Sky-high inflation has gripped the global economy and thrust saving money into the spotlight. Meanwhile, just as the pandemic is finally seemingly starting to wind down, the events in Eastern Europe have ratcheted up the uncertainty factor. The one-two punch of inflation and the potential for rising interest rates have exacerbated an already precarious situation. We thought now was a good time to explore ways to save money and potentially add additional revenue streams in 2022.
During the best of times, Europeans are disciplined savers and under sock away 12% of their earnings, according to the IMF. Between 2020 and 2021, at the height of the pandemic, the savings rate increased to nearly 19% as lockdowns and social distancing measures cut into spending. Put another way, during that time frame, Europeans are estimated to have saved close to $1 trillion more than they otherwise would have were it not for the restrictions, setting a new record as savings rose to the equivalent of 8% of the eurozone’s GDP. Continue reading Ways to Save & Make Money in 2022