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Our Top 5 Saving Resolutions for 2022

If you do an online search for popular new years resolutions, you’ll likely find hopes of getting healthy, spending less, saving more, or learning a new skill. To save you time, we’ve selected five of the best money-related resolutions to help you pay off holiday debt and reach your savings goals in 2022.  Ready to count down to the best year ever? Read on! 

Resolution 1: Spend less over the holidays 

This one can start even before 2022!  

First, know that you are in control of how much to spend on gifts. Part of being a smart and informed consumer is understanding more about your own spending habits, how advertising shapes consumer choices and the impact of buying from local businesses 

You’ve probably heard this before, but make a budget before you start shopping. Our online budget course helps you to make a simple budget in 45 minutes, in case you need a refresher. Remember, you don’t have to go into debt to get in the holiday spirit 

Resolution 2: Pay off holiday debt, as soon as possible 

Maybe you’ve already spent a bit more than you planned. How do you pay off all the debt that comes with the holidays, every year? 

One way is to make a regular schedule to pay off debt each month (budget, anyone?)If you keep doing this consistently, it will soon become a habit. Once the payments are done, consider rolling those monthly payments into savings.  

Resolution 3: Start an emergency saving fund 

An emergency fund doesn’t have to be big, nor does it have to be a specific dollar amount. It’s more important that you add to it on a regular basis. Don’t hesitate to use it in an emergency, just remember to replenish the next time you have an opportunity to save 

So make it a habit to pay yourself first. Or better yet, make it automatic by using a savings app like QUBER. Read our other tips on Ways to Save in a Pandemic to help you save at a time when money might be especially tight 

Resolution 4: Make a plan to reach your saving goal 

What is your savings goal for the year? Would you like to buy a new car, upgrade your education or maybe start your own business? Whatever that goal may be, you can start to save up for it now.  

Setting a saving plan for the whole year can sound intimidating, but start small and you will soon see how regular saving can add up. It’s also great to have good intentions, but keep it flexible. Life happens and it’s good to have options if you can’t save for that month. For example, The Momentum Savings Challenge offers a “Skip Withdrawal” option if you need to pause on your next planned saving. It will automatically put you back on track for your next scheduled saving.  

Resolution 5: Take an e-course on personal finance 

One great advantage of being online is that you can go your own pace and take breaks whenever you want, and no one will know! Momentum holds free webinars on money management topics where you can also ask any question you’d like and have it answered by a financial empowerment expert. You can even view recordings of past webinars (like How to Create a Holiday Budget) on our YouTube channel. 

Why wait until January? Start now! 

We get it, new year, new beginnings. But you don’t need to wait until January to start these resolutions! 

If you’re looking for one more reason to start saving now, The Momentum Savings Challenge gives you up to $100 in incentives when you save $40/month using the QUBER app.  Stop at any time, or keep saving to earn more. Learn more here  

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