An award-winning personal finance expert has revealed why February is the best time to get a grip on your finances.
Consumer champion Jane Hawkes, also known as Lady Janey, says the shortest month of the year offers the best opportunity to challenge yourself and keep up with New Year’s Resolutions.
She said: “Frugal February is about setting yourself a budget, tracking all expenses, finding cheaper alternatives and cutting non-essential spends.”
“During February, the weather is still pretty bleak and socialising isn’t yet back in full swing. It’s an easier month to set yourself a short term challenge which can pave the way for long term habits.”
Here Jane outlines the five ways Frugal February will set you up for financial freedom in 2026 and beyond.
Reach a savings goal
Frugal February is the ideal way to achieve a savings goal. Having an actionable target will also keep you focused and motivated.
Some people have a specific purchase in mind. Others want to invest in their future, by creating up an emergency fund or growing their pensions.
The first step I’d recommend is deciding what percentage of your income goes towards savings. Set up a direct debit so that this allocated money is moved to a high yield savings account before you have the chance to spend it.
Throughout the month, you’ll automatically add to these savings by cutting down on non-essentials.
You can also use modern banking apps features which round-up purchases to the nearest pound and place spare change in a savings pot.
Re-evaluate priorities
When commonplace, non-essential spends become less special. Going cold turkey is the best way to understand your personal relationship with spending.
At the end of February, consider how much you’ve saved on eating out, buying clothes or splashing on entertainment. These totals of smaller purchases can be eye-opening. But clarity is the best way to assess priorities.
You may have genuinely missed these things and that’s how you’d like to spend your hard earned cash. If you’d rather the money saved was spent elsewhere, you have a clear incentive to keep those costs down.
Break bad habits
Habits come down to discipline and creating the right environment.
I’d recommend unsubscribing from all marketing emails, deleting shopping apps, and waiting longer before making purchases.
Sorting through your wardrobes, cupboards and freezers is a process of rediscovery. It means you can be creative with what you’ve already got, before buying new items.
After 28 days of consistency, unnecessary spending seems less tempting and you’ll have more confidence going forward.
Become a savvier spender
Frugal February is also a great opportunity to renegotiate how much you spend on essentials.
Call up utilities providers and bargain for better prices, using comparison websites and customer loyalty to your advantage.
Be brutally honest about how much value you get from gym, streaming and shopping subscriptions.
Question whether spending money should be the default when entertaining yourself and socialising.
Be careful of over-committing
Frugal February can help you gain a sense of control and empowerment. But it’s important to remember that factors beyond your control, like global events and government policy, will impact personal finance.
Being more frugal might also be more time-consuming. Visiting different shops to score the best deals and meal prepping might not always be feasible on a regular basis.
Totally eliminating what you enjoy can also lead to resentment and isolation. Ultimately, essential spends are subjective.
Frugal February is just designed as a short-term challenge. At the end of the month, decide what works for you and how to implement that going forwards.
Some days, months and years will be easier than others, so don’t put too much pressure on yourself.
