22 Ways to Boost Your Savings in 2022

A woman baking muffins in her kitchen.

Image source: Getty Images

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Here are some options for helping your savings grow.

Key points

  • Many people want to increase their savings this year.
  • You can reach that goal via a series of savvy decisions, but some sacrifices may be necessary as well.

Ask your friends about their 2022 financial resolutions, and there's a good chance that "save more money" will top a lot of people's lists. If you have similar goals, you probably know that while boosting your savings can be done, it's also easier said than done. With that in mind, here's a host of options for growing your savings in 2022.

1. Get on a budget

Following a budget will help you track your spending and eke out savings opportunities. You can set up a budget on paper, on a spreadsheet, or by downloading a budgeting app.

2. Make the process automatic

Saving money becomes easier when it happens off the bat. If you set up an automatic transfer from your checking account to your savings, you'll effectively force yourself to not spend that money.

3. Get free retirement money from your employer

If you have a 401(k) plan through your job, find out what your full 401(k) match entails. It may be that your company will put in up to $2,000 as long as you contribute that same amount.

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

Saving money doesn't have to be a solo affair. Enlist the help of a partner, roommate, or friend to meet goals together and hold one another accountable for making progress.

5. Downsize your living space

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

6. Get a roommate

Moving may not be an option due to the cost or logistics. If that's the case, you can try finding a roommate and slashing your rent in the process.

7. Unload a vehicle you can get by without

You may have once needed a car to get to work. If you'll be doing your job 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 fix is apt to cost more than the coffee you brew at home. Do the latter a couple of times a week, and it could add up to big savings.

9. Order takeout less frequently

Cutting one takeout meal a week could help you bank more money. If you currently do takeout multiple times a week, start by eliminating one of those meals and replacing it with a home-cooked alternative.

10. Replace an expensive cable plan with lower-cost streaming services

You may not need to spend $80 a month on cable when a couple of streaming services at $8 to $15 a pop keep you well entertained. Explore your options so you can bank the difference.

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

You might pay for three or four different streaming services that get different levels of usage. If there's one you hardly take advantage of, why not save that money, even if it's just $8 or $9 a month?

12. Shop for food strategically

Supermarkets do a good job of listing their weekly sales online. Do you research and then shop those sales to pay less for food.

13. Research prices at the pump before you fill up

Fuel costs are starting the year off higher. You can spend less to fill up your car and save more by using sites like GasBuddy to find the lowest fuel costs in your area.

14. Hang out at home

It's possible to have a social life and save money at the same time. Just swap some of your movie and restaurant outings for film screenings in your living room and potluck dinners in your dining room.

15. Pay attention to energy usage

Being mindful of energy usage could result in lower utility costs. Simple steps like turning off lights when you leave the room and unplugging appliances between uses can go a long way.

16. Take shorter showers

You might love nothing more than starting your day with a 15-minute shower. But if you cut that time in half, or even just turn off the water while you lather up, your water bills might shrink, allowing you to save more.

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

Traveling can cost a lot of money. Instead of a week at a high-end resort, consider rounding up friends for a fun adventure on the road that costs less and delivers the same awesome memories.

18. Consolidate your credit card debt

The less credit card interest you rack up, the less you'll spend to pay off your debt -- and the more you'll save. Look at doing a balance transfer, especially if you qualify for a card with a 0% introductory APR.

19. Refinance your mortgage

Lowering your mortgage's interest rate could result in lower monthly payments -- and more savings. It pays to shop around with refinance lenders in your area and see what rates you qualify for.

20. Negotiate a raise

The job market is hot right now, and workers have more bargaining power than before. If your pay didn't go up to start off 2022, schedule a sit-down with your boss and fight for better compensation.

21. Get a side hustle

Picking up a second gig on top of your main job could be a great way to boost your cash reserves. Many of today's side hustles are flexible, so fitting one into your schedule may end up being easier than expected.

22. Find the right account for your money

Though banks aren't paying a ton of interest these days, you may be able to do better than what your current bank is offering. Explore your options for moving your money into a high-yield savings account where the interest you earn will be more generous.

No matter how much more money you want to save in 2022, know there are plenty of different paths you can take to meet your goals. With any luck, you'll close out the year with a higher savings account balance to be proud of.

Alert: highest cash back card we've seen now has 0% intro APR until 2024

If you're using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee. 

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes. 

Read our free review

Our Research Expert