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6 Tips to Help You Save More of Your Money in the New Year

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Whether you’re fed up having pennies left in your bank account at the end of the month or finally want to start making progress towards your longer-term financial goals, our saving tips for 2022 can help. We’ve compiled the best tips from around the web to help you get to where you want to be.

The 52-week savings challenge, recently adapted by the online lender Wonga, is a simple and incremental savings plan that can help you save a considerable sum of money by the end of the year. You put an affordable amount of money into your savings account each week and watch it add up. Rather than sticking to a rigid plan, Wonga’s take on the scheme lets you save more or less each week depending on your finances at the time, making it a realistic and achievable way to save. 

  • Calculate and increase your savings rate

Your savings rate is the proportion of your after-tax income every month that you save. Here’s how to calculate it. Once you have that figure, aim to increase it, even if it’s just by a single percent over the year. That will put you in a better financial position and ensure you have more money put aside for a rainy day. 

  • Make stocks and shares a long-term investment

When the stock market gets rocky, your initial reaction might be to pull out of investments that are losing you money. However, as long as you have a diverse and risk-averse fund that’s been performing well over the longer term, then resist the temptation to pull out at the first sign of trouble. Stock market dips are inevitable and pulling out when they’re down can lose you a lot of money. Instead, keep the faith, hold your position and even consider buying in at the lower rate.   

  • Introduce a no-spend day

In an age when we have digital cash at our fingertips, the idea of going an entire day without spending a penny can seem unlikely, but with a little forethought, it’s surprisingly easy. Prepare food at home, avoid takeout coffees and steer clear of familiar temptations for 24 hours and you’ll quickly see your savings stack up. 

  • Schedule a regular finance admin day

It’s difficult to save money if you don’t know where it’s going and you’re prone to overspending on discretionary expenses. Scheduling a regular finance admin day – once a month will do – will give you the chance to go through your bank statements, check that everything is as it should be and identify where your money is being spent. You can then make more accurate plans about how much you can save. 

  • Set a goal and a timeframe

One of the best ways to save more of your money is to have a clear goal and an amount in mind that you’ll need to achieve that goal. You should also decide on a time frame. Once you have that, you can then work backwards to calculate how much you’ll need to save to achieve it. Having a real reason to get there can provide the extra motivation to trim your expenses and save a little more.  

What are your tips for topping up your savings in the new year? Please share your favourites with our readers in the comments below. 

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