12 Frugal Habits To Adopt Each Month in 2024

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Kicking off 2024, the transition to frugal habits becomes more than just a New Year’s resolution — it’s a path to sustained financial well-being. The twist for this year? Introducing a new frugal habit each month. These simple-to-adopt habits are designed to enhance financial skills and foster a more economical lifestyle.

January: Budget Planning

Kick off the year by establishing a solid budget. This month is all about understanding your income and expenses. Utilize budgeting apps or traditional spreadsheets to track your spending. A clear budget sets the tone for a financially disciplined year.

February: Eliminating Unnecessary Subscriptions

In February, audit your subscriptions and memberships. Are you really watching all those streaming services? Cancel what you don’t use and watch your savings grow. Many consumers underestimate their spending on these services, averaging $219 per month, more than 2.5 times what they believe they’re paying.

March: Smart Grocery Shopping

March is for mastering the grocery game. Plan your meals, make shopping lists and avoid impulse buys. Americans waste a staggering 80 million tons of food annually, amounting to $444 billion worth of food thrown away each year. To cut costs, explore bulk buying for non-perishables and opt for seasonal produce. This approach not only saves money but also reduces food waste.

April: DIY Home Maintenance

This month, try your hand at DIY home maintenance. Simple tasks like painting, basic plumbing or gardening can save money that would otherwise go to professionals.

May: Energy Efficiency

In May, focus on reducing energy bills. Small changes like switching to LED bulbs, using smart thermostats and unplugging unused devices can lead to significant savings.

June: Thrift Shopping

June calls for a wardrobe refresh — thrift style! Explore local thrift stores for clothing and home goods. It’s eco-friendly and easy on the wallet.

July: Cooking at Home

Challenge yourself to cook more meals at home this month. Home-cooked meals are not only cheaper but often healthier than eating out. Americans can save about $12 by opting to cook and eat at home, with the average home meal costing $4.23 versus over $16 at a restaurant.

August: Public Transportation Challenge

August is about exploring public transportation options. If possible, use buses, trains or carpooling to save on fuel and reduce wear and tear on your vehicle.

September: No Spend Challenge

Embrace a “no spend” month on non-essentials. Focus on using what you have, and get creative with entertainment and leisure activities that don’t cost money.

October: Holiday Spending Plan

Before the holiday season kicks in, create a budget for gifts and festivities. Homemade gifts or experiences can be meaningful and cost-effective.

November: Review Financial Goals

As the year winds down, review your financial goals. Are you on track? Use this month to adjust your spending habits and savings plans accordingly.

December: Charitable Giving

End the year on a generous note. Look for ways to give back without straining your budget, like volunteering your time or donating unused items.

Final Take

Adopting these monthly habits can lead to substantial savings and a deeper understanding of personal finance. As you journey through 2024 with these practices, you’ll likely find that many of these habits stick, paving the way for continued financial success in the years to come.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

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