22 Ways to Boost Your Savings in 2022 – The Motley Fool | Vette Leader

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Here are some ways you can grow your savings.

Important points

  • Many people want to increase their savings this year.
  • You can achieve this goal through a series of wise decisions, but it may also require some sacrifices.

Ask your friends about their 2022 financial resolutions, and there’s a good chance “save more money” will be high on many people’s lists. If you have similar goals, you probably know this as you increase your savings can be done, it is also easier said than done. With that in mind, here are a variety of options to boost your savings in 2022.

1. Get a budget

Sticking to a budget will help you track your spending and find opportunities to save. You can set up a budget on paper, in a spreadsheet, or by downloading a budgeting app.

2. Make the process automatic

Saving money becomes easier when it happens spontaneously. When you set up an automatic transfer from your checking account to your savings, you effectively force yourself not to spend that money.

3. Get free pension money from your employer

If you have a 401(k) plan through your job, find out what your full 401(k) match entails. Your company can contribute up to $2,000 as long as you contribute the same amount.

4. Team up with a friend or partner to achieve goals

Saving doesn’t have to be a solo affair. Enlist the help of a partner, roommate, or friend to achieve goals together and hold each other accountable for progress.

5. Reduce your living space

Moving to a smaller home could mean spending a lot less on rent. If you can move without spending a ton of money transporting your belongings, you could make a lot of savings this year.

6. Get a roommate

Relocating may not be an option due to cost or logistics. If that’s the case, you can try to find a roommate and reduce your rent in the process.

7. Unload a vehicle you can do without

Perhaps you have ever needed a car to get to work. If you’ll be doing your work remotely for the foreseeable future, consider getting rid of your vehicle and saving money on your loan payments, maintenance, and auto insurance costs.

8. Make your own coffee a few times a week

Your store-bought caffeine solution may cost more than the coffee you brew at home. Do the latter a few times a week and it could result in big savings.

9. Order takeout less often

Eliminating one takeout meal per week can save you more money. If you currently offer takeout meals several times a week, start by eliminating one of those meals and replacing it with a homemade alternative.

10. Replace an expensive cable plan with cheaper streaming services

You might not need to shell out $80 a month for cable when you can be entertained with a couple of streaming services for $8 to $15 a piece. Explore your options so you can deposit the difference.

11. Cancel a streaming service that you don’t use very often

You might be paying for three or four different streaming services with varying levels of usage. If there’s one you barely use, why not save the money, even if it’s only $8 or $9 a month?

12. Shop for groceries strategically

Supermarkets do a good job of listing their weekly sales online. Research and then shop those sales to pay less for groceries.

13. Find out the prices at the pump before filling up

Fuel costs start the year higher. You can spend less on fueling your car and save more by using sites like GasBuddy to find the lowest fuel costs in your area.

14. Hanging out at home

It is possible to have a social life while saving money. Just swap out some of your cinema and restaurant trips for movie screenings in your living room and potluck dinners in your dining room.

15. Pay attention to energy consumption

Paying attention to energy consumption can reduce running costs. Simple steps like turning off the lights when leaving the room and disconnecting devices between uses can go a long way.

16. Take shorter showers

Maybe there’s nothing you love more than starting your day with a 15-minute shower. But if you cut that time in half, or simply turn off the water while you froth, your water bills could shrink, allowing you to save more.

17. Take a cheap road trip instead of a fancy vacation

Travel can cost a lot of money. Rather than spending a week at a high-end resort, consider rounding up friends for a fun road adventure that costs less and makes the same great memories.

18. Consolidate your credit card debt

The less credit card interest you accrue, the less you spend to pay down your debt — and the more you save. Consider a balance transfer, especially if you qualify for a card with an introductory 0% APR.

19. Refinance your mortgage

Lowering the interest rate on your mortgage could mean lower monthly payments — and more savings. It pays to shop around at refinance lenders in your area and see what interest rates you qualify for.

20. Negotiate a raise

The job market is hot right now and workers have more bargaining power than ever before. If your salary hasn’t increased by the start of 2022, make an appointment with your boss and fight for better compensation.

21. Get a side hustle

Taking on a second job on top of your main job could be a great way to increase your cash reserves. Many of today’s side hustles are flexible, so it can end up being easier to fit one into your schedule than expected.

22. Find the right account for your money

Although banks don’t pay much interest these days, you may be able to do better than what your current bank is offering. Explore your options for putting your money into a high-yielding savings account where the interest you earn is more generous.

No matter how much money you want to save in 2022, know that there are many different avenues you can take to reach your goals. With a bit of luck, you’ll end the year with a proud savings balance.

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