Plenty of consumers already signed themselves up for New Year’s resolutions to save more money, which segue perfectly into a February spending purge, a financial reset that can help solidify your money awareness.

After engaging in a no-spend January, Kaitlyn Murphy—a Gen Zer living in Boston—has been far more financially conscious in February. The key to her success was tracking every dollar she spent, setting up a sinking fund for shopping, and making coffee and meals at home—even on the weekends.

“Two months in, it’s been eye-opening to see how much I was spending on purchases I didn’t really need but just had to have,” says Murphy. So far, she has reduced her out-of-pocket spending by 70%, saying it has been a “breath of fresh air” to no longer worry about random expenses creeping up.

“Money-saving challenges offer a chance to reassess spending patterns and prioritize financial goals,” emphasizes Holley Cary, CFP and vice president and senior financial planner at First Horizon Advisors.

The key to any financial challenge is setting up and following a budget that allows you to track your spending. Big spending targets for Frugal February include canceling streaming services, renegotiating bills, and refusing to buy new clothes or household products.

Financial frugality can help revolutionize your finances

Being financially frugal for a month—or even just one week—can help you develop a new relationship with your money. It helps uncover deep feelings about the true value you place on your spending. 

While once you might have thought nothing of spending $100 monthly on new clothing, eliminating the spend, doing a closet cleanout, and joining a clothes swap program could help you realize you’d rather allocate the money to vacation savings or your Roth IRA.

Kendyll Boback, a UX designer living in Colorado, says that turning to consignment and thrift stores rather than buying new outfits helped her become more financially mindful and save money.

“I definitely feel more in control and feel I can meet my goals sooner. I’m not spending to keep up with what everyone else wants, but instead on things I want for myself,” says Boback.

According to Cary, additional practices for Frugal February include:

• Cancelling memberships or finding cheaper internet access to create discretionary funds that can be directly deposited into your savings account.
• Eliminating excess spending on entertainment and eating out. 
• Depositing employer incentive payments or bonuses directly into savings.
• If you have extra time, find a side hustle or a gig job to save that extra income and live off the income from your primary work.

“As part of your planning, commit to saving an amount equivalent to 10% of your income and break that number down monthly,” says Cary. “Then, set up a monthly systematic savings transfer for that amount from your checking account to a high-yield savings account offered by your financial institution. Consider this monthly transaction as a non-negotiable fixed expense in your spending planning.”

Being frugal, or at a minimum having open money dialogues with friends and family can also make the process less of a strain on your social life.

“Most of my coworkers did a night in on Valentine’s Day and planned thoughtful but inexpensive dates at home, rather than go out to dinner,” says Boback.

“A great learning experience as you evaluate your savings and spending patterns, a Frugal February challenge can also be a fun activity with a group of friends or as a family, offering encouragement to one another along the way,” adds Cary.

The risks of Frugal February and other personal finance challenges

Frugal spenders often turn to Reddit for advice and solidarity. On r/Fire—Financial Independence & Retiring Early—some individuals take frugality to the extreme. By spending as little as possible when they are young, they hope to retire early and have later-in-life financial flexibility. While this mindset works for some, for others, it can have unintended negative consequences that result in an unhealthy money relationship.

“Getting overly focused on not spending money can lead to feelings of isolation and resentment if individuals miss out on social activities and experiences that bring joy—all out of fear of overspending,” Cary says. “Obsessive frugality can also create burnout, making it harder to maintain a positive relationship with money in the long term.”

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On another subreddit, r/Frugal, millions of users share unique thrift store finds, coupon tricks, and philosophies on frugality. Luckily, Reddit communities are often quick to point out that frugality is not for everyone, as it can take extensive time out of your day.

But being frugal does not mean you must always eliminate all spending, period. Instead, spend smart: When you need a new frying pan, for example, don’t simply buy the cheapest pan, but rather find the right balance of quality and cost.

Financial stability begins with financial mindfulness

At the heart of Frugal February is a desire to be more financially mindful, meaning you understand and accept your full financial situation—paired with having balanced and actionable goals.

Weighing purchases with budget limitations can help you become frugal with reason. For example, if you decide to skip out on going to Starbucks, maybe you should invest in a nicer coffee machine that won’t break down every other year.

Discussing your financial plans—whether with Redditors, friends or family, or yourself via a journal—can help you strike a balance between frugal and reckless spending.

If you didn’t engage in a no-spend January or Frugal February, don’t fret. Any month can be your time for a financial reset, and each could lead to a revolution for your finances. Recognizing spending habits, sticking to a budget, and having a plan for the future can put you on a path to long-term financial happiness.

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