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Frugal February Challenge #1 | Don't Ever Look Back

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Frugal February Challenge #1

Frugal February Challenge #1

The first week of Frugal February is over – how are you going with your savings so far? So far this month we’ve welcomed you to Frugal February, given you advice on how to set travel and financial goals, alerted you to some free iPhone travel apps and a competition to win a hostel voucher and told you why you should keep your travel savings in a different bank.

There’s plenty more great content to come during Frugal February and over the next week we’ll be giving you specific tips on how you can save money in order to boost your travel savings. But before then, we’re pleased to announce the first Frugal February challenge!

We’ll be running a couple of these challenges during the month – so be sure to chart your progress, we’ll be asking you how you did in early March!

Vacation FundFrugal February Challenge #1 – Keep a money jar for the rest of February

Jenny did it and saved $1,039.70. Kim did it and saved $125.50. We recently did it and tallied up savings of $264.25. If you didn’t read the title of the challenge, you’re probably wondering what the hell all of us did to save up these amounts?

Keep a money jar and put your change into it every day!

We know a few of you are already doing this and we congratulate you for it. But put aside your existing jar for now, this is going to be a competitive challenge and we want to see which of our readers can save the most! Here are the two simple steps we want you to take for Frugal February Challenge #1:

  • Find an empty jar.
  • At the end of each day for the rest of February, empty out all of your change and put it into the jar.
  • On March 1, count your change and let us know how much you have!

Want to take it a step further and really boost your savings?

  • Don’t use coins to pay for anything! Not only does this train you to think about your purchases more, you’ll have more change to throw into the jar at the end of each day.
  • For those of you in the United States, put your dollar bills into your jar as well!
  • If you’re super desperate, check the coin return slots in vending machines and pay phones. Every little bit counts!

Let us know in the comments if you plan in participating in this challenge so we can contact you in early March and see how you went!

Flickr Photos: Jason Alleydanesparza

12 Comments

  1. Posted February 8, 2011 at 1:56 am | Permalink

    this is a fun way to saving money

    • Posted February 9, 2011 at 10:24 pm | Permalink

      It’s definitely fun to count your money at the end just to see how much you have!

  2. Posted February 8, 2011 at 3:55 am | Permalink

    I have actually been keeping a change jar for years. I doesn’t get much love since I use my debit card for everything but it is kinda of full. I forgot all about it & now that I think of it should cash it in soon to use.
    Jaime recently posted..ShitMyCustomersSay

    • Posted February 9, 2011 at 10:26 pm | Permalink

      Yeah we couldn’t believe how few people paid with cash over there!

      Definitely should cash that baby in! Be sure to let us know how much you have.

  3. Posted February 8, 2011 at 1:50 pm | Permalink

    Another great tip! I’m loving Frugal February. And thanks for the shout out!
    Kim recently posted..Save an Extra 10K a Year

  4. Posted February 8, 2011 at 4:51 pm | Permalink

    Fun! I’m in the middle of a move but as soon as I get settled into my new place, this is going to be the first thing I do! It’ll be especially easy here in Hong Kong because you get so much change in coins that are too heavy to carry around but when they’re in 10 HKD denominations, the money will add up quick!

    Thanks for the great tip!
    Connie recently posted..How I Became a Gambling Addict in Macao

    • Posted February 9, 2011 at 10:29 pm | Permalink

      Awesome Connie – good luck! Just a side note, the Hong Kong notes are the prettiest bank notes we’ve seen in the world, I think we’ve stashed a few somewhere just because it made an awesome souvenir!

  5. Posted February 9, 2011 at 7:42 am | Permalink

    We had this plate of loose change (mostly euro change but some random as well) and last week Lorenzo’s grandma sifted through it and put all the euros into this adorable little bulldog piggy bank. So that means we’re in!! 🙂 I’ve been sneaking all the change that Lorenzo leaves around into the bank all week!
    Annie recently posted..I am like soo not THAT girl!

    • Posted February 9, 2011 at 10:30 pm | Permalink

      Haha great work Annie – would love to see a photo of the bulldog piggy bank so we can share it with our readers!

      We’ve been putting away our coins at the end of each day and hope to have around $50 by the end of the month. Hopefully you can get a nice amount as well!

  6. Posted February 9, 2011 at 12:43 pm | Permalink

    We’ve been saving change this way for years, it works wonders. Too bad we buy everything we can with VISA (for the points) or it would add up a lot faster. Just counted ours up on January 24th, $547. It’ll be interesting to see how much we have in there again by March.

    I’m betting not much, again because we use VISA wherever we can.
    Mike Lenzen recently posted..Selling Our House in Qu’Appelle- SK- Canada

    • Posted February 9, 2011 at 10:32 pm | Permalink

      Nothing wrong with using VISA but every little bit counts… even if you seldom use cash, you should still be able to save a nice amount as the $547 shows! 🙂

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