clock menu more-arrow no yes

Filed under:

Was 2020 a financial wake up call? How you can get your finances in order

Shutterstock

If 2020 brought you worries and stress in more ways than one, you’re far from alone. With the virus, layoffs, civil unrest and economic problems, most people experienced hardship one at least one regard.

According to Epiq Services, a legal services firm, chapter 11 bankruptcy filings are up 28% over last year, with May 2020 up 48% over the previous year. With everyone slowly starting to recover from a rough summer, it’s a good idea to make sure you have a secure financial plan.

While it might seem overwhelming to get your entire financial situation under control, it’s best to start with one aspect and build off of that. Here are a few areas to take a look at:

  • Credit card usage
  • Retirement planning
  • Emergency fund contributions
  • Reconsider your loans’ interest rates, research lower options
  • Prioritize purchases

To see how you can easily approach any of these financial subjects in this Money Matters guide from Mountain America.