The new year is here, which means everyone is making resolutions for 2022. And for many, their major resolution is to save more money.
People have various reasons to save. Parents have college funds to add to, workers are saving for retirement, young people want to buy their first homes, etc. Whatever your reason, perhaps you want to get more serious about putting money away this year.
If you're in need of financial help in figuring out how to save money this year, you're in luck. Here are five helpful money saving tips for 2022.
1. Kill Off Your Debt
Your first priority in saving money is going after your debt, and especially your credit card debt. You're not really saving any money if you're paying high-interest fees on your credit card.
The average credit card interest rate is about 16%, and that's not looking to slow down anytime soon. Don't run a balance on your card and end up wasting money on interest. Get your credit cards paid off fast.
2. Set a Budget
The most effective way to save money is to set a budget and stick to it. You need to track all of your purchases and ensure that they are within your financial means. If you lose track, you'll risk seeing your expenses skyrocket.
So next time you buy something, double check that it works with your budget.
3. Lower Your Insurance Payments
Are you sure that you're getting the best rates possible on your insurance plans? Seriously, are you sure?
If you're like most people, the answer is likely "no." Most people buy their insurance when they get a car, and then they just forget about it. They don't even consider the possibility that they are overpaying for their insurance.
You may be getting great rates, but you should always shop around to make sure there's nothing better. You just may end up cutting your insurance costs big time.
4. Take Advantage of Discounts
Almost every retailer has sales. Whether promotional sales, markdowns, or a clearance, there are sales everywhere. You should seek out sales prices and take full advantage.
This goes beyond looking for sales price tags. Become a coupon clipper. No matter how much you hate those people holding up the line at the cash register, the fact is they are saving money and you should do the same thing.
You can also save money online shopping by seeking out coupon codes. If you are strategic about it, you can use multiple codes at once.
5. Maximize Your Cash Back
When you make purchases this year, ensure that you're getting cash back wherever you can. A good starting point can be having a credit card that offers rewards for your purchases.
You can also earn cash back online with browser extensions like Sleek. Along with helping you find great deals, they'll help you earn cash back at many of your favorite online stores. It's a safe and rewarding way to shop online.
You can also earn cash back online with browser extensions like Sleek.
Make Sleek Your New Money Saving Method
Following these financial tips for money saving in 2022 will prove very rewarding for you. You'll see debts dwindle, you'll see your savings account grow, and you'll have plenty of opportunities to see your hard-earned money put to good use.
To get started today, download Sleek and create a profile. We'll help you find deals and earn cash back at some of your favorite online stores. The best part? It's completely free.
We know how hard you work for your money, so let us help you make more of it in 2022.