We've successfully completed our Frugal February, and, looking at the bank account, felt comfortable putting $750 into the baby's savings account as a result! (We also netted $750 from the Super Bowl Squares, so all in all, Little Laskey made BANK this month!) I was hoping for an even $1,000 from Frugal February, but neglected to take into account the fact that we had a month of double health insurance coverage. My Komen benefits kicked in February 1, and Brian's Target benefits don't end until March 31, so our insurance premium payments were higher than we normally see.
I think I can accurately say that you learn a lot about your spending habits when you force yourself to NOT spend anything for a month. Our top 3 lessons learned include:
1. We eat out A LOT! Several times per week. This isn't a bad thing in itself, but it's certainly not conducive to saving money. I think our biggest reason for eating out is simply because we can. We're in the habit of it and, especially when we both work a long day, it's so much easier than trying to figure out dinner.
2. Meal planning has been absolutely essential to get through this month. Half the battle when we get home at night is figuring out what to cook for dinner. On the other hand, though, neither of us work well with super rigid plans for dinner pre-mapped for each day. We found a good balance of having a few options each night that could be prepped in just a few minutes. This gave us some flexibility but some structure at the same time.
3. Keeping busy kept us from spending money. It's amazing how much more money we spend when we have nothing specific to do. We kill time by walking around Clay Terrace or something similar. If we have plans (particularly on weekends), we can save a lot of money. Even if the plans involve spending some money, it's spent more intentionally than if we just "wing it." We spent most of our free weekends painting the nursery, building furniture, and moving things from a storage unit we had rented to a garage in our complex.
Special Bonus Lesson #4: It's easier to deal with the situation of your debit card being hacked if you know you're not spending money during a particular month. When we got a call asking us to authorize a purchase in New York for about $700, we were 1000% certain it was fraudulent!
With all that in mind, and wanting to not lose our momentum of saving for Little Laskey in March, we're going to continue the Frugal February streak into March...at least when it comes to dining out! I think we have to relax our spending rules in some areas (Brian is very excited to regain his Tuesday afternoon movie outings and we're both in dire need of haircuts!), but we plan on only going out to eat in March when we have a gift card to cover a portion of our bill. Luckily, our friends and family know us well, and we have several gift cards stocked up from Christmas presents, and one really nice one that was my going away gift from Social Health saved for a special occasion.
