As the new year approaches, people are excitedly planning their goals for the future. But cash-strapped young people may not be in the mood for celebrating or making resolutions as many of them face student-loan debt, work in jobs that pay them less than they hoped, and worry about achieving financial stability in a highly competitive global economy. Financial expert and best-selling author Eric Tyson says there are powerful steps younger people can take right now to make the most of their money and save up for a brighter future. In fact, he says adopting a savings mindset could be the most important New Year’s resolution of all!

According to Tyson, a savings mindset involves getting the most from your spending while also spending less money in general. It also means living within your means, sticking to a budget, and saving as much as you can.

Here are proven tips and tricks that will add up to big savings in the future: 

  • Save on Your Housing Costs: Consider living with roommates or family, choose a low-cost rental, negotiate your rental increases and cut your utility bills.
  • Keep Insurance Costs Down: Use high deductibles and take care of your health
  • Manage Healthcare Expenses: Shop around for the best insurance and healthcare.
  • Cut Your Taxes: Contribute to a retirement plan, use a health savings account and increase your deductions.
  • Reduce Your Food Costs: Learn to cook, consider store brands, buy in bulk and brown bag your lunch.

Read the full list of proven tips for saving money by My Social Good News