Budgeting 2022 – 10 Budget Changes to Greatly Improve your Finances

When it comes to budgeting 2022 is going to be YOUR year. Well it will be if you follow the advice in my 10 points below – your 2022 budget will thank you!


Face the facts when budgeting 2022

My budget proposal to you in 2022 is to FOCUS ! 

 As hard as it might be, kickstarting your financial goals this fiscal year can only happen if you understand what your current situation is. So look hard at your total budget 2021 how did you do. Did you exceed your annual budget 2021. Do you need to do better this year? Knowing exactly what you are dealing with and what your cash flow each month is, will not only help you set some targets for the new year but will also help your mental health.

To get started grab all your bills and bank statements and identify anything in your personal finance  that you are paying for that you aren’t currently using like subscriptions, and cancel anything that will help ease the financial strain in the new year. 

budgeting 2022


Create a budget 

It may seem obvious to create a budget each month, but knowing what your outgoings are you will be able to work out what you will have leftover once you have paid all of your bills.

Once you know what you have to spend on things like going out, clothes and more you will feel a lot more in control of your savings.



Which is the best totally free budgeting app?

There are also banking apps like Monzo that will help you stick to a budget every month by putting a spending limit on things that you sometimes unnecessarily purchase.


Find someone who will support you in your goals when budgeting 2022

If you feel like you are struggling to stick to a budget or you have anxiety over how you are going to cope financially come the new year, find someone that wants to do the same thing or is willing to help you stick to and set realistic goals.

Having the support there can greatly reduce those anxious feelings you might be having as they can help you keep impulse buys under control, which can lead to stress later down the line. If there isn’t someone you know of that can support you, there are also other ways of getting help like using a financial coach. 


budgeting 2022

Set some targets before the new year

Before the new year rolls around it is always good to know what your new goals are going to be and how you are going to achieve them. Setting targets that are too big like saving thousands of pounds, can often set you up for failure as they are completely unrealistic.

Instead start with something small, like spending less money buying lunch when you are in the office. Things like picking up food when you are out and about during the day can actually end up costing you quite a lot of money, so instead, why not try planning ahead and packing yourself a lunch to bring in so you aren’t tempted to spend more money.


Start with small habits that you can continue into the new year when budgeting 2022

Being better with your money and reducing financial anxiety can be fairly easy if you start smaller habits earlier than the beginning of January.

It might be something as simple as committing to saving £5.00 every week instead of buying your favourite snack to have alongside a movie on a Friday night. Whatever the small habit might be, starting these earlier than the New Year will mean you have habits in place that will allow you to feel more in control of your money before 2022 even begins.  


Budgeting 2022 - 10 Budget Changes to Greatly Improve your Finances


Don’t compare yourself to others 

A lot of anxious feelings surrounding money often come from when we compare ourselves to others. Spending time thinking about how much cash flow someone has to splash compared to yourself is a waste of energy and can leave you feeling depressed and on edge about your own situation.

To help keep these feelings at bay, put your own goals at the front and centre of your mind and if it helps write them down somewhere so that you will see them every day.

Surprisingly, social media can actually be one of the biggest culprits when it comes to comparing ourselves to others financially. To avoid seeing big purchases from other people try spending not as much time on platforms where you are likely to see images of expensive trips that can make it easy to wonder why people have more money than you.  


Budgeting 2022: Cut back on nonessential daily expenses

If you are looking to save towards a big purchase in the new year or want to be better with your finances generally, a great way to reduce anxiety around money is cutting down on daily expenses that you might not actually need.

Do you usually grab a coffee on the way to work to kick start your day? To save a few pennies why not try making the hot beverage at home and bringing it with you? Drinks from places like Starbucks can cost as much as £4.00 each time you purchase a coffee, so making the drink before you set off can make all the difference to your financial situation.



Ask for help if you need it 

A lot of people that have financial anxiety might often avoid asking for personal help because they are ashamed of the problem they are facing and feel that they are better coping with it alone.

If you find that debts and other expenses including insurance are too big to tackle you might want to consider asking companies you pay every month to lower your expenses if you find that you are struggling. Charities such as Citizens Advice can also help you claim any benefits that you might be entitled to.

Budgeting 2022

Budgeting 2022 – Start an emergency fund 

A great way to ensure financial stability in your life if you are anxious for the new year, is starting an emergency fund or buffer, emergency savings matter. If you are able to put aside a small amount of money each month into a savings account you could already be saving yourself a lot of worry when it comes to having to pay for unexpected expenses. 

You might want to aim to save enough money that will cover expenses for about three months should anything major happen. Not only will this relieve any stresses surrounding money, having this set up before the new year rolls around will encourage you to stay positive when it comes to your finances.


Keep credit spending to a minimum and keep track of what you owe

When bills on our credit cards start to build up, anxiety can settle in when the time comes to pay it off at the end of the month, but this stress can be avoided come the new year if you know exactly what you owe and keep it to a minimum.

To make sure you are tackling your credit use after whacking all your expenses on your card over Christmas, make sure you regularly check your accounts so you can keep up with a good credit score and see what you spent and when it needs to be paid. You can also avoid that sinking feeling in January by making sure to avoid any buy now pay later schemes despite how tempting they may be when it comes to boxing day sales. Get your money administration in order! 

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Huge thanks to WeThrift for these excellent ideas and content on budgeting 2022


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