Frugal February – Money Saving Challenge Update

Frugal February Money Saving Challenge

Read the original Frugal February Post

This month I’ve been taking part in Frugal February, the idea being to save and make as much money as possible during the month, now that Christmas and January are out of the way. The month is far from over but I wanted to share a quick update on how I’ve done so far.

So far I’ve saved approximately £30 per month by economising on monthly bills and cancelling services I no longer need. I still have some bills to look at but those will require more thought and investigation. This will save me £300 during 2017.

One of the main expenses that I wanted to tackle was our shopping bill. Before Frugal February this was costing around £100 per week including baby formula and nappies. This has now been reduced to an average of £60. Saving £40 per week. The amount that I have already saved this month is £81.60 but this will save me around £1,720 during 2017.

In addition to reducing bills I have also been using eBay to raise funds. The largest item I have sold is my old car. This has been particularly difficult for me to part with as I have a lot of good memories in that car, but I’ve hardly used it since becoming pregnant and I need the money and the savings more than I need the car. Unfortunately after selling the car the unpleasant person who bought it came up with all sorts of faults that he claimed it had, despite having been given the opportunity to check the car and the paperwork at point of sale. As a result this sale has been very stressful but I have made £300 from my little car. This might not seem like much but I will also saved on buying car tax at around £130, Insurance around £350, MOT £30, maintenance & tires about £200, Petrol about £20 per month. That works out as cash of £250 and a saving during the rest of the year of £910.

In addition I also sold a couple of other things on eBay earning around £90.

All of this together has resulted in savings/earning of £471 this month and savings that I will make over the rest of the year of £2,930. I’d say that’s a spectacular result for very little effort that will make a real difference to the family month by month.

Baby is excited by the frugal february money saving challenge update
Baby is rather excited by the thought of all the new toys her mummy and daddy can buy her thanks to Frugal February.

So, What’s next? I still have several large items to sell on eBay despite having trouble with 2 out of 4 of my sales so far. I will be selling some old furniture, white goods and technology. All of which should result in another few quid for the pot although the sales sadly won’t finish until March. I will also be taking a fine tooth comb to our outgoings to find where further economies can be made. The final money saving hurdle will be to hopefully look at re-mortgaging in the near future, although unfortunately this cannot be done during this challenge, I’m hoping this will save us £££ per month.

If you’ve been inspired by this post to try your own money saving challenge I highly recommend heading over to Money Saving Expert for excellent advice, tips and tricks to save and earn you money.

How has your frugal February gone? Have you had any big wins?

Frugal February is an opportunity to take a good look at your finances and find ways to trim the fat, saving you money for the things you really want. In this update I talk about how I'll be saving nearly £3k in 2017 by making a few simple adjustments to my finances and buying habbits. How much money could you save by joining Frugal February?



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