Tips to Make 2018 a Successful Financial Year

Columbia, SC (WLTX) - As the holidays near, we can't help but think about what 2018 will hold. Most people aren't thinking about losing weight, but a new job with more money and less debt will top many lists.

Steven Hughes from Know Money Inc. shares 3 things in your life that you should review before making 2018 a successful money year:  

  1. Keep An Eye On Your Assets - If you don't understand your retirement account's statement, today is the day to call the company that is managing your money and sending you your statements. Review how much you've contributed to your 401k, Roth, and Traditional IRA accounts. Deposits are tax deductible in 401k and Traditional IRA accounts.
  2. What's Feeding Your Bank Account? - Annual bonuses are touching down in many people's mailboxes or bank account. Be sure to save 50% the money you weren't budgeting. Speaking of your job, 60% of employers said they're not asked for a raise. If you're not going to get a side hustle started in 2018, at least arrange for a review that will increase your full-time income. 
  3. Increase Your Savings Stash - Check to see how much you paid your self (or saved) in 2017. Did you hit your financial goals? Start by checking your monthly bank statements and see where your money is going. Commit that you will save at least 15% whenever you get paid in the new year.  

© 2018 WLTX-TV


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