Set financial goals for 2021

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JACKSON, Miss. (WLBT) – Managing finances in 2020 has been a challenge for many people thanks to the coronavirus pandemic.

As the New Year approaches, now is a great time to set some financial goals.

“I think the pandemic has shown people particularly on the savings side why this is so important. You never know what’s going to happen.

Ryder Taff is financial advisor and co-owner of New Perspectives at Ridgeland. He says the pandemic has made 2020 a very difficult year to manage your money. He thinks 2021 can be the year of financial growth with good money management, but that will have to start with having a good savings account online or with your existing bank.

“You have to start somewhere. I usually advise people to start by saving a little on their paycheck. You try to rack up three to six months of your expenses and three to six months of key expenses, including the mortgage or the mortgage. rent for basic food and extra money.

For those still struggling financially, Taff says there are aid programs and other measures to help manage debt and get you back on track in 2021.

“Take a close look and assess all your debt, especially credit cards and other unsecured debt. These companies would rather have a little money than nothing, so you can say I can’t pay that full amount and we have to negotiate a new amount. Likewise, we have had help paying mortgages, they can defer those payments. There has been a moratorium on the collection of student loan payments, and the terms for repayment of student loans are very generous anyway, ”Taff said.

Taff also says to avoid payday loans and cash advances as this could create a cycle of debt.

“I just discourage this as much as possible. These loans will end up very, very severely on your budget very soon. “

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