How to recover financially in 2021 after mass layoffs, unemployment

ABC News’ chief business, economics and technology correspondent, Rebecca Jarvis, shares top tips to set yourself up for a financially better year.
2:25 | 01/01/21

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Transcript for How to recover financially in 2021 after mass layoffs, unemployment
As we start, so many are looking for ways to recover financially after the pandemic led to mass layoffs and forced people to dip into the savings. Rebecca Jarvis joins us now with tips to set yourself up for hopefully a better 2021. What's the first thing people should do right now? Reporter: Happy new year, Eva. As we know this was a very, very tough year for so many people financially. And you have to keep in mind the things can you not control and the things you can and take ownership over those things you can control. The most important thing here is getting into the right mind-set. Yes, it is about the math but it's also about the approach so if you want to buy a new home or a new car or pay down debt or take a vacation, this coming year, it's about getting into that right mind-set, setting some time aside and having the knowledge, the real clear picture of where your finances stand today and do that, Eva, with good budget and mint and take a snapshot of your entire financial picture to show the money you owe, the money coming in and how to make those goals Many were faced with unforeseen expenses forcing them to tap into rainy day funds. How do you rebuild going into 2021? Reporter: Well, one of the first things can you start thinking about, Eva, if you haven't already where you can cut costs. True bill is a great app. It will go through your expenses, all of your memberships and tell you if you can get a better for example, through your wireless or cable company and they will negotiate that for U. One place to start. Another thing you can think about, behaving more like frankly corporate America behaved last year and automated everything. Go through all of your bills and set up auto bill pay that means you'll never have a late fee on any of your bills, unsubscribe from the emails that tempt you with offers and entice you. Just fully unsubscribe from all of them. Go out and do the shopping and bill paying only email. You set up one email where everything financial comes through to you. You're never going to see those in your personal in-box or professional in-box and this will keep your eye on the financial prize. You want to make sure your 2021 starts off the way you want and everything is in order. Rebecca Jarvis, some good tips for us this morning.

This transcript has been automatically generated and may not be 100% accurate.

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