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It isn't too late to make progress.

Key points

  • Inflation has made it difficult for many people to attain their savings goals.
  • If you're not happy with your progress, there are steps you can take to ramp up before the year comes to an end.
  • Consider getting a side hustle, banking any holiday bonuses, and not overdoing it on gifts this year.

At this point, a lot of people are ready to bask in the holiday spirit and then begin the countdown to 2023. But if you're not happy with the state of your savings account, you may not be in as celebratory a mood.

The reality is that many people fell behind on their savings goals this year due to inflation. It's hard to pump money into your bank account consistently when everything from the food you eat to the clothes you wear have been costing more.

But just because you're behind on your savings goals right now doesn't mean all is lost for 2022. There may not be much time left in the year, but you still have more than a month to make a decent amount of progress. And if you employ these tips, you may find that you're a lot happier with your savings account balance by the time 2023 rolls around.

1. Boost your income with a side hustle

Cutting back on spending may not be enough to help you meet your savings goal for the year. Instead, you may need to give your income a serious lift with a side hustle. The good news, though, is that now's a great time to pick up a second job and use your earnings to beef up your bank account balance.

Many businesses need extra help during the holiday season. You may find that you're able to work several retail shifts per week between now and the end of the year. Some restaurants, hotels, and attractions might also require seasonal help. Do some research to see what's out there. If you're willing to hustle, you might manage to pad your savings quite nicely.

2. Go easy on holiday purchases

It's hard to save money when we're coming up on the most expensive time of the year. But if you pledge to keep your holiday spending to a minimum, it won't have to derail your savings goal.

Make a list of the holiday items you plan to buy and order those items by priority. Then, come up with a budget that will allow you to keep putting money into savings. If you wind up needing to cut some purchases, having that list will make it easier to decide which things have to go.

3. Don't spend your year-end bonus

You may have big plans for the year-end bonus your employer has already promised you. But rather than spend it, stick it into savings. It's a great way to catch up if you've fallen behind, and you can always take that vacation or buy that new cellphone next year once your financial picture looks different.

If you're short on your 2022 savings goal, rest assured that you're not the only one. But that doesn't mean you have to give up on the number you had in mind. If you're willing to put in extra hours at a side gig, give up some holiday purchases, and make different plans for your bonus, you may end up in a place where your savings account is something you can be proud of going into 2023.

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About the Author

Maurie Backman writes about current events affecting small businesses for The Ascent and The Motley Fool.

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