12 Life-Changing Money-Saving Hacks for 2022

Money-Saving Hacks

In this article, I will show you 12 quick and dirty money-saving hacks to help you cut costs in all areas of your life. I’m 100% sure that you will find at least 1 hack that will help you and save you money. 12 money-saving hacks in 10 minutes – let’s get it!

1: Mortgage Payments

Let’s start our Money-Saving Hacks with the largest expense category for many people: Housing. The average person in the US spends around 30% of their income on housing. A special money-saving hack for all homeowners: Switching your mortgage payments from monthly to weekly can save you thousands of dollars.

Mortgage Payments

Interest is calculated daily on the outstanding balance. And by paying more often, you reduce your balance, and the interest that you have to pay goes down as well.

If you have a $300,000 mortgage with a 3% interest rate over 30 years, switching your mortgage payments from monthly to weekly will save you $36,000 over time. And that’s a massive difference. And just to be clear: You’re not paying more, you’re just changing the frequency. So, just call up your bank and ask them to switch your mortgage payments to a weekly schedule. Easy!

2: Lease Renewal

Also a tip for all renters. The demand in the rental market is cyclical. And you can use these cycles to your advantage. In the winter season, so, from November to March, the demand for rental properties is lower because fewer people want to move. So, people that rent a new apartment during this time can get the best bargains because for property managers it’s harder to fill vacancies.

Lease Renewal

If you already have a lease agreement that expires in the winter season, then your property manager will probably try to move your renewal date to the summer season. But try to stick to the November to March period because you want to keep that negotiation power for your next rental agreement.

3: House Money-Saving Hacks

Another way to reduce your housing costs is house hacking. It’s a strategy where you rent out a room on your property to get additional income. And that money can be used towards your mortgage payments. You could also do that with a property that you rent. Just make sure you discuss this with your landlord and get their permission. If you do it right, then the additional rental income that you get can offset your housing costs and you could potentially live for free.

Some people even buy a 3 bedroom house, live in 1 bedroom and rent out the others. You could also transform your living room into another bedroom and also rent that out. So, you can go really extreme here if you want to.

4: 2nd Hand Furniture

Here is another hack to reduce housing costs. New furniture can be very expensive. The average cost of furnishing a 1-bed apartment with essentials is up to $5,800. But you can save a lot of money by getting second-hand furniture. I’m a huge fan of this strategy. When I moved countries, I only bought used stuff and refurbished everything to my taste and saved thousands of dollars.

You can get super cheap and almost new furniture on sites like Craigslist, Facebook Marketplace, and even garage sales. Another bonus tip if there is IKEA in your country: They usually have a clearance section where you can find great deals on furniture that was just returned. Try to visit that clearance section on a Monday morning because most of their items are returned over the weekend.

5: Start Cycling

Transportation is the second-largest part of your expenses. And a great way to save money here is to get a bike if you live in a city where you can get around. It’s healthier and you save money on a car or public transport costs. And here is another thing: If you cycle to work every day, you could even cut out your gym membership.

I know so many people who drive to work, then they go spinning after work. But if you cycle, you save time working out after work and you save money on a gym membership and transportation costs. I’ve done it for 8 years now and only use public transport if it’s heavily raining. Since then, I saved thousands of dollars on transportation costs and gym memberships.

6: Intermittent Fasting

Food is the next big cost item in your monthly expenses. A great way to save money here is skipping breakfast and eliminating one daily meal. And one way to do that is intermittent fasting where you limit your daily eating to an 8-hour window. And that can start from noon time and can end at 8 PM. This means that you can normally eat your lunch and dinner, with snacks throughout the day.

I’ve done it for 6 years now and I don’t miss having breakfast. It only takes a few days to get used to it. And that’s not just a money-saver but also comes with health benefits. What I found is that you are also way more productive and focused in the mornings when your body is not using up energy to digest your breakfast. But before you try it out, check with your doctor if you are good to go.

7: Bring Lunch to Work

And another way to save money on food is to bring your lunch to work. The average lunch in the US costs around $11. If you do that every day, you end up paying almost $3,000 per year. A huge cost saver is to prep your lunch and brings it to work. You can easily prep a meal for $2 if you do it yourself. That’s a cost-saving of $9 per meal. If you only do that twice a week, that’s already $1,000 saved per year.

And I know what you think now: You don’t want to do it because you don’t wanna skip lunch with your colleagues. I’ve been there too, believe me. But you will be surprised how easy-going and understanding your colleagues will be.

8: Meal Planning

Meal Planning

And another way you can save money on food is to make meal plans. Over 70% of people say that food is their number 1 source of impulse buying – that’s when you buy something that you didn’t plan to get. On average, that will cost you $5,400 per year. So, planning your meals ahead, being clear about what you need, putting those groceries on a list, and sticking to your plan will save you a lot of money.

A bonus tip here: You can save even more money by doing batch cooking. I do this every Sunday when I cook 2 huge meals and put leftovers in the freezer. If you do that a few times, your freezer will be packed with different meals that you can easily take to work.

9: HSA Account

The fourth-biggest expense category is healthcare. A great way to save money here if you are in the US is putting your money towards your HSA. This is a tax-efficient health savings account that grows your money over time and that you can use for medical expenses. If you qualify for it, then you can contribute $3,650 per year in 2022.

HSA Account

The amazing part is that this account gives you a triple tax benefit: You invest pre-tax, so, untaxed money into it. Then, your contribution will grow with dividends and capital appreciation, which are also tax-free. And the money that you eventually take out is also tax-free if you use it for medical expenses. If you don’t use the account, then the money will just roll over to the next year. And we all have to pay for medical expenses at one point, so why not just do it tax-free.

10: Planning Travels

Another big expense category is traveling. What will massively bring down your costs here is planning your travels ahead. Book flights in advance. A good time to book a flight is 1 to 5 months in advance. The best day to buy a ticket is usually on a Tuesday. And the cheapest days to fly are Tuesdays and Wednesdays. So if you can be flexible with your dates, then you can save some serious money here.

Also, try to organize your daily activities for your vacation and research restaurants that you want to go to. Just google cheap restaurants in London for example. You will get loads of options. Just check out their menus and prices. There is nothing worse for me than being stuck in a touristy area with bad and expensive food. So, plan ahead and pick some good and cheap restaurants you want to go to.

11: Travel Money-Saving Hacks

Another way to save money on traveling is to use miles for flights, which is also known as travel hacking. It’s a strategy to earn airline miles and hotel points from sign-up bonuses and other promotions that credit cards offer. And when you redeem those points you can travel at discounted prices or even for free. With most credit card programs, you have to spend a certain amount to get those miles or points.

So don’t just spend money on unnecessary things just for the sake of collecting rewards. Also, try to be disciplined with your credit card and aim to bring that balance to zero as quickly as humanly possible to avoid interest payments.

12: Buy Off-Season

And the last money hack – and this is probably one of my favorites: Buying things off-season. I found that you can get the best deals when you buy things off-season. And that goes for clothes, tech gear, gym memberships and so much more. I usually buy my winter clothes in spring when shops need to get rid of them and summer clothes in autumn.

Another example is getting a gym membership in January when the gyms are empty. That’s the month where gyms waive sign-up fees or give you other benefits. Throughout the year, there are lots of opportunities where you can save money by buying things off-season.


12 money-saving hacks to help you cut costs in all areas of life. We looked at how to save money on housing, transportation, food, healthcare, traveling, and clothing. But hey – what do you actually think? Did I forget about a big money-saving hack? Could you find at least 1 useful tip here as promised at the beginning of the article? As always – let me know in the comment

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