Americans are seeking to improve their credit and save in 2022. A recent CIT Bank survey reveals nearly half of Americans are seeking to improve their financial wellbeing in 2022. Here are the full findings of CIT Bank’s “2022 New Year’s Resolutions by the Numbers.”
Study: Americans Looking to Save Money in 2022
The new year often brings with it new resolutions for the upcoming year. CIT Bank has released a study highlighting the resolutions of everyday Americans – with many citing financial wellbeing as their most important goal for 2022.
Savings is the largest area of financial concern for those questioned, with 77% looking to save more money in 2022. Those savings resolutions breakdown as follows:
- 43% plan to boost their emergency/rainy day savings
- 33% plan to create a travel fund
- 25% hope to save for a new car
- 23% plan to save for home improvements, down payments, and other housing costs
- 10% want to save to go back to school
- 8% are planning for either a return to the office (commuting/business expenses) or for starting a family
Tips for Saving Money
Saving money is difficult, especially with rising inflation, stagnating wages, and global shortages. Fortunately, saving money is achievable with resolve, the right tools, and a sensible approach.
Some practical steps to save money in 2022 include:
- Keeping track of spending
- Eliminating services/experiences that are unnecessary
- Setting up autopay to avoid late fees
- Using online shopping portals that offer special discounts and the ability to combine offers
Americans Also Looking to Build Credit in 2022
The CIT Bank study also found that 48% of respondents planned to build their credit score in 2022. Having a higher credit score means you are more appealing to lenders, resulting in better approval odds for credit cards, personal loans, mortgages, and other evolving accounts.
Like saving money, building credit requires common sense, practicality, and resolve. Here are some practical tips for building your credit score in 0222:
- Pay your bills on time to eliminate missed payments (accounting for 1/3 of your credit score)
- Eliminate credit card debt by chipping away slowly or getting a balance transfer credit card like the Upgrade Card with Cash Rewards or Chase Slate Edge.
- Check your credit report regularly for errors
- Keep credit use below 10% (ideally) or at least below 30% (to maintain your credit score)
Other CIT Bank Study Findings
Here are other findings from CIT Bank’s “2022 New Year’s Resolutions by the Numbers”:
- 65% of respondents plan to focus on their health in 2022
- 59% of respondents want to focus on their personal life this year
- 35% of respondents want to improve their professional life in 2022
- 28% of respondents plan to focus on their social involvement and interactions
- 49% of those questioned plan to buy something to help them maintain their resolution
Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?
Featured image by CIT Bank
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