Here we are… the moment many have been waiting for and many are surprised it’s already here: 2022! It’s a brand new year and time for a new budget!
In honor of the new year, I will be sharing with you the three small money saving goals that have helped me time and time again! Below, I will also be giving away my FREE Personal Budgeting spreadsheet!
You’ll come to know – very quickly – that I’m a spender! (We’re talking…if I had a million dollars…I would no longer have a million dollars, but I’d have a super nice beach house in Cape Cod.)
You’ll also come to know – probably even quicker – that my love of blowing money is closely rivaled by my love of saving money.
As a recent college graduate, current graduate student, and second-year preschool teacher, I’ve learned to find the balance of spending and saving quickly!
My budget is tight, my debt is high, and my savings goals are strict.
That being said, I don’t believe that saving money should be a “Go to jail. Go directly to jail. Do not pass go. Do not collect $200.” kind of situation.
Spending money and saving money is fun AND IT SHOULD BE!
I can’t guarantee to turn your pennies into dollars and I’m not saying that my small money-saving goals will turn you into a millionaire overnight.
I’m not a millionaire, by any means, but I am much better off than I was even a year ago!
Our current economy is…less than desirable…but there are resources out there that can help you manage your money, including this article!
So, without further ado…
My Three Small Goals to Save Money In 2022
“Piggy-Bank version 1” by cafecredit is licensed under CC BY 2.0
Create an Emergency Fund
In case of an emergency – even a small one – you need to be covered.
No one wants the “hey mom/boss/distant-and-oddly-wealthy-uncle, I’m in need of some money” convo.
Although it’s not always unavoidable, having a safety net of money is vital!
A great way to create an emergency fund is to open a high yield savings account (HYSA) and automatically deposit a set amount each week.
You should also be saving all the extra (see saving goal #3) into your emergency fund.
I opened a HYSA in 2018 and I’d be a big fat liar if I told you I’ve been depositing the same amount every week since!
I have, however, been depositing something every week!
When I first opened the account, I was automatically transferring about $20 from my checking account to my emergency fund every Wednesday.
Because of my current living/work/school situation, I am transferring about 20% of my weekly income to my emergency fund every Wednesday.
The money transferred to your emergency fund is untouchable – not yours to spend – until there is a legitimate emergency!
Your transfers should be automatic and weekly.
It genuinely doesn’t matter how much you deposit at first providing you get in the habit of saving!
“Budgeting” by investmentzen is licensed under CC BY 2.0
Budget Your Wants
We all know you want that overpriced coffee. Believe me, I do, too!
And there’s no reason you can’t have it!
(Just not every day!)
Mondays and Thursdays are my $7 venti iced dirty chai tea latte days. After tax, that’s about $15 a week that I budgeted for ahead of time!!
And PLEASE, for the love of all things money, knock it off with the “no spend days”!!!
There will inevitably be a day where you will overspend money on a need or a want, and shaming yourself for providing for yourself will never be a sustainable way to save money!
When you budget for your wants – getting your nails done, ordering coffee out, going to dinner with friends – you can see exactly how much you can afford without breaking the bank.
“Saving Money” by complexsearch is licensed under CC BY 2.0
Save the Extra
That Christmas bonus from your boss? Save it.
That extra five hours in overtime last week? Save it.
That $20 bill you found on your nightstand? Save it.
If you listen to only one thing, I say… SAVE THE EXTRA!
You CAN and HAVE lived without the extra and there’s NO REASON you shouldn’t be storing that money in your emergency fund!
Future you will thank you for it!
At the end of the day, money is money, but we all could stand to have a little bit more laying around!
I will never be the person standing before you saying you have to give up your lifestyle and your wants to save money.
BUT, I will always be the person that insists upon planning for your spending!
“New Year, New Spreadsheets” by sarae is licensed under CC BY-ND 2.0
Get My FREE Personal Budgeting Spreadsheet
Click HERE to find a link to my personal budgeting spreadsheet!
Press “make a copy.”
Add your personal information to create your new budget!
I’ve added a few random details just to show you how it looks, but make it your own!
You are capable of budgeting and saving money in 2022!
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You May Also Like:
- 7 Ways to Save Money Even When You’re Broke
- How to Use a Printable Cash Envelope System
- Budgeting 101: From Getting Out of Debt and Tracking Expenses to Setting Financial Goals and Building Your Savings, Your Essential Guide to Budgeting (Adams 101) *
- Cash Envelope System – Strawberry Lemonade
- Cash Envelope – Black & White Dreams
- Monthly Payment Organizer – Black & White Dreams
- Monthly Budget Template
Kayden Hamlin is a full-time preschool teacher and graduate student. She is passionate about saving money, self-care and mindfulness, and child development! When not in a classroom, you’d most likely find her reading with a cup of tea in hand or knitting projects for her family and friends.