saving of £27.78 and a saving of £277.80 over the course of the rest of 2017.

The next item of business was the shopping. We were spending a whopping £100 a week on groceries and also regularly visited coffee shops and treated ourselves to takeaways which meant that our food bill was astronomical! The coffee shops and takeaways are now gone and the food bill has been reduced to a far more palatable £60 per week including toiletries and essentials. That’s a fantastic £160 saving in an average month and an amazing £1720 saving over the rest of the year.

The last money saving area I tackled was my little old car which was a luxury rather than a necessity and if I was honest, I hadn’t needed it for some time. So, not without drama, the car was sold on ebay earning £300 and saving me £910 in car related expenses during 2017. To top it off I also received a £20 refund from my insurance, although I was less than impressed that £70 was taken in admin fees for closing the account. I also received a £12 refund on my car tax. Making a £332 profit in total.

Moving on to increasing my income. I was able to make a further £96 on eBay and £136.32 online thanks to The Money Shed’s guidance.

So, at the end of Frugal February I have saved £2,907.80 over the course of the rest of the year, plus I have made an additional £564.32. What a result!

Without a doubt, the best thing about Frugal February is that the money I have made and saved has put me in a position to extend my maternity leave for an additional 3 months. I can’t tell you how happy this makes me. I’ve been very down about the prospect of returning to work while Baby is so young and knowing that I have another 5 months before worrying about this has really made a difference to my mood.

Money Saving March

Having enjoyed Frugal February so much, I am now rolling on to Money Saving March. This is a slightly misleading name as I have already picked over my expenses as far as possible so March will be about earning money rather than saving it.

Given that I made £564.32 in February I will be going for a round £600 in March. My plan for getting there is to continue eBaying anything which isn’t screwed down and following the instructions on The Money Shed, to earn money online.

Although it’s early days, I’m confident that I will reach my £600 as after only a few days my eBay sales are up to £31 and I have made £96 online making a total of £127 already! I have plenty more eBay sales to start and more opportunities for online income coming up so I’m more than a little optimistic at present.

Did you take part in Frugal February? How did you do? Are you doing Money Saving March?

Frugal February 2017 has come to an and and so has my money saving challenge. Find out how I did and why I'm rolling on to Money Saving March.

 

 

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