Fall is the perfect time to review your finances because there’s still time to make adjustments before the end of the year. The continuing pandemic and economic uncertainty are making it more complicated, but financial experts recommend taking a close look at your savings and planning for 2022 goals now.
Many government programs, including supplemental unemployment assistance, a pause on federal student loan payments and advance child tax credit payments, are poised to expire in 2022 or earlier.
“People are going back to having to pay for stuff,” says Malcolm Ethridge, a certified financial planner and host of the Tech Money Podcast.
Here are some financial to-do’s to tackle this fall:
RAMP UP SHORT-TERM SAVINGS
Ethridge suggests preparing for the phaseout of government benefits now: “The folks who received a moratorium on your student loans, use those additional dollars in your pocket to pay off credit card debt so you don’t have to pay both simultaneously,” he says. “We will find out we aren’t as rich as we felt we were in the last year and a half,” he adds.
Ethridge also recommends building a cash pile. “We have no idea what next year will look like,” he says. Having cash on hand allows you to cope with unexpected expenses as well as to potentially take advantage of investing opportunities.
ANTICIPATE TAX CHANGES
If you’ve undergone any major changes in the past year that could have an impact on your tax situation, such as moving to a new state, getting married or...
Read Full Story: https://federalnewsnetwork.com/government-news/2021/09/kimberly-palmer-check-finances-now-to-avoid-falling-behind/
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