3 Ways to Save $100 in February

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Get ready to close out the month $100 richer. 

In the grand scheme of things, an extra $100 in your savings account might seem like it won’t make a huge difference. But remember, if you manage to save $100 every month, then in time, you could end up with a nice pile of savings on your hands.

That could make it possible to meet different goals, whether it’s buying a home, paying off your credit cards, or simply getting the peace of mind that comes with having a fully loaded emergency fund. With that in mind, here are three steps you can take to save $100 during February.

1. Make it a DIY Valentine’s Day

Consumers plan to spend an average of $192.80 on Valentine’s Day this year, according to a recent report by the National Retail Federation. And if you’re planning to take your romantic partner out to dinner and shower them with flowers and a fancy gift, you might easily rack up a similar tab.

If you’d rather save your money rather than blow it on a single night, take a scaled-back approach to Valentine’s Day. Rather than spend almost $200, spend half as much on a nice bottle of wine, a small gift, and gourmet ingredients so you can whip up a multi-course meal in your own kitchen.

2. Keep your game day party small

There’s a highly anticipated sports event coming up on Feb. 12, and if you’re planning to host a party for it, you could easily end up spending hundreds of dollars on snacks, drinks, and obligatory game-day pizza. Rather than doing that, try inviting a few friends over to watch the big game, and make it a bring-your-own appetizer/snack/beverage affair. Doing so could easily put an extra $100 into your bank account.

3. Forgo your “get fit at the gym” resolution

Maybe one of your New Year’s resolutions for 2023 was to spend every other evening at the gym to get your body into top shape. Whether you’ve been keeping up with that resolution or not, the reality is that you really don’t need to pay for an expensive gym membership in order to stay or get fit — not when there are so many ways you can work out for free.

Dust off your old bike from your high school years and get into the habit of riding it. Bust out your running shoes and go for a jog three times a week. And use the power of Google to find yourself an easy workout you can do in your living room so you don’t have to pay a premium for gym classes. If you cut ties with your gym, you can bank the difference and get closer to your savings goals.

Saving an extra $100 in February might seem like a tall order, especially with different high-profile events coming up. But if you play your cards right, you can manage to sock away $100 or more and give yourself something to be happy about at the end of the month.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Maurie Backman has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.

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