7 New Year’s Resolutions that could save you over $1,000 each in 2022

Still figuring out your 2022 New Year’s resolution? We’ve got you covered when it comes to your finances! 

If stashing more cash is on your list of goals this year, you may be pleased to know that even small changes to your spending might save you over $1,000 in a year. Plus, if you commit to a few financial resolutions you could see even more money in your wallet or straight to your savings account. 

So without further ado, here’s Mozo’s 7 money-saving New Year’s resolutions for 2022 where we’ve crunched the numbers to find out how much you could potentially save this year: 

1. Prove caffeine isn’t all it’s cracked up to be  

Coffee-lovers may find this one hard to swallow but the proof is in the pudding… or that barista-made cappuccino you treat yourself to everyday. By giving up your morning coffee (or cutting out one takeaway coffee per day) by the end of the year you could see a decent chunk of savings in your account. 

2. Jump ship on your old school home loan

If you are currently repaying a home loan, jumping ship through refinancing should be on your list of 2022 to-dos. Right now some lenders are offering variable mortgage rates below 2%, which means you could reduce your repayments significantly this year if your current loan has a higher rate attached to it. 

For example, at the time of writing in the Mozo database the average variable home loan interest rate is 3.06%. So if you had a $400,000 owner occupier, principle and interest loan with an 80% LVR with this rate you’d be paying a monthly repayment of $1,909. 

If you were to switch to the current lowest variable home loan rate in the Mozo database - which sits at 1.77% - you’d be paying a lower monthly repayment of $1,651. This means over the course of one year, 2022, you’d end up saving $3,096 ($258 each month). 

^It’s important to note that this savings does not take into consideration any fees that may be charged for refinancing. These may include exit fees from your current lender or establish or ongoing costs from the lender you choose to refinance with. 

3. Breathe in the fresh air of the outdoors each time you have a sweat-sesh

Exercising is a crucial part of staying healthy, but it doesn’t have to be done inside a gym. By switching out the gym floor for your local park or beach you’ll save yourself the weekly cost of keeping up a gym membership (that you may not actually need). 

4. Put on your chefs hat and get creative in your own kitchen

It’s no secret that eating out is often more expensive than a home cooked meal. So by cutting out just one or two takeaway meals or nights eating out per week and stepping into your own kitchen, you could save thousands of dollars over the course of 2022. 

5. Show off your culinary skills to your work buddies 

Always forget to bring your own lunch to work? Well, this potential yearly saving may be the motivation you need to dust off your old lunch box and pack it with yummy leftovers (hint, hint… it’s quite a bit).  

6. Embrace the non-alcoholic drinking trend 

This is another resolution that is both beneficial to your health and your savings account! By reducing the amount of alcohol you drink each week, even by one bottle of wine or six-pack of beer, over 12 months you could save a solid chunk of change. 

7. Say bye-bye to ciggies and vapes 

There’s no doubt that giving up cigarettes is beneficial to your health and if it’s on your set of goals for 2022 it should be prioritised. Another benefit is that by saying farewell to smoking you could save yourself quite a bit of coin over 12 months. 

Looking for more ways to save? Check out our 22 ways to save in 2022 article! Or if you are looking to compare savings accounts take a look at the top options below or head to our savings accounts hub for even more.