WALKER, Mich. — As we move into 2022, one of the most popular New Year's resolutions is to save money. For many, that's easier said than done.
So the 13 On Your Side Money Guide is breaking down several easy ways to save money in 2022!
1. Start a budget.
Before you can set a savings goal, you first need to know how much is coming in and how much is going out. Try the 50-30-20 rule. Budget 50% for your needs (like utilities and rent/mortgage), 30% for your wants (like entertainment and dining out), and 20% for your savings.
2. Learn a new skill
Learning something new doesn't just keep your mind fresh, it can also save cash. For example, learning how to change your oil could save you anywhere from $30 to $75 per trip to the auto shop.
3. Eat more at home
A 2020 survey found 64% of adults eat out at least once a week, and for many, it's more than once a week. The cost difference between eating out and eating at home is about $16 per meal. So for a family of four, that's more than $250 per month you could save.
4. Improve your credit score
If you have a credit score below 700, make it a priority to improve your score this year. You can do this in several ways, including paying your bills on time (enrolling in auto pay is a good practice), limiting how many loans you take out, and reducing how much you spend.
5. Shop the January deals
This month is a great time to make certain purchases, as retailers discount items coming out of the holidays. Buying seasonal items like a lawnmower in the winter and a snowblower in the summer can save hundreds of dollars.
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