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Top 5 tips for saving money in 2022

  • Mortgage Miles
  • 03 December 2021
  • | General

The past two years have been difficult for a wide range of reasons, but the financial worries have been a continued source of stress for millions. So, if you’ve recently been focused solely on surviving, now is the time to start thriving once more. A financial health check before the start of 2022 is the first step to making it happen.

 

Learning to save money and boost financial stability with immediate and long-term gains will undoubtedly improve your life. Here are our five top tips to do it in style.

1. Mortgage review

Buying a house is the biggest purchase you’ll ever make. Given that the average price of British homes has hit an all-time high, it’s vital that you now focus on getting the best rate. It won’t just help you save money in 2022, it can save you thousands of pounds over the mortgage term.


Whether you are about to get your first mortgage or you’re already a few years into the mortgage (assuming you’ve surpassed your fixed-rate term), taking this opportunity to review different lenders and deals is one of the most significant steps you can make. It’s not uncommon to save hundreds each year through this one upgrade.

2. Pension Review

Good financial health isn’t determined solely by your current situation. A financially secure future is equally important. With most people now working later in life than ever before, a pension review is highly advised. By consolidating your pensions into the highest paying plan, your future payout will be far healthier.


On a similar note, any prospect of employer contributions should be embraced with open arms. It is essentially the equivalent of being given free money to top up your pension. Crucially, it can go a long way to helping you overcome the problems caused by inflation and increased living costs.

3. Review home / car insurance 

When looking to save money or get cash back in your life, you should always favour ideas that require no sacrifice. This is why reviewing your home insurance and car insurance quotes is vital. Switching providers or plans can help you save money while the service (which you’ll hopefully never even need) will remain the same.


So, while you can make savings by making sacrifices in other areas of your life, this is a great place to start. As well as the monthly premiums, you should consider cashback or monetary incentives offered by the new plan. And if switching to a new provider every 1-3 years will increase your long-term savings, don’t be afraid to do it.

4. Put money in an ISAs 

Good organisational skills are an essential ingredient in the recipe for financial stability. Planning for the end of the tax year is a key step. In 2022, this date falls on April 5th. So, you should ensure that you have taken advantage of your ISA tax-free savings. A standard cash ISA gives you a limit of up to £20,000.

Other ISAs include Stocks and Shares ISAs, Lifetime ISAs, IFISA accounts, and Junior ISAs for anyone under 18. Taking the time to understand the allowances and how the tax-free savings can boost your financial situation can make a huge difference to your personal wealth. Those rewards will be telling in future years.

 

5. Save on all of the above and get cashback from websites like mortgagemiles.com


Finally, if you want to save money in style, you should look to get cashback from external sources.
Mortgagemiles.com is a great solution that helps you effectively save money based on your standard life purchases. So, you will boost your personal situation without any negative side effects or additional effort. What more incentive could anyone need?

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