Skip to content
Community Charter
  • Home
  • Categories
    • Advanced Business Solutions
    • Automotive Solutions and Services
    • Car Rentals
    • Health and Wellness Guides
    • Home Solutions
    • HVAC Solutions
    • Medical Care
    • Mortgage Industry
    • Photography
    • Plumbing and Biohazard Tips
    • SEO and Internet Marketing
    • Taxes and Laws
  • About
  • Contact
  • Privacy Policy

7 Money Steps to Take Before 2021

February 5, 2021

With the end of the year rapidly approaching, it’s a good time to take stock of your financial situation as you head into 2021. 2020 has been a strange year, and a difficult year for many people. With many people’s health and/or economic livelihoods affected by COVID-19, many people’s situation looks very different than it did back in January. As we head into a new year, here are a few things that you can do to improve your finances before the end of 2020.

#1 Put at least $1000 into an emergency fund

If you don’t have an emergency fund set up to handle unexpected expenses, that is a good first step to putting yourself on a solid financial footing. $1000 may not be enough to handle every possible thing that could go wrong, but it can be enough to handle your car breaking down or an unexpected home expense. If you don’t have at least a minimal emergency fund in place, make a plan for how you can start one before the end of the year.

#2 Fully fund your retirement accounts

401k, IRAs, and other retirement accounts have an annual contribution limit that caps the amount that you’re able to contribute each year. Before the end of the year, set aside some time to go through each of your accounts that have an annual contribution limit. Decide for which of those accounts it makes sense to fund before the end of the year.

#3 Consider donating to charity

With the increased standard deduction available in recent tax years, not as many people itemize their deductions. But if you do itemize your deductions, then remember that your charitable contribution may be tax-deductible. If you make that charitable contribution before the end of the year, you may be able to deduct it in this tax year — otherwise, you’ll have to wait an entire year before you’re able to deduct it.

READ MORE: 5 Best Credit Cards When You Make Charitable Donations

If you’ve already made charitable contributions in 2020, make sure that you have them documented and ready to include on your tax return.

#4 Make sure you have a financial security plan in place

Still, using the same username and password on every internet site? It may be time to get a financial security plan in place. With data breaches always a possibility now’s as good a time as any to take some steps to minimize your risk in case of a data breach or a hacker accessing your financial information. One thing that you can do before the end of the year is to set up a password manager to put some variety into your passwords. Another thing is to set up two-factor authentication (2FA) on your important financial accounts.

#5 Review your credit report

Each year you are entitled to a free three-bureau credit report once a year from annualcreditreport.com, and the end of the year can be a good time to do that. If you already have a Mint account, you have access to your credit score at any time, but reviewing your actual credit report can make a big difference to your credit report. Between 10 and 21 percent of people have errors on their credit report, and clearing up incorrect or inaccurate information can raise your credit score.

#6 Use up any money in your FSA

Flexible spending accounts can be a great way to save money on health expenses. An FSA is typically set up through your employer and allows you to make pre-tax contributions. Any money that you contribute to your FSA is not subject to tax, and you can use that money to get reimbursed for many different types of health expenses. The only downside is that most FSA plans are use-it or lose-it plans. So any money that is left in the FSA at the end of the year is forfeited. Check the details of your plan, and make sure that you use all the money in your FSA before the end of the year.

#7 Set your financial goals for 2021

Finally, the end of the year can be a great time to set up your financial goals for 2021. You don’t have to wait until January to start up a new resolution. Meet and talk with your spouse, family, or trusted friends and advisors. Decide where you want to be in one year, in five years and beyond, and start taking the steps to get yourself there.

The post 7 Money Steps to Take Before 2021 appeared first on MintLife Blog.

Source: mint.intuit.com

Tags: car, Coronavirus (COVID-19), Credit, credit cards, credit report, credit score, data breach, Emergency Fund, Family, Financial Goals, financial planning, Financial Wize, FinancialWize, Home, improve your finances, money, Personal Finance, Retirement, Review, Save Money, Spending

Categories

  • Account Management
  • Advanced Business Solutions
  • Apartment Hunting
  • Auto
  • Auto Insurance
  • Auto Loans
  • Automotive Solutions and Services
  • Bank Accounts
  • Banking
  • Breaking News
  • Budgeting
  • Building Credit
  • Business
  • Car Insurance
  • Car Rentals
  • Careers
  • Cash Back
  • Celebrity Homes
  • Checking Account
  • College
  • Commercial Real Estate
  • Credit 101
  • Credit Card Guide
  • Credit Cards
  • Credit Repair
  • Debt
  • DIY
  • Early Career
  • Estate Planning
  • Extra Income
  • Family Finance
  • FHA Loans
  • Financial Advisor
  • Financial Freedom
  • Financial Planning
  • Financing A Home
  • Find An Apartment
  • Finishing Your Degree
  • First Time Home Buyers
  • Flood Insurance
  • Food Budgets
  • Frugal Living
  • Growing Wealth
  • Health and Wellness Guides
  • Health Insurance
  • Home
  • Home Buying
  • Home Buying Tips
  • Home Decor
  • Home Improvement
  • Home Loans
  • Home Ownership
  • Home Solutions
  • HVAC Solutions
  • Identity Theft
  • Insurance
  • Investing
  • Life Insurance
  • Loans
  • Market News
  • Medical Care
  • Minimalist LIfestyle
  • Money
  • Money Management
  • Mortgage
  • Mortgage Industry
  • Mortgage News
  • Mortgage Rates
  • Mortgage Tips
  • Paying Off Debts
  • Personal Finance
  • Personal Loans
  • Photography
  • Plumbing and Biohazard Tips
  • Podcasts
  • Quick Cash
  • Real Estate
  • Refinance
  • Renting
  • Retirement
  • Saving Energy
  • Savings Account
  • SEO and Internet Marketing
  • Side Gigs
  • Small Business
  • Spending Money Wisely
  • Starting A Business
  • Student Finances
  • Student Loans
  • Taxes
  • Taxes and Laws
  • Travel
  • Unemployment
  • Work From home

Recent Posts

  • The Late Gene Autry’s Former Estate Hits the Market for $8.25 Million
  • Which Amex cash back card is right for you?
  • 5 Reasons Your Career Is Stalled and How to Get Unstuck
  • A Step-by-Step Guide to Prepare Your Budget for a Layoff
  • 10 Things to Know About Working in New York

Tags

Auto Budget Budgeting Buy Buying car covid-19 Credit Credit Card credit cards credit report credit score Debt estate Family Fees Finance Financial Goals FinancialWize Financial Wize Home How To Insurance Interest Rates investing items Life loan Loans money mortgage News Personal Personal Finance Products rate Retirement Rewards Save Money Saving savings School single Spending taxes

Recent Posts

  • The Late Gene Autry’s Former Estate Hits the Market for $8.25 Million
  • Which Amex cash back card is right for you?
  • 5 Reasons Your Career Is Stalled and How to Get Unstuck
  • A Step-by-Step Guide to Prepare Your Budget for a Layoff
  • 10 Things to Know About Working in New York

Categories

  • Account Management
  • Advanced Business Solutions
  • Apartment Hunting
  • Auto
  • Auto Insurance
  • Auto Loans
  • Automotive Solutions and Services
  • Bank Accounts
  • Banking
  • Breaking News
  • Budgeting
  • Building Credit
  • Business
  • Car Insurance
  • Car Rentals
  • Careers
  • Cash Back
  • Celebrity Homes
  • Checking Account
  • College
  • Commercial Real Estate
  • Credit 101
  • Credit Card Guide
  • Credit Cards
  • Credit Repair
  • Debt
  • DIY
  • Early Career
  • Estate Planning
  • Extra Income
  • Family Finance
  • FHA Loans
  • Financial Advisor
  • Financial Freedom
  • Financial Planning
  • Financing A Home
  • Find An Apartment
  • Finishing Your Degree
  • First Time Home Buyers
  • Flood Insurance
  • Food Budgets
  • Frugal Living
  • Growing Wealth
  • Health and Wellness Guides
  • Health Insurance
  • Home
  • Home Buying
  • Home Buying Tips
  • Home Decor
  • Home Improvement
  • Home Loans
  • Home Ownership
  • Home Solutions
  • HVAC Solutions
  • Identity Theft
  • Insurance
  • Investing
  • Life Insurance
  • Loans
  • Market News
  • Medical Care
  • Minimalist LIfestyle
  • Money
  • Money Management
  • Mortgage
  • Mortgage Industry
  • Mortgage News
  • Mortgage Rates
  • Mortgage Tips
  • Paying Off Debts
  • Personal Finance
  • Personal Loans
  • Photography
  • Plumbing and Biohazard Tips
  • Podcasts
  • Quick Cash
  • Real Estate
  • Refinance
  • Renting
  • Retirement
  • Saving Energy
  • Savings Account
  • SEO and Internet Marketing
  • Side Gigs
  • Small Business
  • Spending Money Wisely
  • Starting A Business
  • Student Finances
  • Student Loans
  • Taxes
  • Taxes and Laws
  • Travel
  • Unemployment
  • Work From home
communitycharter.org
Home | Contact | Site Map

Copyright Community Charter 2022 | Theme by ThemeinProgress | Proudly powered by WordPress