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Saving Money in February

There are traditionally several opportunities to spend money during February.  From Super Bowl parties to Valentine’s Day to many other social events that seem to dominate the short month the opportunity to spend is great. The good news, there are also several ways to save in February too.
What’s the biggest way to save money in February?
If you have credit card or other holiday debt, the biggest way to save is looking at refinancing that debt with a consolidation loan that will have a lower interest rate.  The savings can be very substantial due to the lower rate and likelihood that you will pay the debt off faster.
Are there other ways to save in February?
Filing your taxes early might be a way to generate money to save. If you return is relatively simple and you have all your tax documents, you can file now and get your tax refund very quickly, perhaps even before the end of February. There is no reason to wait until April 15th if you are getting a refund to file your taxes.
What else should we be doing in February?
Now is a good time to start looking for a house if you are thinking of buying your first house or moving to a new house. Rates are still relatively low so the sooner you can get find your house and lock in a rate the more money you will save versus waiting.
Are the ways to cut back our spending in February?
Think about turning down the Thermostat and bundling up if the weather turns cold outside. When going to parties, if you have to take food, make it instead of buying it which is always more expensive.
Can we save when it comes to Valentine’s Day spending?
First, don’t be in a hurry to pay full price however don’t wait until the last minute either. Even though the first two weeks of February will see Valentine’s Day gifts like jewelry and flowers in high demand there are always deals. Plan ahead, take the time to shop and you will get a sweet deal.
Are there any other ways to save when spending?
First, plan now for next winter.  Winter clothing will likely dominate the sale racks for the rest of the month so if you need to update your winter wardrobe, do it now, not next fall.  Discounts can be very steep and save you money in the long run.
So, it’s okay to shop if it’s a sale?
Not exactly, this would be only shopping after determining there is a need and then using sale prices to get a good deal.  It’s still not wise to shop just because there is a sale.  And, don’t buy something now that will be donated next year because you don’t really need it.

Posted: 2/5/2016 with 0 comments

Categories: Money Matters, Saving

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