{"id":9836,"date":"2018-06-22T11:44:59","date_gmt":"2018-06-22T15:44:59","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=9836"},"modified":"2023-06-06T12:23:44","modified_gmt":"2023-06-06T17:23:44","slug":"5-moves-that-will-save-you-money-at-the-end-of-the-year","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/5-moves-that-will-save-you-money-at-the-end-of-the-year\/","title":{"rendered":"5 Money Moves to Make Before 2019"},"content":{"rendered":"

Believe it or not, we\u2019re just a few months away from ringing in the New Year.\u00a0 Although most of 2018 has already flown by, there\u2019s still time left for you to get your finances right before the ball drops.\u00a0 Here are 5 money moves you need<\/del> to make in the upcoming months.<\/p>\n

 <\/p>\n

Create a budget<\/strong><\/h2>\n

Creating a budget doesn\u2019t sound like fun but considering the fact that nearly half of all Americans live paycheck to paycheck, you probably need one.\u00a0 The process is fairly easy.\u00a0 Begin by gathering all of your pay stubs and bills for the last month.\u00a0 Then combine your pay stubs to calculate your monthly take-home pay.\u00a0 Next, write down your monthly expenses and divide them into two groups; fixed and variable.\u00a0 Fixed expenses are bills that remain the same every month such as your rent or student loan payments.\u00a0 Variable expenses are bills whose amounts change monthly like your groceries or entertainment.\u00a0 If your spending is out of control, go through your variable expenses and get rid of anything that isn\u2019t a necessity.<\/p>\n

 <\/p>\n

Contribute to your 401K<\/strong><\/h2>\n

To encourage more people to save for retirement, many companies offer to match your 401k contributions up to a certain percentage.\u00a0 If your job offers this benefit, jump on it.\u00a0 It\u2019s free money.\u00a0 Plus, your contributions will lower your taxable income when you file your tax return.\u00a0\u00a0 For 2018, the 401K contribution limit is $18,500.\u00a0 Individuals who are 50 and older can also make catch-up contributions up to $6,000.\u00a0 Don\u2019t forget, ezTaxReturn<\/a> is the fastest and easiest way to do your taxes.<\/p>\n

 <\/p>\n

Open an IRA<\/strong><\/h2>\n

According to GoBankingRates<\/a>, 1 in 3 Americans don\u2019t have any money saved for retirement.\u00a0 If your employer doesn\u2019t offer a retirement savings plan, open an IRA.\u00a0 IRA\u2019s come in two forms; Traditional and Roth.\u00a0 Traditional IRA\u2019s are funded with pre-tax dollars which means your contributions are tax deductible.\u00a0 The catch is you’ll have to pay taxes when you withdraw the money from your account.\u00a0 Contributing to a Roth IRA won’t earn you any tax breaks but your money will be tax-free when you make a qualified withdrawal.\u00a0 For 2018, the maximum contribution limit is $5,500 ($6,500 if you\u2019re 50 or older).\u00a0 You have until April 2019 to contribute for 2018 but the earlier you start saving, the more time your money has to grow.<\/p>\n

 <\/p>\n

Review your tax withholding<\/strong><\/h2>\n

While many people look forward to getting a big refund at tax time, there are some people who prefer to bring home a bigger paycheck throughout the year.\u00a0 Depending on your needs, you may want to claim more or less allowances on your Form W-4, Employee\u2019s Withholding <\/a>Certificate.\u00a0 Take some time to weigh your options by using one of the withholding calculators available online.\u00a0 If changes need to be made, complete and submit a new W-4 to your employer.<\/p>\n

 <\/p>\n

Check your FSA balance<\/strong><\/h2>\n

Flexible Spending Accounts<\/a> are attractive because they allow you to save pre-tax dollars for out-of-pocket medical, dental and vision expenses.\u00a0 This year, you can\u00a0set aside up to $2,650 of your salary to fund the account.\u00a0 The downside is any money you don\u2019t use by December 31st gets forfeited.\u00a0 Please note, some plans offer a 2 \u00bd month grace period so double check with your employer.\u00a0 To prevent your money from going down the drain, find out your remaining balance and try to schedule as many last minute appointments as possible.\u00a0 You can also run to your local drugstore and stock up on eligible FSA items such as bandages, sunscreen and heating pads just to name a few.<\/p>\n

 <\/p>\n

 <\/p>\n

File your taxes fast and ez in 30 minutes or less.<\/h2>\n","protected":false},"excerpt":{"rendered":"

Believe it or not, we\u2019re just a few months away from ringing in the New Year.\u00a0 Although most of 2018 has already flown by, there\u2019s still time left for you to get your finances right before the ball drops.\u00a0 Here are 5 money moves you need to make in the upcoming months.   Create a […]<\/p>\n","protected":false},"author":3,"featured_media":9920,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-9836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"\n5 Money Moves to Make Before 2019<\/title>\n<meta name=\"description\" content=\"Believe it or not, we\u2019re just a few months away from ringing in the New Year.\u00a0 Here are 5 money moves you need to make in the upcoming months.\" \/>\n<meta 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