January 2021
Monthly Money News, Every 1st Friday
Curated by: Coretta, Founder and Principal of Urban Money, LLC; B.A. in Economics and M.S. in Urban Policy/Planning
Home-Ec(onomics): Our government is on fire, literally
6.7% unemployment rate, our government is on fire (literally), the new administration, rising COVID-19 rates… what does this all mean for your money? Wow 2021. Clearly trying to start with the same energy from 2020!
This time last year, the unemployment rate hovered around 3.6%. While the current rate signals that jobs are slowly being added back to the economy as employers find creative ways to get people back to work, it does not consider the under-employed, people working for less than they earned previously or in a position that they're significantly over-qualified for.
This prompted Congress to extend a $300 boost to unemployment benefits and release a second stimulus payment (finally) in the amount of approximately $600 each, which is down from the first $1200.
With the new administration; Biden/Harris, Democratic House and Senate (yasss Georgia), everyone is on the lookout for an extension and expansion of economic benefits (unemployment, stimulus, moratorium, et al.) Rumor has it, there’s a push for more stimulus checks as early as February. One thing for sure, we're paying attention to the forbearance situation with student loans. That's supposed to end Jan 31st, yet we haven’t heard a peep.
COVID-19 infection rates and death are on the rise, and now there are the more contagious 2 variants; we’re looking to see how bold and aggressive Biden's 100 Day Plan would be. More to come….
Let us know what you think! #UrbanMoneyNews
Should You Buy It? We made a list, if you can say yes, then get what you want!
Still feeling the financial effects of COVID-19? Download our Guide to Managing Money in a Pandemic!
5 rESOLUTIONS FOR A HAPPIER AND HEALTHIER WALLET!
We love New Years resolutions! There’s something about reflecting on the past year, and making a commitment to improving within the new year that is just so rewarding. These 5 resolutions are sure to put your finances in better shape and make you happier.
Tackle Debt
Make a dent in debt. Come up with a strategy to chip away at what you owe. Remember, the less you owe, means more left over for you.
Improve Your Credit Score
Better credit = better offers. Good credit opens up so many more doors. Committing to improving your score is the first step to unlocking better opportunities.
Maintain a Budget
Write it down. Make a list. See if it fits before spending. The mere act of pausing before spending helps puts costs into perspective. Going the extra mile of adding it all up to see if you can afford it, helps prevent incurring more debt.
Save More
Stash or stow something for today and a little more for tomorrow. The smallest savings is still a savings. We know its hard, but start small and don’t touch, its bound to grow.
Large Purchase
Dream big! Because, why not? It’s okay to set your eyes on a large purchase, with proper planning anything is possible.
Interested in committing to these resolutions but don’t know where to start? Contact us, we can help!
Future of Retail: Curbside, Bots, and Delayed Delivery
This past holiday season, we saw retailers get creative on ways to keep their customers. Curbside was king! We're accustomed to pick-up or delivery for food, but we saw this service extended (and executed well) with department stores (Target, Macy's, Walmart) and convenience stores (Walgreens, CVS, 7-11) either implementing their own curbside and/or partnering with delivery services like Doordash.
On the flip side, the convenience of online shopping made way for inventory to move a lot faster than before. Playstation 5 attempted to make its debut, but would sell out in nano-seconds. Predominantly due to bots, we saw devices procured and resold at more than double the market price.
While bots weren’t sweeping for every day items, the common strategy of leaving items in the online shopping bag until the price drops was no longer a successful strategy. Within hours, we saw carefully selected Christmas items no longer available before reaching check out! Maybe because Black Friday deals started before Halloween? Or maybe because of supply chain and logistical challenges due to COVID-19?
We’re obviously interested to see how 2021 shapes up… tell us what you think! #UrbanMoneyNews
Virtual Meetups & Workshops
January Monthly Meetup: Keeping Your Resolutions!
Let's meet up, and talk about money! In a safe space, we'll get back to basics to help you find financial peace. Register today, space is limited!
Virtual Event: 2021 Virtual Vision Board
Always have an emergency for your emergency fund? Don't know where your money is going? Money manifestation begins with a vision, let this workshop bring you closer to achieving your money goals!
Donation-based spots are available - space is limited!
Financial Counseling
Seeking guidance is a great first step to manifesting financial peace. Schedule your appointment, and let us guide you on your financial journey.
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