Columbia, SC (WLTX) - As the year winds down, we can't help but think about what 2019 will hold. Many people are thinking about what they want to reduce and get rid of, like weight or debt.
Money expert Steven M. Hughes from Know Money Inc. shares 3 things you want to grow to make 2019 a successful money year:
- Raise Retirement Assets - Contribution limits have increased for both 401Ks and IRA accounts, growing to $19,000 and $6,000 respectively.
- Review how much you've contributed to your 401k, Roth, and Traditional IRA accounts this year and make a plan to increase your contributions by 1% each quarter next year.
- Deposits are tax deductible in 401k and Traditional IRA accounts.
- Increase Your Income - Annual bonuses are touching down in many people's mailboxes or bank account.
- Be sure to save 50% of your windfall aka the money you weren't budgeting.
- Also, 60% of employers said they have not been asked for a raise. Side hustle income is a must, but don't leave money on the table at your full time job. Arrange for a review that will increase your full=time income in 2019.
- Stack Your Savings Stash - How much do you have in your emergency bank account right now? Did you save to 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.
For more information about Know Money, Inc., visit www.knowmoney.org.