22 ways to save in 2022: the big, the small and the quirky

woman doing double peace sign to show 22 ways to save in 2022

Happy to bid the whirlwind that was 2021 farewell and start fresh in 2022? You’re not alone. 

With the turn of a new year there comes the opportunity of a clean slate. In fact, when it comes to saving money you might want to view 2022 as your opportunity to find better strategies to grow your current stash or simply put in the ground work to create positive saving habits. 

And the good news is, there’s a tonne of ways to do it from big money savers to smaller spending changes and even hacks that are a little quirkier than your average saving moves.  

So with that in mind, we’ve rounded up 22 ways for you to save money in 2022. Check them out:  

The big: 

1. Don’t spend on big ticket items you don’t need: Dreaming of a fresh set of wheels or a brand new TV but don’t really need it straight away? Delay the purchase for the year and reassess. You never know, you could end up using your 2022 savings to cover the cost of the purchase later down the track. 

2. Start a side hustle:
If you’ve got a hobby you could make a little extra cash out of you may want to consider making it your side hustle. With social media and online shopping platforms booming it’s an opportune time to sell goods and services online - so if you’ve got the time to do it your savings account may thank you for it. 

3. Refinance your home loan:
Right now home loan rates remain low and you can still snap up a variable home loan with an interest rate below 2%. So if you haven’t refinanced in a while or ever you may want to consider doing it in 2022. By switching to a lower rate you could reduce the cost of your mortgage repayments and end up saving hundreds if not thousands over the life of your loan. 

4. Review your current savings account:
Is your savings account not up to scratch? If your current interest rate is below 1% consider switching to a high interest rate savings account option instead where you may be rewarded with bonus interest for growing your savings each month or making regular deposits.  

5. Consolidate your debt:
Paying interest across a number of different personal lending products (like personal loans, car loans or credit cards) can really add up. You may be able to save on interest by rolling all your personal debts into one debt consolidation loan as well as make it easier to manage repaying what you owe. 

6. Take advantage of a balance transfer offer:
If interest repayments on your credit card are holding you up from achieving your savings goal, a balance transfer credit card might be a good option for you. Depending on the card you may be able to pay down your balance interest-free over a period of months or even years. 

7. Reevaluate your energy provider:
Did working from home show you how expensive energy bills can be? Well, it’s never too late to make the switch! Do your research and find out what other energy providers are offering and compare it with your own - if you’re paying too much, ditch your current plan for a cheaper one. 

8. Check in with your insurance:
No matter if it's home and contents insurance, car insurance or pet insurance, it’s a savvy move to review what you're paying for your insurance in comparison to what you might pay with another policy. Don’t be afraid to chat with your insurance provider about any discounts available, but remember loyalty doesn’t always mean you're getting the best deal. 

The small: 

9. Be savvier with your grocery shop: Being savvy with your grocery shopping can make a big difference to your savings over 2022. Prioritise buying items that are on special and avoid buying things you don’t need or that are overpriced. 

10. Switch to a cheaper NBN plan:
These days getting a solid deal on your internet can make a big difference to how much you spend each month. You may want to look out for and switch to a broadband provider that offers low prices for the speed and data your household needs. 

11. Clean up your subscriptions and memberships
: Not watching a particular streaming service anymore or paying too much for a gym you hardly go to? Ditch the cost! It’s a good idea to go through your bank account history and cancel any direct debits that you don’t need to be paying.

12. Shop smarter:
Whether you commit to buying fewer new clothes or only buy items during sale or discount periods (when you need them), cutting down on indulgences is always a good way to grow your savings stash. 

13. Go for reusable rather than single-use:
Items like plastic bags, cling wrap or foil cost money each time you buy them. So, while purchasing a reusable wrap or bag may cost more upfront in the long run you’ll likely save money. Plus, you’ll be doing your part for the planet which always feels good.  

14. Reconsider how often you turn on the aircon or heater:
Whether you're in the habit of cranking the aircon in summer or curling up next to the heater in winter, you may want to start thinking twice about how long and how often you leave them on. By cutting down your aircon and heater usage you could reduce your electricity or gas bill over the course of the entire year. 

The quirky: 

15. Freeze, freeze, freeze: Being savvy with food is a good way to save money, so make sure you become well acquainted with your freezer this year. Not only can you bulk buy items that are on special and freeze them (if it's safe to do so), you can also save food from going bad, like bread or leftovers, by popping them in the freezer. 

16. Walk more:
With petrol prices still high, any time you can ditch your car and walk somewhere is good for your wallet. Similarly, the money you save on a bus or a train fare could be used for something else or help plump up your savings incrementally. 

17. Reduce your use:
There are many ways around the house to reduce your use. For example, do laundry less and in bigger loads - that way you lessen how much detergent you use as well as save on electricity. Another way is to use things like tissues or toilet paper in a considerate manner, by reducing the amount you use each time the box or roll will last longer and mean you have to buy them less often. 

18. Build yourself a pot of gold:
Who doesn’t love a pot of gold? Make sure you stash any coins or cash you have lying around the house into a jar or money box and don’t dip into it until it's full. It may seem like an old-fashioned way of doing things but it's still a goodie - plus it feels great when it's time to smash it open. 

19. Reduce the cost of your beauty routine:
For some this may be a tough one, but it’s all about finding where you might cut down or reduce the cost of -  this could mean reducing the price tag of your hairdresser appointments by opting for home dyes or choosing for less costly skin and make-up products. 

20. Become your own barista:
While takeaway coffees can seem irresistible, when purchased everyday or multiple times a day the cost can really add up. Cut down on the amount of takeaway coffees you buy and become your own barista with a homemade brew. 

21. Don’t throw away your toothpaste too early:
Same goes for your shampoo, conditioner, body wash etc. Ensure you are using these products until they are empty before you purchase a new one. 

22. Sell or re-gift unwanted presents:
Got unwanted Christmas or birthday gifts? Sell them online or re-gift them to someone. Similarly, if you have any clothes that you no longer wear but are still in good condition you may want to sell them rather than sending them to a charity shop or putting them in the bin, you never know how much you might get.   

Need some more money-saving hacks? Check out our 5 tips to better money management in 2022 article or head over to our savings accounts hub for even more tips and tricks.

Compare savings accounts - last updated 22 January 2022

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • AMP Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    From 1 Feb 2022, minimum deposit of at least $250 in the previous month.

    An ongoing total variable bonus rate of up to 1.35% per annum will apply each month from 1 Feb 2022 if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^

    Details
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.20%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.