Before 2020 comes to an end, you may want to consider charitable giving deductions. December 1st is the National Day of Giving. It’s the perfect time to give back to charities and individuals you value. Not only can giving back allow you to feel good, giving back comes with a variety of financial and tax benefits.
With the election over, you may be concerned about post-election volatility as we enter 2021. Regardless of politics, short-term stock market results can vary depending on factors, including gridlock in the House and Senate and a newly elected future President Biden, who will take office in January 2021.
It is officially the fourth quarter, and while many cannot wait until the “unprecedented times” of 2020 are over, there is still a bit of housekeeping you will likely want to do before ringing in the New Year. Check these items off your financial year-end checklist before year-end to help keep you financially on track for 2021:
As COVID-19 continues to shape our lives and our future, many Americans give thanks and give back to others less fortunate during this pandemic. Some have had personal experiences that lead them to ease others’ financial stresses by providing directly or through other institutions. Donors are giving to resolve the inequities in our society that others are facing during this time.
2020 has been unlike any other thanks to the COVID-19 pandemic, our strange stock market, and social unrest leading up to the Nov. 3rd Presidential Election. This timeline recap is for you to see what we have already been through as we look toward a brighter future as we assess what we have learned from this year:
If we could look in a crystal ball, we would have a clear picture of how we should financially prepare for 2021. We can only guess what lies ahead for us next year basing on our experiences this year. 2020 has been tough on many- business closings, lay-offs, disruptions to learning, health and social concerns, and financial stress.
The holiday season is the time of year when personal expenses are likely to increase. Whether it may be travel expenses, events, or retail spending. Start preping your holiday savings strategies now. The 2020 holiday shopping season spend is expected to be substantial, but likely less than 2019’s Brick-and-mortar retail and e-commerce spending of $1.007 trillion. Today, holiday shoppers spend less time looking for gifts, but spend more money, especially when shopping online. On average, shoppers in 2019 distributed their holiday spend among the following:
Socializing is critical for mental health, and people who associate with others live longer. Research also concludes that isolation can often lead to loneliness, depression, and other health problems. Especially now, during COVID-19, our desire to connect with others is heightened. Before the fall season changes to winter and cold weather arrives, get out and enjoy the season- but do so safely. Here is a list of ideas to safely enjoy fall festivities until we experience brighter days ahead in a post-COVID-19 world: