I think we can all agree 2022 has been a bit of doozy, am I right? First, inflation jumped to over 8%, followed by skyrocketing gas prices averaging more than $5 per gallon. Even the best laid plans have changed dramatically, causing many in our community to tighten their purse strings.
If you started this $5,000 savings challenge in January full of energy and you’ve managed to keep that momentum going despite life’s unexpected challenges — the finish line’s in sight! If you dipped into your savings early on and find yourself no closer to stashing away $50 extra than you were at the start of the year, it’s OK. I feel your struggle (but that’s also why we save). At the very least, I hope you’ve learned a few valuable tips to keep in mind when you reevaluate your goals for the coming year.
But hey, 2022 isn’t over yet. I’m still chock-full of saving tips and tricks that’ll help you cross the financial finish line of this $5K savings challenge — wiser, (hopefully) wealthier and a bit more budget-minded.
Cut costs on transportation
The end-of-summer decline in gas prices had us all breathing a sigh of relief, but you can likely do more to save money on transportation costs. If you don’t already, consider lumping your errands together by locations. Not only does it save wear and tear on your car, but fewer trips to the store means fewer trips to the gas station.
If you’re back in the office, challenge yourself to find another way to get to work just once per week. Ride your bike (check the weather first), carpool, take the bus, even talk to your boss about working from home once or twice a week if your job allows.
Did you know when you’re less stressed, you’re less likely to drive aggressively (which can lower your gas mileage by 10-40% in stop-and-go traffic)? Kiss those road racing days goodbye and say hello to a little extra savings.
Host at home
Love to go out and socialize? Me too. Know what’s even better than going out? Hosting a seasonal soiree at home. Personally, I love hosting theme nights and inviting our friends over for a good time. My all-time favorite has to be our “Flannel and Flapjacks” party, where everyone wore their flannel jammies and we made a buffet of pancakes and breakfast foods. A simple flannel sheet and a kraft paper table runner was all it took to complete the ambiance. Everyone pitched in $10, and we ended up with a budget-friendly night in that saved each couple at least $50. We were so “plaid” everyone came!
Spend less on gift-giving
Gift bags are pricey — and there’s no shame in recycling them for your next gift-giving occasion. I recycle all my gift bags, which saves me $3-5 per gift (depending on how many recipients are on your gift-giving list, this could be a considerable savings). I also spend less on wrapping paper by purchasing a jumbo kraft paper roll and embellishing with sparkly ribbons, metallic pens and whatever fun doodles I can come up with.
Another trick to spend less on gift-giving is simply by planning ahead. Soaps, candles and cute kitchen towels are great hostess gifts that not only hold up until your next gift-giving need but can often be found on deep discounts during end-of-season sales.
A year-long journey toward saving
Thanks for following this money-saving journey through 2022. I hope you’re a little closer to your financial goals — but don’t stress if you didn’t get as far as you’d hoped. You can always revisit our year-long challenge by following the links below.