10 Resolutions for the New Year to Help You Manage Your Finances in 2024

December 20, 2023

NEW YORK, NY – Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga today shared 10 resolutions to help you manage your personal finances in this new year. DCWP urges all New Yorkers to take the time to set financial goals, budget, and make plans to reduce debt for 2024.

“Few things are as freeing as taking charge of your personal finances,” said DCWP Commissioner Vilda Vera Mayuga. “As a client of our NYC Financial Empowerment Centers myself, I urge all New Yorkers to take advantage of our FREE and professional financial counseling services and make 2024 the year you set yourself on track for financial success!”

DCWP Financial Resolutions for 2024:

1. Get free financial counseling. No matter where you are in your financial journey, you can get free, one-on-one financial counseling by phone or in-person at an NYC Financial Empowerment Center where you can learn how to reduce debt, get help negotiating with your creditors, understand your credit report, create a spending plan, establish or improve your credit score, open a bank account, and start saving for emergencies and the future. Since 2008, NYC Financial Empowerment Centers have served more than 73,000 clients, helping to reduce their debt by more than $100 million and save more than $11 million. Visit nyc.gov/TalkMoney or call 311 and say “financial counseling” to schedule an appointment or for more information.


2. File your taxes for free and claim your refund, including important credits. NYC Free Tax Prep can help you understand your eligibility for tax credits and make sure you get the refund you deserve. Avoid spending your hard-earned money on a paid preparer – this coming tax season, those who earned $85,000 or less as a family, or $59,000 or less as an individual filer in 2023 can work with an IRS-certified VITA/TCE volunteer preparer to complete an accurate tax return for free in-person or online. And this year, NYC Free Tax Prep has expanded to provide specialized services for self-employed filers, like freelancers, gig workers, and small business owners. For more information about these tax filing options and refund-boosting tax credits, including locations and requirements, call 311 and ask for tax preparation assistance or visit nyc.gov/TaxPrep.


3. See if you qualify for new student loan programs. New federal programs are available to help you lower student loan payments. The latest income-driven repayment plan, called the SAVE plan, could lower borrowers’ payments to $0 a month based on their monthly income. The Federal Student Aid’s Loan Simulator tool can help you find the plan that makes the most sense for you. If your loans are in default, enrolling in the Fresh Start program can bring them back into good standing so you can sign up for a repayment plan. NYC Financial Empowerment Centers can help you understand your rights and responsibilities and navigate student loan payment options. For more resources, visit nyc.gov/StudentLoans.


4. Know your rights in the workplace. You have the right to get paid when you’re out sick and, if you work in fast food or retail, the right to a predicable schedule. If you work in fast food, they also can’t fire you without “just cause.” If you’re a freelancer, you have the right to timely payment. Announced last month, if you perform deliveries for restaurant delivery apps – like Uber, DoorDash, and Grubhub – you have the right to earn at least $17.96 per hour, not including tips. To learn about these rights and more, visit nyc.gov/workers.


5. Know what you’re getting into if you use ‘buy now, pay later’ agreements. While these services may help you purchase more and spread out payments, the amount of money you end up paying could be more than the total cost of the goods, especially if you miss a payment or pay late. If you choose to use these services, make sure you understand all the terms – for example, the number of weeks you will have to make repayments, interest rates, and fees. Visit DCWP’s Buy Now, Pay Later Tips for more information.


6. Check your credit report and build your credit history. Lenders use your credit score and information on your credit report to make decisions on loans or credit cards and the interest rate you pay. To avoid surprises and correct any potential mistakes on your credit, you should check your credit reports regularly. You are entitled to a free credit report every 12 months at annualcreditreport.com. If you find any errors, file a dispute with the credit bureaus. Using a credit card wisely will help you build your credit history and increase your credit score. Try using your credit card only for purchases you can pay off in full or at least pay the minimum monthly. A higher credit score means you will have access to more credit products and lower interest rates and payments on any new loans you take out.


7. Open a safe bank account. If you don’t have a bank account, start the new year by opening one that’s safe, affordable, and right for your needs. Doing so will reduce fees spent at a check casher. All New Yorkers can open an NYC SafeStart Account—the City’s FREE bank account with an ATM card, no overdraft fees, and no monthly fees if you have a minimum balance of only $25 or in some cases even less. Visit nyc.gov/SafeStart or call 311 and ask about the NYC SafeStart Account. Some banks and credit unions also accept IDNYC as the primary form of identification.


8. Develop and stick to a spending plan to better understand your finances. A spending plan can help you reorganize your expenses, reduce your costs, and save for tomorrow. Start by tracking your current daily spending so you can organize your expenses into needs and wants. Once you understand your current spending, find the “lost money” in your budget by calling your service providers to ask about discounts that can help you find a few extra dollars. Then, don’t forget to pay yourself! Remember, saving $25 or $50 a month can help you build savings over time. You can make this easier by setting up automatic transfers for each time you get paid.


9. Plan for retirement. If you have the opportunity to save for your retirement through a plan sponsored by your employer, try to budget to contribute a set amount each month. Every little bit helps in the long run, even if you cannot reach the maximum contribution limit each year. You also can open your own accounts, such as a traditional Individual Retirement Account (IRA) or Roth IRA.


10. Protect yourself from identity theft. Create unique passwords for each online account and make sure they have capital and lowercase letters, numbers and symbols. Never share your password with others and change it several times a year. Also, avoid giving personal information online, by email or on social media sites. If you are the victim of ID theft, report it to your local police precinct and file a complaint with the Federal Trade Commission (FTC) at ftc.gov/idtheft or call 1-877-ID-THEFT (1-877-438-4338). Place a fraud alert on your credit report with one of the three credit reporting agencies: Equifax, Experian, TransUnion.

The NYC Department of Consumer and Worker Protection (DCWP)—formerly the Department of Consumer Affairs (DCA)—protects and enhances the daily economic lives of New Yorkers to create thriving communities. DCWP licenses more than 45,000 businesses in more than 40 industries and enforces key consumer protection, licensing, and workplace laws that apply to countless more. By supporting businesses through equitable enforcement and access to resources and, by helping to resolve complaints, DCWP protects the marketplace from predatory practices and strives to create a culture of compliance. Through its community outreach and the work of its offices of Financial Empowerment and Labor Policy & Standards, DCWP empowers consumers and working families by providing the tools and resources they need to be educated consumers and to achieve financial health and work-life balance. DCWP also conducts research and advocates for public policy that furthers its work to support New York City’s communities. For more information about DCWP and its work, call 311 or visit DCWP at nyc.gov/dcwp or on its social media sites, Twitter, Facebook, Instagram, and YouTube.