How to get your finances in order in 2023: 10 resources and tips from NYC City Hall

Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga shared ten effective ways to manage your personal finances in the new year. The DCWP encourages all New Yorkers to take the time to set financial goals and budget for 2023.

“Improving financial health can be challenging, especially after the uncertainty and hardships of the past few years,” said DCWP Commissioner Vilda Vera Mayuga. – Make 2023 the year you get things under control by budgeting, getting out of debt and securing a brighter financial future. To get started, you can get free financial advice at one of our NYC Financial Empowerment Centers.”

DCWP Financial Advice for 2023

1. Get free financial advice

No matter where you are on your financial journey, you can get free personalized financial advice by phone or in person at the New York City Financial Empowerment Center.

In a consultation, you'll learn how to reduce debt, get help negotiating with creditors, understand your credit history, budget, improve your credit score, open a bank account, and start saving money for emergencies and for the future.

Visit the site nyc.gov/TalkMoney or call 311 and say “financial counseling” to schedule a consultation or get more information.

2. Free filing of tax returns

NYC Free TaxPrep will help you understand if you qualify for tax credits and make sure you get a fair tax refund. Those who earned up to $2022 in 80 can work with an IRS Certified Volunteer, who can help you fill out your tax return in person or online for free.

For more information, call 311 and ask for help preparing your tax return. Or visit the site nyc.gov/TaxPrep.

On the subject: New Yorkers are asked to choose tax specialists very carefully: scammers have stepped up ahead of the season

3. Make a student loan repayment plan

Federal student loan payments are suspended until June 30, 2023. But it's never too early to start planning how you'll pay off your debt. NYC Financial Empowerment Centers can help you understand your rights and responsibilities and determine the best monthly repayment plan for you. For additional resources on this subject, see the website. nyc.gov/StudentLoans.

4. Free credit check

You are entitled to a free report on the status of your credit report every year - it can be requested on the website annualcreditreport.com. If you find any errors, file a dispute with the credit bureau. A high credit score will give you lower interest rates and lower payments on any new loans you take out.

5. Open a secure bank account

If you don't have a bank account, start the new year by opening a secure and suitable account for your needs. All New Yorkers can open NYC SafeStart - a FREE bank account in the city with an ATM card, no overdraft fees, and no monthly fees.

Visit the site nyc.gov/SafeStart or call 311 and ask about the NYC SafeStart account. Some banks and credit unions also accept IDNYC as their primary form of identification when opening an account.

6. Develop and stick to a budget

Start by reviewing your credit debt and bank statements for the past quarter. If you're spending more than you earn or can't save enough, then you need to cut back on spending. Budgets are only as good as you can stick to them. Therefore, you must follow your budget with discipline in order to get your finances in order.

7. Plan your retirement

If you have the option to save for your retirement plan, you must contribute a certain amount each month to reach your goals each year. You can also open a Traditional Individual Retirement Account (IRA) or a Roth IRA.

8. Protect yourself from identity theft

Create unique passwords for every online account. Make sure they contain uppercase and lowercase letters, numbers, and symbols. Never share your password with anyone and change it several times a year. Also, avoid providing personal information online, via email, or on social networking sites.

If your ID has been stolen, report it to your local police station and file a complaint with the Federal Trade Commission (FTC) at ftc.gov/idtheft or call 1-877-ID-THEFT (1-877-438-4338). Post a fraud alert on your credit report with one of three credit reporting agencies: Equifax, Experian, TransUnion.

9. Know your rights in the workplace

You have the right to receive a salary while on sick leave. If you work at a fast food restaurant, you cannot be fired without a good reason. If you are a freelancer, you have the right to be paid on time.

To learn more about your labor rights in New York, visit nyc.gov/workers.

10. Know what you're getting into when you use the buy now, pay later program

While these services may help you purchase more items and spread payments, the amount you end up paying may exceed the total cost of the item. Especially if you miss a payment or pay late. If you decide to use these services, make sure you understand all the terms: the number of weeks you will have to make payments, interest rates and fees.