Budgeting

Here's How You Can Save Money and Pay Down Debt in 2022

NBCUniversal, Inc.

A new year, but similar headlines from the end of 2021.

Omicron, rising interest rates, inflation pressures and new IRS rules are just some of the money matters consumers must pay close attention to this year.

North Texas financial planner and author Derrick Kinney offered some ideas on how consumers can save money while paying down debt.

  • Check on subscriptions: A recent survey finds half of Americans are paying for a subscription they forgot about and aren’t using.
  • Cut commoditized items: Check in with your providers (insurance, electricity, internet) for new deals and specials and compare with the competition.
  • Pay down debt ASAP and with a strategy: Look for 0% balance transfer offers that can shield you from high rates and pay credit card debt from highest interest rate to lowest and pay off in order.
  • Refinance mortgage: Homeowners can save by cutting monthly mortgage payments.
  • Use that bonus check wisely.
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