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21 financial tips for 2021: Experts help you navigate the year ahead

Tuesday January 26th, 2021
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21 financial tips for 2021: Experts help you navigate the year ahead

With 2020 finally in the rearview mirror, Long Islanders who were hit hard financially by the COVID-19 pandemic are looking for ways to recover in the new year. And even if you didn’t take a financial hit, you may be wondering how to prepare for whatever comes next.

Here, Newsday offers a roundup of financial advice for you, no matter what your situation — unemployed, recently graduated, retired and living on a fixed income, working and parenting young kids. Maybe you’re struggling to make the rent or stay current on your house payment, or you might be wondering if you should take advantage of the hot real estate market and sell your home for a windfall. The tips come from experts on financial planning, budgeting, getting a job, finding affordable child care and keeping up with the high cost of homeownership or renting.

For job seekers, Michelle Kyriakides, executive director of Hofstra University’s career center, said it’s important to stay positive about prospects for finding jobs and advancing careers. “There are opportunities,” she said. “It’s going to take a little more persistence than it has in the last few years, but there are opportunities out there.”

Our experts also recommend playing it safe financially, since there’s no telling what 2021 will bring.

“Now’s the time to revisit your budget,” said Reggie Nance, associate state director at AARP New York, which represents more than 2.5 million people age 50 and over. “Look to see where you can maybe trim or shift some things.” Your family budget is something within your control at a time when so much is uncertain, he said.

And all of our experts agree: If you’re getting behind on your rent, house payment or other bills, reach out for help sooner rather than later.

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