15 Realistic Ways to Save More Money in 2022

Saving more money can help you accomplish financial goals and build more security for yourself and your loved ones. And the start of a new year is an ideal time to step up your savings efforts.

But how can you put aside more for your future in 2022? These 15 tips will help.

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Budgeting is the key to maximizing your savings. That's because creating a budget allows you to make a conscious choice about where your money is going.

But budgets only work if you stick to them.

There are different approaches, including a detailed budget or a 50/30/20 budget that sets a 20% savings rate, caps necessities at 50%, and leaves 30% for discretionary spending. Try out different options until you find a budget you can live with that allows you to prioritize saving for the future.

ALSO READ: The Complete Guide to Budgeting Methods

Being conscious of what you spend money on can actually make you spend less of it. Tracking spending is also crucial to help ensure you're sticking to your budget.

Use an app or spreadsheet to manually track each purchase to help you eliminate overspending and leave you more to save for your future.

A "Great Resignation" is occurring, with workers across the country leaving their jobs. With a labor shortage and so many people quitting, employers are likely going to be more willing than ever to make concessions to keep trusted employees.

If you can point to accomplishments at work or provide data showing your salary has fallen behind, 2022 may be the ideal time to negotiate for more money at your job.

If you're successful in getting a raise, commit to diverting most or all of it to savings before you get used to the extra cash in your paycheck.

You can also bring in extra income by working a side job if you have any spare time. Any money you earn from this new income source won't already be committed to covering other expenses, so you can save most or all of it.

ALSO READ: Should You Get a Side Hustle in 2022?

Many people don't save as much as they want despite the best of intentions. It's common to fall short of your goals if you're saving what's left over after you spend money on other things and if you must manually move the money into your savings account.

Instead of taking this approach, take the choice away from yourself. Make saving automatic by setting up transfers of money to your investment and high-yield savings accounts on the day you get paid. This way, savings is the default and you'd have to make extra effort not to invest for your future.

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The level of motivation you have goes a long way toward determining how much you'll save. And it's a simple fact that you'll be more motivated to put aside money if you know exactly what the end goal is.

That's why having separate savings accounts (or investment accounts) for each goal is important. If you have a house account, a vacation account, and a retirement account, when you transfer money into each one, you'll know exactly what exciting future goal you're currently sacrificing for.

Not only will this make you more likely to stick with your savings plan, but it also reduces the chances you'll end up spending the money on other things.

Some accounts provide tax breaks to help you save for retirement, healthcare, or college for your children. These can include:

• 401(k) accounts
• 529 accounts
• IRA accounts
• Health savings accounts

If the government wants to subsidize your savings, let it. Look into the rules for each of these accounts, open them if you're eligible, and start making tax-advantaged contributions in 2022.

Cable TV, streaming companies, gyms, and a host of other businesses require you to sign up on an ongoing monthly basis with the hopes you'll just stick with the status quo even if you stop getting enough value for your money.

At the start of 2022, go through a detailed list of all the things you're paying for on a monthly basis. Cancel anything that doesn't justify its price and redirect the money into savings.

If you can reduce your interest costs, you can save more money in 2022 instead of sending it to creditors.

Ideally, you could do this by paying off your debt. But if that's not possible, refinancing to lower your interest rate can also help reduce your monthly payments and total borrowing costs.

You can look into refinancing credit cards, personal loans, student loans, and even your mortgage loan to reduce debt payoff costs and direct that extra into savings.

ALSO READ: How to Refinance a Personal Loan

Coupons help you cut spending on items you're buying. Start making use of them in 2022.

If you can reduce the price of your grocery bills or other purchases by using coupons, move that extra into savings as soon as you get home from the store.

If you don't want to clip coupons from the paper yourself, there are places you can buy them online. You can also print coupons and find online discount codes for purchases you make from websites.

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Storing credit cards on online accounts makes spending too easy since you can purchase items with just a few clicks. To force yourself to be more mindful of the purchases you're making so you spend less and save more, remove stored credit cards from your accounts.

When you must type the information in each time, you'll be more likely to only make purchases that are really worth it.

Groceries and dining out often add up to a big portion of your budget, so if you can cut down on this expense, you can redirect a lot of money to savings.

Batch cooking is one possible way to do that. With batch cooking, you make a few large meals at a time on a set schedule, such as once or twice a month. Freeze them, and you'll always have a meal available so you won't be tempted to dine out as much.

You can also base your batch-cooked meals around what's on sale to drop your grocery bill even more.

Savings challenges are a fun way to increase your funds. The 52-week challenge is a common one.

It involves saving $1 in the first week of the year, $2 in the second week, $3 in the third week, and so on. The total extra you'd save with this challenge would be $1,378 by the end of 2022.

ALSO READ: How the 52-Week Saving Challenge Could Make You Much Richer by the End of 2021

No-spend days are days when you vow not to spend any money on anything. This both helps reduce your spending on that day and forces you to break the consumer mindset and get more creative.

Challenge yourself to have a certain number of no-spend days each month during the entire year and save the extra money you end up with due to reducing your consumption.

Finally, it's easier to stay motivated if you track how much you're saving toward different goals.

Monitor your accounts and see how your balance is growing so you can stay excited about the sacrifices you're making for your future.

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Saving more money in 2022 can leave you with a bigger net worth by the time 2023 rolls around.

The more of these tips you can implement, the bigger the impact on your savings account balance and the more progress you'll make in accomplishing financial goals.

Get started ASAP to supercharge your savings and end up ahead in the new year.

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