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How to Save Money in 2022

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Feeling the sting of holiday spending? There’s no better time than the new year to ring in some new spending habits. For instance, you can create a budget, make lunch at home more often, or even shop for car insurance rates that better fit your budget.

Here are some useful tips and tricks on saving money in 2022.

Collect Car Insurance Quotes

The beginning of the year is a great time to check out new car insurance quotes. Whether your policy is set to expire or you now have a better credit score, the beginning of the year gives you a good chance to see if you qualify for lower car insurance premiums.

Here are some steps for shopping for car insurance quotes:

  • Gather your information: Make sure you have every driver’s license number, birth date, and driving history. Keep in mind that teenage and senior drivers can boost your insurance rates.
  • Check state minimums: Make sure you know what your state’s minimums for insurance are before you select a policy. Then consider your insurance needs and the kind of coverage you will need for each driver.
  • Look for new discounts: As your circumstances change, you may become eligible for more discounts, so be sure to check for those with each driver. For instance, you may have recently completed a defensive driving course, which makes you eligible for discounts from many insurance providers.
  • Check multiple quotes: Check at least three quotes, including one from your current insurance provider, to make sure you’re getting the best rates. These quotes are free, so take advantage of this and gather as many quotes as you can.
  • Compare similar plans: Make sure you are looking at more than price. You need to compare plans with similar coverage options and make your choice based on those varieties of factors.

Create a New Budget

It’s easy to overspend, especially at the end of the year. January can be a good time to tighten your belt and take a good, long look at your finances. Here are some tips for creating and sticking to a new budget this year:

  • Get a budgeting app
  • Record your income
  • Examine your expenses
  • Cut unnecessary expenses
  • Commit to your budget 

A new budget may be the most important part of your plan to save money in the coming year. If you don’t know what you have to spend, you could end up starting the year by overspending your paycheck.

Start a New Business or Side Hustle

2022 may be the year for you to strike out on your own. Instead of cutting back, you may find this is the time to move your ideas forward. Start earning those dollars by setting up the business or side hustle you’ve always dreamed of.

Start by seeing how much free time you have and what’s possible with your current skill set. Here are some tips for starting your side hustle:

  • Know how much it’s going to cost you: Carefully plan your budget for training, materials, inventory, and other operational expenses.
  • Set reasonable goals and prices: Don’t expect to accomplish everything in a year. Plan your time and money well.
  • Save for your future: Not ready yet? Set up a savings account so you can comfortably start your side hustle in the future.

Starting your own business can be an expense that is well worth it if you’re able to do it. Carefully evaluate your business needs and your current budget before you make the leap.

Make it at Home

Instead of having food delivered or eating out, make your lunch and coffee at home. You’d be amazed how much money you’ll save, and you can turn the act into a self-care activity. Make grocery shopping an event or get your groceries delivered using a local service or food delivery app.

You can also make dinner together as a family and follow up by making the next day’s lunches. Meal planning can save you so much money while preventing food waste.

Following a budget and cutting expenses won’t be easy, but your efforts will definitely pay off in the long run.