Give Yourself a 7-Day Financial Reset

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BW has a weeklong challenge for you. We’re guiding readers through one practical money task a day for seven days to help start off the new year strong.

If you can finish the challenge, you’ll be well on your way to more financial wellness in 2026.

Day 1: Cancel subscriptions you don’t need

There are subscriptions for music streaming, audiobooks, retailers, food delivery, fitness, and so on. How many services are you paying for? Are they all must-haves? Probably not.

Here’s how to pare down:

1. Make a list of your subscriptions. Check your credit card charges to find all of the services you have and how much they cost.
2. Decide which services aren’t worth keeping. Maybe Netflix isn’t so appealing now that you’ve finished “Stranger Things,” or your freezer’s overflowing with steaks that you can’t use up fast enough.
3. Sever those subscriptions. Log in to your online account for each membership and look for a cancel option. You can Google “cancel [service name]” to find instructions. You can also use the BW app’s subscription and bills feature to view and cancel subscriptions.

Once you’ve trimmed subscriptions, think about how you might put the money you’ll save to better use. Pay down some holiday debt. Pad your emergency fund. Start saving for something else. The choice is yours.

Day 2: Set up sinking funds

A sinking fund is just a dedicated savings account that you contribute to all year long for a specific purpose. That way, the money is there for you when you need it. It’s different from an emergency fund, which is designed to handle unexpected costs like emergency car or home repairs.

Popular sinking fund purposes include summer camp, holiday spending, and vacations.

Here’s how to set up sinking funds for the year:

1. Review your upcoming expenses. It might help to look back over the previous year’s spending to remind yourself of any big costs — especially ones that only come around once or twice a year. Any expenses that exceeded your budget or caused you to turn to debt in order to finance them could be good candidates for a sinking fund.
2. Create a savings account — either within your existing financial institution or at a new one. The ideal spot for a sinking fund is a high-yield savings account that is easy to access and free of any minimums or fees.
3. Start your contributions. Some sinking fund users like to set up automatic monthly transfers so the accounts slowly build throughout the year until you need them. You can also manually transfer money into the accounts after you receive extra payments like a tax refund or bonus.

Day 3: Check your credit reports

Errors on credit reports can harm your credit score and may be a sign of identity theft.

Even if all of the information in your reports is correct, reviewing it is still worthwhile. If you plan to apply for a new credit card or loan this year, it’s good to know what lenders will see.

Ready to check your reports? Let’s get started.

1. Pull free copies of your credit reports. You can use AnnualCreditReport.com to request free credit reports from the three major credit bureaus — Equifax, Experian, and TransUnion — online. You’ll need to provide some personal information for verification. This option is the fastest, but you can also request reports by mail. BW offers a free weekly TransUnion credit report online.
2. Read the details carefully. Check the names, dates, addresses, accounts, balances, and inquiries in each report. Review any negative information, such as collections or bankruptcies, too.
3. Dispute anything that looks off. Don’t see anything wrong? Great! But if you do, make sure to dispute the errors with the relevant bureau or bureaus.

Checking your credit reports won’t affect your credit scores, but it could help you protect them.

Day 4: Freeze your credit (or check your freeze status)

A credit freeze — also called a security freeze — blocks lenders from accessing your credit reports. That means if someone tries to open a new account in your name, the lender won’t be able to see your file, and the application will be denied.

Here’s how to freeze your credit — it’s free:

1. Gather your information: You’ll need your full name, date of birth, current address, and Social Security number. Some credit bureaus may also ask for a copy of your ID (like a driver’s license or passport) or a recent utility bill or bank statement.
2. Contact each credit bureau: Equifax, Experian, and TransUnion each manage their own credit freeze process, so you’ll need to make the request with all three. The fastest way to request a freeze is online by setting up accounts with each credit bureau, but you can also request a freeze by phone or mail. Keep your credit frozen until you need to lift it, such as when applying for a loan or credit card. Check your freeze status by logging into your accounts or calling the bureaus.

If you’re unsure if your credit is frozen, log in to your accounts at each bureau and check the security freeze section. You can freeze or thaw your credit as needed.

When updating your beneficiaries, list all accounts with beneficiaries, log in to each account to update beneficiary selections, check your primary beneficiary, and add a contingent beneficiary.

To boost your retirement savings, consider taking advantage of your employer’s matching contributions, maxing out your 401(k), and opening a Roth IRA for tax-free growth. If you make too much for a Roth IRA, look into a backdoor Roth IRA or other retirement savings options.

Accelerate debt payoff by building an emergency fund, paying more than the minimum on your loans, and using methods like the debt snowball or debt avalanche to pay off debts faster and save on interest.

• Set specific financial goals: Whether it’s saving for a down payment on a house or paying off credit card debt, having clear goals will help you stay motivated and on track.

• Create a budget and stick to it: Tracking your expenses and income is crucial for managing your finances effectively. Make sure to review your budget regularly and make adjustments as needed.

• Build an emergency fund: Having a financial cushion for unexpected expenses can provide peace of mind and prevent you from going into debt.

• Pay off high-interest debt first: Prioritize paying off debts with high interest rates, such as credit card debt. Consider debt consolidation options, like a 0% interest balance transfer credit card, to simplify your debt repayment.

• Consider debt consolidation: A 0% interest balance transfer credit card is one way to consolidate debt if you have a credit score of 690 or above. Paying off the total balance during the promotional period can help you save on interest and streamline your finances.

Nerds Kate Ashford, Amanda Barroso, Pamela de la Fuente, Kimberly Palmer, and Tommy Tindall contributed to this article.