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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