Please ensure Javascript is enabled for purposes of website accessibility
Search
Accessibility Menu

15 Easy Ways to Save More in 2022

By Christy Bieber - Feb 14, 2022 at 7:00AM
Piggy bank with dollar bills sticking out the top.

15 Easy Ways to Save More in 2022

You can easily supercharge your savings in 2022

Want to save more money this year? The more you save, the sooner you can accomplish financial goals and build wealth. And the good news is, there are some easy ways to supercharge your savings -- even without making major lifestyle changes.

In fact, here are 15 really simple steps you can take to spend less and divert more of your money into your bank account.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Previous

Next

Three savings jars full of cash and labeled House, Car, and Travel.

1. Set SMART savings goals

Many people want to save more but don't have a specific goal for what they hope to achieve. This can be a big mistake, because they won't be able to formulate a plan for how to actually set aside the money they need.

If you're serious about saving more in 2022, you should set SMART goals to make that happen. SMART stands for specific, measurable, attainable, relevant, and timely.

If you specify exactly how much you want to save by the end of the year -- and are realistic in setting that goal -- you should be able to make a concrete plan that maximizes the chances of hitting your target.

Previous

Next

Part of a household budget written on paper next to a calculator.

2. Live on a budget

If you don't have an unlimited amount of money, you'll have to make choices about what to do with the cash you do have. That's especially true if you want to save more of it.

If you don't have a budget, your spending and saving choices will likely be made on the fly without much thought about what's most important to you. This can lead to bad decisions that make it harder to save.

But if you create a road map for spending and you stick to it, you should easily be able to make sure you're limiting expenditures that are less important in order to make it possible to invest more for your future in 2022.

Previous

Next

Person holding pen and looking thoughtfully at notebook and calculator.

3. Write down what you spend

Many people spend unconsciously without even taking the time to realize where their money is going. But if you want to save more this year, you should change that pattern.

By manually writing down purchases, you'll accomplish a few different goals. You'll be able to track spending and make sure that you're sticking to your budget and that you can identify areas where you're splurging too much.

And more importantly, you'll be more mindful of whether each purchase is worth it, so the very act of spending consciously will likely lead to buying less.

Previous

Next

A pair of scissors lying on top of a messy pile of coupons.

4. Take advantage of coupons

Coupons can help you cut the cost of many of your purchases, allowing you to redirect the money to savings.

Whether you're going to the grocery store or shopping online, always look for ways to save using coupons printed from the internet or cut from the paper.

To make sure you actually use the saved money wisely, add up the amount that coupons were able to reduce your cost. Then, transfer this money directly to your savings account after each purchase.

Previous

Next

Weights in a gym.

5. Cancel unused subscriptions and services

If you have a gym membership you aren't taking advantage of or are signed up for too many streaming services, you can cut these unnecessary expenses. Just go through your past credit card and bank statements to find out which services aren't paying off so you can identify cost-cutting opportunities.

As soon as you cancel your subscription, you can redirect that money to savings each month. If your gym membership was costing you $50 on an automated payment, cancel it ASAP and set up an automated $50 monthly transfer to your savings account instead.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Previous

Next

Person holding a cell phone as if playing a mobile game.

6. Play savings games

Making savings into a fun challenge can help you to do a lot more of it in 2022. There are tons of different games you could play with yourself or with a partner to try to save more.

For example, one option would be to challenge a friend to see who can go the longest without spending even a dollar. When you cut your budget for the month by competing in this savings game, you can divert the cash to savings.

Previous

Next

Adult and two children saving coins in piggy bank.

7. Automate your savings

If you have a specific savings goal to accomplish, make it automatic to take the process out of your hands. For example, if you want to save $300 a month for a home down payment, have the $300 transferred to a high-yield savings account on payday.

People generally tend to stick with the status quo, so once you've set up your funds transfer, you should get used to living on less and are unlikely to go in and change things.

Previous

Next

Slip of paper saying 401k Contribution being slipped into piggy bank.

8. Choose the right type of account

You should always make sure you're using the right kind of account for different types of savings goals. For example:

  • If you're saving for retirement, you'll want a tax-advantaged account such as a 401(k).
  • If you're saving for healthcare, a health savings account (HSA) could be the best option.
  • If you're saving for a short-term goal, then a high-yield savings account is probably your best bet.

Picking the right account allows you to maximize the benefits each provides.

ALSO READ: 3 Reasons a 401(k) Is the Wrong Place for Your Retirement Savings

Previous

Next

The words Tax Credit written on paper.

9. Claim tax breaks for savings

Saving money in a 401(k), IRA, or HSA can all provide you with tax breaks for investing for retirement or healthcare. Likewise, a 529 account can come with tax benefits for educational savings.

You should aim to max out these accounts -- or come as close to doing so as you can -- so you get the most possible help from the government in supercharging your savings account.

If your income is low enough, you'll also want to be certain to claim the Saver's Credit, which could save you up to $2,000 in taxes just for contributing to retirement accounts.

Previous

Next

Hand holds pen near jar of coins labeled Retirement.

10. Open separate accounts for different goals

If you have different savings goals you hope to accomplish this year, create a separate account for each one.

For example, this could mean having a high-yield savings account to invest for vacations, big purchases, and a home down payment.

By creating different accounts for each objective, you can more easily track your progress and you'll be much less likely to raid the account for other things.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Previous

Next

Depiction of interest rates with dollar bill and blocks with up and down arrows and percent symbol.

11. Maximize your interest earned

Interest can help you effortlessly increase your savings, and some high-yield savings accounts pay considerably more interest than others.

Rather than just opening an account with your bank, shop around for the best rate so you can get as much free help as possible to grow your account balance.

Previous

Next

Masked person shopping for produce in grocery store.

12. Plan meals around grocery store sales

Groceries are a big monthly cost for many families, but there are ample ways to reduce your bill. If you can plan your meals around what's on sale, you can slash this bill.

If you reduce your grocery budget, you can redirect the money to savings.

Previous

Next

Sale price tags.

13. Stock up when items go on sale

Most stores have predictable sales schedules, putting items on sale around every six to eight weeks.

If you can learn the sales schedule and your consumption rate, you can stock up on items when they're available at a bargain. If you're able to avoid ever having to buy at full price, you can cut your budget without changing your habits and effortlessly save more.

Previous

Next

A line cook in a bistro.

14. Try out batch cooking

If you want to both save on groceries and reduce the incentive to dine out, consider batch cooking. This involves making large batches of meals and freezing some for later.

Batch cooking can save you money because you can bulk buy ingredients at lower prices. And if you have premade meals in your freezer, dining out won't seem as attractive, so you can save the money you were spending on restaurant meals.

ALSO READ: 3 Ways I've Slashed My Grocery Bill -- and Made Shopping Easier

Previous

Next

Person looking happy at a laptop.

15. Hold yourself accountable

Finally, you should track your progress regularly and make sure you're hitting your savings goals. You may even want to work with an accountability buddy, and you can both share your efforts at saving more.

If you hold yourself accountable with regular check-ins, you can change course if things go wrong and you'll be less likely to deviate from your plans.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

Previous

Next

Money raining on person smiling and celebrating.

Saving more is easy with the right approach

None of these 15 steps imposes a major burden on you -- and each of them can make a big difference in how much you're able to save in 2022.

Get started working on checking these tasks off your to-do list ASAP, as the sooner you make some basic spending changes, the bigger your savings account balance should be by the end of the year.

The Motley Fool has a disclosure policy.

Previous

Next

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.