3 money saving tips for 2022 

Although everybody seems to understand the importance of saving money, many procrastinate – putting it off for the future, and believing it’ll be easier to save when they’re making more money. While this may indeed be the case, it’s also important to note that spending and saving are both relative. If you think you’re going to save more money when your income is higher, you’re probably also going to be spending more. That’s why certain money saving methods should be used at all times. Even if you’re only able to save a minimal amount, every bit counts. Your future self will thank you for taking the first step, instead of leaving it to them. 

1. Track your spending  

Tracking spending is becoming a popular first step to saving money. Budgeting can come next, but first, it is important to know exactly where your money is going. If you’re not already tracking your spending, you actually don’t know how much money is going towards various areas of your life, and you’ll probably be surprised when you take a look. Obviously certain categories like social activities or clothing shopping will vary from month to month, so track your spending over 3 to 6 months in order to get an accurate idea of what you’re spending on average. You could keep receipts going forward, look at previous bank statements, or look at 22Seven. Thankfully, banking apps make this easy!    

2. Pay your debt 

Many people pay the bare minimum in debt each month, to have more money to spend in other areas of their lives. But if you choose to adjust spending habits here and there after tracking your spending for a few months, you may be able to put more money towards debt each month. This will allow you to pay things off more quickly, thereby saving money that would otherwise go towards increased interest rates. Once you’ve paid your debts, you’ll have a lot more to save. So be proactive and try your best to get your payday loans out of the way sooner rather than later!   

3. Join rewards and loyalty programmes 

Yes, it can be annoying to constantly be asked by store tellers if you’d like to sign up for their company’s rewards or loyalty programmes. But if you’re finding it annoying, you’re probably purchasing enough from them to justify signing up. These programmes are often free, and include coupons, cash back, and exclusive specials and sales. If a programme has a monthly fee, it’s worth working out if it could help you save more money in the long run – especially if it’s for a grocery store or mall that you frequently support. The primary benefit to the business is your loyalty – so, don’t always assume that it’s just a way to trick you into spending more money. Make rewards and loyalty programmes work for you! 

Saving money isn’t easy. It often requires lifestyle changes and reprioritization. However, you will feel liberated when you cut down on unnecessary costs, and are able to hang onto extra money every month. Saving does not have to be a form of self-deprivation. Some people believe that focusing so much on saving can limit your freedom to buy and do the things you love, but with more money to invest in your future, you are doing the opposite. You are buying yourself freedom.