5 money resolutions to kick start 2022
As the bright lights of the festive season slowly begin to fade and we look forward to all that 2022 has to offer, it’s time for a fresh start.
For many, January is a time of self-reflection and an opportunity to make positive changes to our day-to-day lives.
In fact, research by GoCompare has found that two out of five (40%) of UK adults plan to make resolutions for 2022. Spending more time with loved ones tops the agenda for the year ahead, along with being more eco-friendly and adopting a healthier lifestyle.
Sorting out finances is also a big priority for Brits with many keen to spend less on groceries, have less takeaways and save on utility bills this year.
If you’re looking for new year inspiration, look no further than our five money resolutions that’ll help make your finances go further in 2022.
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1. Set a budget and stick to it
Start 2022 as you mean to go on by setting yourself a budget. It doesn’t matter how much you earn, having a budget in place is the most important way of staying on top of your finances.
Budget planning might seem complicated but it’s really just a spending plan based on your income and expenses. In short it’s an estimate of how much money you’ll make and spend over a certain period of time.
If you’re a financial free spirit a budget may seem like a way of restricting your lifestyle but it’s not. The reality is a budget is a way to set you free from living paycheck to paycheck.
Living on a budget puts you in control of your finances, allows you to save and can help you get out of debt faster – but where do you start?
There are a whole host of budgeting tips online, however, one of the simplest ways to take note of your income each month and deduct your expenses each month, leaving cash for savings and ‘fun money’ where possible.
Planning a budget each month is easy thanks to our free budget calculator.
2. Swap takeaways for fakeaways
Let’s be honest, tucking into a takeaway after a long week is one of life’s greatest pleasures. In fact, figures show that spending on takeaways and fast food soared by 62% in 2021 as ongoing Covid restrictions limited where people could spend.
However, as diners spend more than £1,200 on takeaways in a year, it’s an expense that can stick in the throat a little when it comes to managing your bank balance.
That’s why, according to GoCompare, 46% of British adults plan on cutting down on takeaway meals in 2022.
Swapping takeaways for fakeaway recipes can not only help save cash but can also be a healthier alternative to your go-to from the local Indian or Chinese.
Ditch the Friday night takeaway and whip up your own version with the the help of sites such as BBC Goodfood for recipe inspiration.
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3. Take a packed lunch to work
Sticking with the food theme, another way to stay on top of your finances in 2022 is to meal prep for work.
Half of Brits are planning to take their own lunch to work this year in a bid to make their money go further.
According to research by recruitment firm, Reed, employees spend an average of £10-15 on lunch every week with many of us paying upto £500 per year to appease our appetites.
Downgrading your lunch from an artisan ciabatta to a humble homemade ham sandwich might seem underwhelming, but who doesn’t need an extra £500 a year?
Just think, that cash could get you a week-long all-inclusive trip to Gran Canaria, a PlayStation 5 or, most importantly, go towards your essential bills.
4. No impulse buying
Hands up if you made an impromptu purchase during lockdown. Don’t panic, you’re not alone.
Research by Barclaycard shows that households were more willing to splash their cash in 2021, with spending up 6% on 2019 figures. While non-essential shops remained closed at the start of the year, shoppers turned to the internet – online spending surged by 88% in March last year.
From trampolines and hot tubs to fitness equipment that has still to be used, we’ve all got a lockdown purchase that we didn’t really need.
Save your hard-earned cash this year by pledging to avoid impulse buying. That’s not to say you shouldn’t splash out on a long-awaited treat for yourself, but if you find yourself lurking about Amazon when you’re bored always ask if what you’re about to buy is something you really need.
5. Deal with your debt
There’s no denying that the last two years of our lives have been tough, socially, mentally and financially. Lockdowns, isolation and furlough have all taken their toll leaving many of us in financial situations we could never have imagined.
For thousands of people, their 2022 resolution isn’t just about making their money go further, it’s about regaining financial control.
As 22% of Brits pledge to transfer all debt to a 0% interest credit card, it’s important to be aware of the additional support available.
Creditfix specialises in offering confidential debt help to help people struggling with debt find a solution tailored to their needs – including an option that could write off up to 81% of unsecured debt.
Dealing with debt might seem complicated but it isn’t with the support of our experts.
If you’re worried about debt, help is just a click away.