Is saving money one of your New Year resolutions? February is a good time to check if you’ve started on the right foot. Read on to find out why February is the ideal month for savings!
We human beings are strange. We wait for 12 months to pass to make new promises, and tend to forget our promises as time goes by. While there a few people who actually succeed in meeting their yearly goals, some find it hard to focus and fail to see it all the way through. Whichever category you belong to, you can hugely benefit from this article, because below are four reasons why February is possibly the best month to up your savings game. Curious? Read on.
Lesser Days, Duh!
We know 2020 is leap year, but it’s still shorter than the other months. The obvious financial benefits here are lesser expenses. Most of us set a monthly target to save, and we don’t customise it separately for February even though the month is short… but that’s OK! Use this leeway to get motivated by saving more money in February; it’ll really help you enter March with a whole lot of positivity.
Additional Reading: Your New Year Investment Resolutions
Review The Pilot Month
All great ideas are first tested and then rectified; you can do the same with your 2020 financial plan. It’s absolutely okay if January’s saving plans haven’t gone smoothly – as long as you review it on the first day of February. How? Treat January as the pilot experiment of your 2020 financial plan. From your findings, you’ll able to see the gaps between your proposed plan and its realistic limitations. Use February to give your financial plan a real-time-based tweaking; it can only help you!
Psst… February is also a good time to incorporate unforeseen financial commitments made in January into your plan. For instance, you may have decided to buy your dream home after hearing about some really awesome January-special Home Loan offers – in such cases, it makes sense to seize the day; just don’t forget to tweak your financial goals accordingly.
Also, February is a good time to check your Credit Score – click here to check it now for FREE
Additional Reading: Tips To Improve Your Credit Score
End Of The “New Year, New Me” Celebrations
January is a time when many of us tend to think of reinventing various aspects of our lifestyle; it can be fashion, food, buying something new, joining the gym (you can say that again), and enrolling in a course. Now, all these are typically expenses incurred while the spirit of the New Year is still alive. Come February, most of these impulse decisions fade away, and you have a chance to start afresh with your financial plan.
Additional Reading: Debt Control Strategies For 2020
Good Time For A Vacation
Back in the day, holiday travel used to be viewed as an expense. While that is a fact, taking time off work is surely more than just that; it’s an investment in your well-being. What’s the use of working hard the whole year when you’re not going to take time off to see the world?
Now, as with other things, travel destinations have their peak seasons. Obviously, peak season rates are high. Typically, summer is high on tourists because of school holidays for kids. However, we suggest you time your annual holiday a little before everyone else and do it in February. Why? Because rates are generally better. In places where winters are harsh, January may be unbearable, but in February, things start to get quite balanced, so if you’re up for a little off-beat holiday, plan your vacation in February – you’ll end up spending way less money on your holiday compared to a peak-season vacay. Another plus of travelling off-season is that you’ll deal with lesser tourists – double WIN!
Psst… use a Credit Card to make your travel and accommodation bookings – you’ll save more money!
Didn’t get a Credit Card in January? No worries; you can apply for a Cashback Credit Card right away and give your savings a boost.