As inflation rises to its highest rate in a decade, many of us are making financial resolutions for the year ahead. From starting a budget, to using mobile apps for shopping and cashback, there are so many simple ways to save. To give you a helping hand, we’ve come up with 8 New Year’s resolutions to help you inflation-proof your finances and get 2022 off to a flying start.
Top Financial New Year’s Resolutions for 2022
Create a budget
Keep track of your spending and work towards your financial goals by creating a personal budget. It doesn’t have to be complicated, you can use a simple spreadsheet or there are a number of budgeting apps that can help with automating the process. Once complete, a clear budget will help you identify what you have coming in each month, what you can afford to spend and where you can cut back.
Start by writing down your total income, then create a list of monthly expenses – this could include mortgage or rent payments, car payments, insurances, utility bills and grocery shopping. Don’t forget to include non-essential spending such as eating out or entertainment. Use your bank statements and receipts for the last few months to track all your spending. When you’ve created your budget, review it regularly to be sure you’re staying on track.
Earn money with cashback apps
Improving your finances doesn’t have to be restrictive. If you enjoy shopping, why not make one of your New Year’s resolutions to get rewarded for it? Yes, you heard that right. Cashback apps are a way for you to earn free money and rewards through your spending. Simple and easy to use, these apps give you access to the best deals on your favorite products, then you get a percentage of your spending paid back to you as cashback.
You can get cashback on pretty much everything, from groceries, clothing and eating out, to insurance, broadband and even your mobile phone bill. There are so many mobile apps to choose from, but our favorites are the money-saving cashback apps that make shopping a breeze. Simply download your app of choice to your smartphone, follow the instructions and you’ll start making savings as soon as you shop.
Make saving one of your New Year’s resolutions
Unsurprisingly, one of the top New Year’s resolutions for 2022 is to save more money. And one of the best ways to do it is to set a goal. Think about what you want to save for, perhaps you’re getting married, planning a holiday or saving for retirement. Then think about how much you need and how long it might take you to save for it. Even if you can only manage to save a small amount each month, it will soon add up.
If you’re managing to save regularly, you can earn interest on your savings, tax-free. Some regular savings account pay up to 5% interest if you to put money away each month, with interest paid yearly. They tend to offer higher interest rates that easy-access savings accounts – you can find out more here.
Cut your regular costs
If you’re on a tight budget, think about where you can cut your regular costs. Check your insurances, phone contracts and other outgoings. You might find trial subscriptions that have expired, or you could get a better deal on your phone, broadband or insurances. Go through your bank and credit card statements with a fine tooth comb to find any monthly payments that could be cut.
Slash your grocery bills
If you’re making money-saving New Year’s resolutions, consider shopping smarter at the supermarket. You can easily slash your grocery bills by switching from regular to budget brands, looking out for deals and avoiding impulse buys.
What’s more, you can make your supermarket shopping a whole cheaper by using grocery shopping apps. From making shopping lists, to searching for cheap groceries, comparing prices and even getting free food, these handy mobile apps use special location technology to transform your smartphone into a handy shopping assistant.
Reduce your debt
No list of financial New Year’s resolutions would be complete without mentioning debt. If you’ve racked up borrowing on credit cards and you’re paying heavy interest rates, now is the time to transfer that debt over to a 0% balance transfer credit card. Just be sure to familiarize yourself with the details beforehand, including the expiry date on the interest free period.
You might also want to check your current accounts for any ‘hidden’ charges. ATM fees, overdraft charges, bank transfers and other services are just a few of the unexpected fees that banks can charge. If you’re opening up a new account, check all the fine details, and don’t forget to take a look at what perks you can get. Some personal accounts let you earn exclusive cashback rewards and partner deals.
Save on car costs
With fuel prices soaring, why not make 2022 the year to save on your car costs? One option is to cut down on the number of journeys you make. Consider car sharing, cycling or just good old walking.
Another options is to look out for cheaper fuel. Supermarkets generally offer cheaper prices, so they’re a good place to start your search. What’s more, many gas stations have apps that give get cashback on your gas purchases. Simply keep your receipt, upload a photo of it to the app, and you’ll get a percentage of your purchase back.
Some apps also come with fuel navigation capabilities that help you check all the gas precise nearby, just be sure to opt-in to share your location when you download the app.
Reduce your energy bills
With many suppliers having gone bust, 2022 is the time to keep an eye on your energy tariff. Some households don’t shop around for new deals and end up paying way more than they need to. So, make it one of your New Year’s resolutions to check out all the deals on offer.
You can also save money and energy with smart home devices. You set up smart home devices using a smartphone, and you can control them remotely, put them on a schedule or use their location-based capabilities for automation tasks such as adjusting the heating when you leave home, or sending you shopping reminders when you’re near a grocery store – how cool is that!
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