Saving money is going to incredibly important in 2022. With inflation hitting a 30-year high in February, it’s going to be difficult to ensure that your money can stretch far enough to cover all your essentials. Ideally, you’ll be able to build some savings to give you peace of mind that you have a buffer to cover bills and rent in case of an emergency. Below, we explore the best ways to start saving this year.

Setting a monthly budget

To begin with, you should set up a monthly budget. First, you’ll need to consider the money you bring in each month from your job and any side hustles. Next, you should calculate your expenses each month: this usually includes rent, bills and groceries. By cutting these expenses down to the essentials, you’ll ideally be left with some disposable income at the end of the month. You can spend this sum on some luxuries such as entertainment and divert the rest into a savings account to begin to grow your money.

Always be on the lookout for discounts

You can also save money by making the most of discounts. If there’s a product or service you’re about to purchase, it’s worth exploring online to see if there are any discount codes or coupons available. For instance, there are plenty of teacher benefits out there with many recognised brands.

Cancel unnecessary subscriptions

It’s easy for your subscriptions to mount up without you realising. This might be streaming subscriptions, magazines or food and drink memberships. They might seem small individually, but together they can make for a significant outlay each month. Review all your existing subscriptions and cancel any unnecessary ones to help save yourself a little cash each month.

Plan food shop in advance

Finally, you should also plan your food shop in advance. If you arrive at the supermarket without a clear list, it can be easy to overspend and purchase too many unnecessary items. Instead, you should calculate the limit you can spend on groceries. From there, you should put together a list of items to buy that fit inside this limit. This can ensure that you stick to your overall monthly budget.

Saving money requires organisation and discipline. But by following the guide above, you should be all set to grow your savings and navigate a tricky financial period.