These days, inflation has impacted most households. As an example, during October 2021, the 6.2-percent price surge topped records for the past three decades. According to CNBC
, prices for shelter, energy, and vehicles rose the most, though higher food costs also concerned many consumers and economists.
For millions of Americans, these price spikes will negate any increases in wages that they've enjoyed during the past year. While many households cannot avoid feeling pinched when prices rise, some financial adjustments may help ease budgets. With that, we've outlined three ways to save money in 2022.
Three Sensible Ways to Save Money in 2022
Don't expect the same old tiresome advice, like skipping take-out coffee or bringing lunch to work. When gasoline, housing, food, and transportation costs rise, people can't cut back on necessities. Skipping take-out coffee, for instance, may not make enough of a difference to account for the inconvenience.
Instead, look for some financial fixes that can stretch incomes and offer greater security against unexpected expenses. With that in mind, consider three often-overlooked but sensible money-saving moves for 2022.
1. Understand Spending and Develop a Budget
Households don't necessarily need to plan out an inflexible budget that they carve in stone. Really, the first budget-planning step consists of poring over bank and credit card statements to understand how money currently gets spent. When many families track spending, solutions become apparent.
For instance, internet and phone plans often consume a sizable portion of a family's budget. Perhaps it's time to look for some cheaper bundles or special offers. To get started with budgeting, U.S. News offers
some suggestions for good budgeting apps.
2. Protect Finances From Inflation
Even people who manage to set aside savings may see the actual value of their accounts dwindle as inflation makes money worth less. It's prudent to keep emergency money in accessible savings or checking accounts, but it might be time to divert other funds into a tax-advantaged retirement plan or a high-yield investment fund.
In contrast, interest rates may rise soon as the government strives to stem inflation. Higher interest rates may offer more investment opportunities, but in contrast, they can jack up the prices for variable-rate debt and future loans. Keep this in mind when managing existing loans and particularly, when considering plans to take on more debt.
3. Use Extended Warranties to Protect High-Value Household Purchases
In the past several months, households have grown more connected because stay-at-home measures kept people together. In another sense, families have also grown more connected because of increased internet-connected devices and appliances, like smartphones, wearables, mesh routers, smart home assistants, and intelligent appliances.
These advanced gadgets can often help families work more productively, improve security, run homes efficiently, and even enjoy more sources of entertainment. Connected devices can even help save money by maintaining thermostats, streaming everything from movies to live concerts, and controlling appliance cycles.
At the same time, these advanced, sophisticated devices and appliances come with a lot more components and systems than their predecessors. Sadly, that leaves them even more vulnerable to such common occurrences as drops, spills, electrical shorts, or simple wear. People who never considered buying extended warranties have started to understand how these protection plans can protect their budgets against unplanned bills for repairs or replacements.
Upsie Offers High-Quality Extended Warranties That Save You Money
Extended warranty protection sold by stores doesn’t offer the best prices or protection. So anyone looking to save money in 2022 should protect their smartphones, wearables, computers, or appliances with Upsie. Upsie offers extended warranties directly to consumers, so they don't need to charge more to cover commissions.
Upsie's affordable extended warranties
all come with 24-7 access to live claims representatives. Depending upon the product, Upsie offers in-home repairs or the choice between certified local shops or prepaid mail-in service.
Stretching budgets during a time of high inflation challenges most people. At the same time, a high-quality, affordable Upsie warranty can protect against unanticipated repairs or replacements. Upsie covers electronics
, fitness machines
, outdoor tools
, and many other products.
Learn More About Saving Money With Upsie: