Money Management in 2020 and Beyond: This Year’s Top Posts
- UpdatedJan 19, 2025
- In 2020 COVID caused a lot of changes and financial stress.
- Key topics include budgeting, building up an emergency fund, and knowing where your money is going every month.
- Despite various coronavirus, stimulus measures debt remained a top priority for many households.
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This year has been called a lot of names. “Dumpster fire,” “train wreck,” and “roller coaster” are a few of the tamer examples. And aside from the obvious stress we’ve endured thanks to Covid-19, many of us have also struggled financially, despite coronavirus stimulus packages and other efforts.
But if we’re lucky, with experience comes wisdom. And since it feels like we’ve squeezed seven years into one, maybe we’re moving forward even wiser than we realize. So, as we emerge from the emotional and financial bar brawl that has been 2020, let’s pick ourselves up, dust ourselves off, and march into 2021, bruised perhaps, yet determined.
To help you start off the New Year with the benefit of hindsight in money management, here is a round-up of the knowledge we gathered from our top 10 posts of 2020.
Money management 101
There’s nothing like a crisis to make you realize how well — or not — you’re managing your finances. This year has served as a sobering reminder of how important it is to make and keep a budget, build up an emergency fund, and know where your money is going every month. Here are some helpful money management posts from 2020:
Even if you’ve been less than disciplined up to this point, there’s no time like the present to make a fresh start and begin building new financial habits.
Coronavirus stimulus efforts
There are few people who can say they weren’t adversely affected by COVID-19 and the lockdown measures enacted in response. Businesses have stalled or closed completely, workers have lost their jobs, and of course some have lost loved ones. Consequently, legislators have tried to provide some assistance, which we covered for our readers this year:
Of course, while these governmental band-aids may help in the short term, they can’t replace sound money management and debt strategies by individuals and families. So, while it’s good to know what help is available to you, it’s best to pair that aid with long-term planning to improve your overall financial well-being.
Debt management strategies
Unfortunately, the financial strain of 2020 sent many people further into debt, despite various coronavirus stimulus measures. So, on top of the stress of a global pandemic and a chaotic election year, you may be wondering about your options for debt management or loan forbearance. Here are our top blogs with information on these programs.
While 2020 has seen an increase in debt for some families, it’s also provided us the opportunity to take a hard look at what our essential expenses are, what we can do without, and how important it is to get out of debt as quickly as possible while managing our finances better. So, even though we don’t know what 2021 will entail, we can at least march into it with more knowledge and resolve to get our financial houses in order (we might as well, since we’re still stuck at home for a while).
Stay informed and equipped with the tools you need
Whether you’re struggling to get by or simply need to get out of debt as soon as you can, having the right information and strategies can make all the difference. So, as you make new resolutions and work to improve your money management skills, come back and visit our blogs for free news and information throughout 2021. From updates on coronavirus stimulus laws, to proven strategies for controlling your debt, we can help you stay informed and make the right decisions for your financial future.
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Debt relief by the numbers
We looked at a sample of data from Freedom Debt Relief of people seeking debt relief during November 2024. This data reveals the diversity of individuals seeking help and provides insights into some of their key characteristics.
Credit card tradelines and debt relief
Ever wondered how many credit card accounts people have before seeking debt relief?
In November 2024, people seeking debt relief had some interesting trends in their credit card tradelines:
The average number of open tradelines was 14.
The average number of total tradelines was 24.
The average number of credit card tradelines was 7.
The average balance of credit card tradelines was $15,142.
Having many credit card accounts can complicate financial management. Especially when balances are high. If you’re feeling overwhelmed by the number of credit cards and the debt on them, know that you’re not alone. Seeking help can simplify your finances and put you on the path to recovery.
Collection accounts balances – average debt by selected states.
Collection debt is one example of consumers struggling to pay their bills. According to 2023, data from the Urban Institute, 26% of people had a debt in collection.
In November 2024, 30% of debt relief seekers had a collection balance. The average amount of open collection account debt was $3,203.
Here is a quick look at the top five states by average collection debt balance.
| State | % with collection balance | Avg. collection balance |
|---|---|---|
| District of Columbia | 23 | $4,899 |
| Montana | 24 | $4,481 |
| Kansas | 32 | $4,468 |
| Nevada | 32 | $4,328 |
| Idaho | 27 | $4,305 |
The statistics are based on all debt relief seekers with a collection account balance over $0.
If you’re facing similar challenges, remember you’re not alone. Seeking help is a good first step to managing your debt.
Support for a Brighter Future
No matter your age, FICO score, or debt level, seeking debt relief can provide the support you need. Take control of your financial future by taking the first step today.
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