According to Born This Way Foundation’s research, over one-third of young people report their own personal or family finances as being a major source of stress. One way you can start your New Year off with kindness is by setting your own financial resolutions to alleviate some of your stress. Here are just a few ways to get started: 

1) Set goals and prioritize your future mental health 

• Start a budget. If monthly budgets are too overwhelming, try to set a weekly budget instead. Starting small can help you ease into making it a regular practice! 
• Think of future you! When you start planning now for your financial future, it really goes a long way in taking care of your mental health.

2) Make a plan to pay off your debt

• First, create an inventory of all your debts listing amounts and interest rates. Go through your statements and your online accounts, and put it all on paper or in a spreadsheet. 
• Then make a plan to pay off your debts using an approach like the snowball or avalanche methods.
  • The snowball method: Pay off your smallest debt first, then put the money from that savings toward paying off your next smallest debt. Achieving these small wins will help you gain momentum and stay motivated! 
  • The avalanche method: Pay off the debts with the highest interest rates first. By eliminating the most expensive debts, you’ll save more money on interest.

3) Cancel unwanted subscriptions to save money 

• Taking the time to declutter and clean your digital environment can go a long way for your mental health. This includes any unwanted email retail subscriptions and removing your credit card from any online sites you used last year.
• Remember, small actions can have a big impact, not just on your wallet, but on your wellbeing and of the mental wellbeing of those around you.

*This article was created with support from our partners at Experian. To continue your financial wellness journey, visit https://www.experian.com/blogs/ask-experian/.