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Things to Cut Back on in 2022 (So You Can Grow Your Savings Instead)
Turn a new leaf and invest in healthy spending habits to welcome the year ahead
It may only be the beginning of the year, but we’ve already accepted our fates—that we’ll be spending more time holed up at our homes in the near future. But we’re looking at the bright side of things, like getting to revisit hobbies and passions, learning new skills and, you guessed it right, saving money.
Out with the old, in with the new! The blank slate offers an opportunity for us to leave behind money mistakes we’ve made from the year that was. This may be spending first *then* saving what’s left, auto-renewing subscriptions (of hardly touched apps that don’t add value to our lives) or even participating in “super shopping” sales.
It’s time to turn a new leaf and invest in healthy spending habits to welcome the year ahead. Here’s a list of things to cut back on, to grow your savings instead.
Treating yourself once in a while is essential, especially when you’ve earned it—maybe after a long, arduous work week, and you just need a pamper day, or when you’ve set aside savings and need a tech upgrade. Succumbing to every “job well done,” on the other hand, regarding one opportunity after another as a reward, will deplete your bank account! Discern well and plan ahead.
Being holed up at home for days and weeks on end, there is a high chance that you’re also spending more money on food delivery, to indulge every whim, whether it’s to appease that midday milk tea or late-night pizza craving. Cooking your own meals (or learning to, during this prolonged quarantine) gives you a break from sitting all day in front of your computer. You can even cook delicious yet healthy recipes, especially for that post-Media Noche detox!
Challenge yourself this year to cut down on shopping—especially with non-essentials that only fill your closet and drawers or products that never get to see the light of day. Maybe even commit to a more sustainable lifestyle and really discern every item you shop for. As Queer Eye’s resident interior designer, Bobby Berk, says, “The chaos around you puts chaos in your mind.”
Need more cash management tips for the new year ahead? Let go’s Career & Money page be your compass.