Let’s be honest, the last year threw everyone for a loop. Even though the new year has already begun, it’s not too late to reflect, reset and prepare for 2021! Maybe you want to protect your finances, or build your credit this year. Or, perhaps you want to do a little self-care and focus on your mind and body.
No matter what you need this year, now is the time to start to focus on your goals and prepare for what’s ahead.
Protecting your finances as the COVID-19 pandemic continues
The Consumer Financial Protection Bureau is committed to providing consumers with up-to-date information and resources to protect and manage their finances during this difficult time.
Many people are experiencing unprecedented financial hardship as a direct result of the COVID-19 pandemic. There’s no question these are uncertain and scary times for everyone.
Government agencies, financial institutions, and nonprofit credit counseling services are offering some relief options — but in most cases, you have to be proactive in order to take advantage. If you’re experiencing lost income or other financial burdens due to the crisis, here are some ways to protect your credit score.
Right now, it’s easier than ever to check your credit report more often. That’s because everyone is eligible to get free weekly online credit reports from the three nationwide credit reporting agencies: Equifax, Experian, and Transunion. To get your free reports, go to AnnualCreditReport.com . The credit reporting agencies are making these reports free until April 2021.
Each of the three nationwide credit reporting agencies – Equifax, TransUnion, and Experian – are already required to provide you, on your request, with a free credit report once every twelve months. Be sure to check your reports for errors and dispute any inaccurate information.
Find out more about your credit rights here.
Get the most financial relief when filing your taxes this year
Tax season is upon us and it’s worth checking out if you can take advantage of some of the COVID relief provisions there are.
For starters, if you did not receive a stimulus payment last year, you still have a chance! If you earned less than $75,000 as a single person, $112,000 as the head of a household or $150,000 as a married couple you could still collect both stimulus payments by filing your taxes on time.
Other opportunities you could be eligible for include the Earned Income Tax Credit and small business deductions. Check out this article for more information.
Focus on your wellness
While setting strong financial goals is something we should all focus on this year, you can’t ignore setting some goals for your personal wellness. For many of us, the last year was tough, stressful and unsteady. The toll that takes on our minds and bodies can’t be ignored!
The New York Times recently published a 7-Day Well Challenge that will show you how to build on the healthy habits you learned during pandemic life.
DAY 1 – Build on Your Gratitude Habit
DAY 5 – Create a Crisis Notebook
DAY 6 – Create an Accountability Plan
Remember there is a light at the end of the tunnel
January may not have run quite as smoothly as we had all hoped. We faced unprecedented political turmoil, and a vaccine rollout in New York City that has left a lot to be desired. But, if there’s one thing we know to be true, it’s that there is a light at the end of the tunnel.
“Normal life” may not begin to fully return until this summer, but it will return. The goals you set and the plans you make now will be crucial for setting yourself up for success at the start of this year and as we continue through the next few months.
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