7 tips for saving money in 2022

2022 is coming very soon, and it is time to make a list of resolutions for next year. They can be various: a new car, an unforgettable trip, a hobby course, and more. However, you will need savings to fulfil all of your wishes.

Saving money is not such a difficult task. iCard will be your right hand in this process for the upcoming year and beyond. With your digital wallet, you can easily set aside funds and control your finances at any time with your phone. Don’t worry, it’s not so complicated. Thanks to the following advice, you will be able to successfully save money and make your wishes come true in 2022.

1. Make clear financial goals

The first step of the plan is to define financial goals. Make them realistic and achievable. Set a certain amount of money for each goal and write them down on a piece of paper or your phone. Set two different types of goals: short-term and long-term.

Short-term goals are those you can fulfil in a specific period (in this case one year), such as a trip abroad, making a credit instalment, buying a new phone, etc. You will need more time to achieve your long-term goals. Such goals, for example, are to start your own business, save money for a house, buy a new car, and more. Set aside a small amount each month for each goal, instead of investing in only one of them.

2. Open a separate account for each big goal

Forget about storing money in envelopes hidden in a secret place in your home. Forget about making complicated calculations in your head and wondering how much of the money in your main account you pretend doesn’t exist. You can now store your savings in iCard. Open an additional account in the currency of your choice for free because in your favourite digital wallet you can have a total of 21 accounts – 3 in each of the 7 available currencies. Name it to remind you to transfer money from your main account. Remember that money transfers between all your iCard accounts are free of charge, and you can also exchange currency at low rates at any time.

3. Keep track of the funds in your accounts

One of the many benefits of iCard is the option to check the balance and statements of your accounts in real time. Use iCard for your everyday payments. This way, you will monitor whether you are exceeding your weekly budget and whether you need to reduce your costs. You will be surprised how much money you spend on small things. Control the account with your savings and choose an amount to transfer there for a certain period. You can choose a smaller amount each week or a bigger amount each month. Do it most conveniently for you with iCard. It’s easy to check the statements in the app or download them as a file.

4. Control your expenses

Try not to make impulsive purchases of items that you will not need in order to save unnecessary costs. For example, when you want to go to the mall and buy something just for fun, do not do it and go for a walk in the park instead or engage your time in other activities. When you come across a site that has attractive offers, first think about whether you need more items that you will soon forget you own. Exit the site and do not log in there again. Don’t be tempted to spend the money you’ve already saved. Once in your iCard account, they should only be spent for the purpose for which they were intended to.

5. Get your salary in iCard

Get your monthly income in iCard to control all your expenses in a fast and easy way. Transfer your money to your favourite digital wallet by providing your employer with the IBAN of your account. Control them over by phone from anywhere in the world. Here are some of the benefits you get as an iCard customer:

• free IBAN accounts in different currencies;
• free iCard Visa debit card;
• free transfers to and from other iCard clients;
• profitable bank transfers;
• easy access to card statements and PIN codes;
• contactless payments with a debit card, phone, watch, and NFC key fobs.

6. Make yourself a day without expenses

Here is an interesting idea that will test your will and help you save money at the same time: organize a day without costs. Choose a day when you will follow the unwritten rule that you should spend no money. This applies to cash, contactless payments, and online purchases. Prepare your food for the day at home. Use the products you already have in the fridge. Choose a walk in the park with a friend instead of an expensive dinner with him/her outside. Try to make such a day at least once a month, and even in a week. Have fun, think, and at the same time increase your savings.

7. Follow money-saving challenges

If you are still unsure that you can set aside money, even after all this advice, you can challenge yourself in other interesting ways. Turn saving into a race and do not give up. Here are 3 ideas on how to get started:

• 50/30/20

One of the most popular rules for savers is 50/30/20. According to it, you should divide your monthly budget into three categories: 50% of it you should invest in needs, 30% for wants, and 20% should be your savings. Try to follow this rule every month. Calculate how much money you need to spend on each of the three categories and always strive to save 20% of the total.

• 1 more coin every day

Another interesting idea is to save a small amount every day. Start on the first day of the year by putting aside 1 coin and increase every day with one more: on the second day you put 2 coins, on the 123rd day of the year – 123 and so on up to the last day. The total amount you will collect until the end will be 667,95.

• Set aside your change

The third interesting method we offer you is to set aside not only your change of card payments but also from every cash purchase you make. This way you will collect a large amount of money by only adding the small change to your everyday purchase – round-up savings. 

Do you still think that saving money is a difficult task? We hope we have changed your mind and motivated you to pursue your financial goals. Set aside money in your iCard accounts, and you will fulfil all your wishes in 2022.

The team of iCard is wishing you happy holidays and wonderful shared moments!