Financial Strategies for 2019

Created: January 08, 2019 08:12 AM

We are over a week into 2019 and many people are in the process of making their New Year's Resolution. One subject that many take into consideration when making it is finances.

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Barry Bigelow with Great Waters Financial has four tips on how to get finances on the right track this year. 

1. Create a financial plan

"If you don't have a comprehensive financial plan," Bigelow says, "it's hard to make sure your accounting for things like emergency spending or taxes..."

He says many people will have things that come up during the year that are unplanned. Taking the time to make a comprehensive plan will account for that. 

2. Save with purpose

Bigelow says this aspect is especially important with retirement. He recommends saving 10 to 15 percent per month of gross earnings into a 401k. 

3. Prepare for tax season

Get your taxes done as soon as the W-2 form is available. 

"Don't wait until the last second," Bigelow says. "Even with the government shutdown, the IRS still expects you to file by April 15."

He says that with the "Tax Cut and Jobs" act, some people might be in a different tax bracket than they were before. 

4. 401k debt

People can still make a contribution to their personal 401k through a "traditional" IRA, which could reduce tax burden.

Click here to learn more about Great Waters Financial. 

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