Saved No Money in 2021? How to Ramp Up in 2022

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  • Many people fell behind financially in 2021.
  • If you're looking to boost your savings this year, budgeting strategically and raising your income could be your ticket to meeting your goals.

Here's how to rev up your savings and meet your goals.

If you didn't manage to add any money to your savings account in 2021, you're no doubt in good company. Many people started off 2021 stuck at home due to pandemic-related constraints or fears. And a lot of families had their children learning remotely for the first half of 2021. For many, that may have resulted in less income and less opportunity to sock money away for a rainy day.

If you didn't put money into savings last year, you may be eager to boost your balance this year. Here are three tactics that could help you meet your goals.

1. Rethink your budget

It may be the case you're already living a frugal lifestyle and don't have wiggle room in your budget to cut back on spending. But if that's not your situation, and there are things you spend money on monthly that aren't considered essentials, then it may be time to reassess your bills and cut back on a few.

Take a look at your budget, or set one up if you don't have one already, and then figure out which spending categories are technically extras. From there, think about which ones are most important to you.

If you love watching sports and doing so keeps you entertained on evenings and weekends, then it could make sense to hang onto your cable package. At the same time, though, you may want to cancel your subscription box and gym membership to free up money for savings.

2. Get a side hustle

The great thing about taking on a second job is the money you start earning from it will be extra. A side hustle could give you a solid opportunity to beef up your savings.

These days, the gig economy is loaded with options for earning money on the side. If you're willing to commit to being in the same place every week, you can see if local supermarkets, warehouses, clothing stores, or restaurants need more hands on deck. And if you want a gig that's more flexible, see about driving for a ride-hailing service, designing websites (if you have those skills), or doing freelance woodworking, catering, or whatever it is you're good at.

3. Go after a better-paying job

The labor market is smoking hot right now and loaded with opportunities. Some companies are so eager to hire they're offering more generous salaries than usual in an effort to get workers to come on board.

If you're serious about boosting your savings but you know there's no opportunity to snag a raise at your current job, it may be time to dust off your resume and start exploring outside roles. If you're able to score an extra $250 a month in your paychecks, that could mean padding your savings account by $3,000 after a year at your new company.

Building savings could bring you peace of mind and get you closer to different goals. These three tips could be your ticket to padding your savings account this year and giving yourself something to celebrate by the time 2022 wraps up.

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