Have Less Than $1,000 in Savings? Here Are 5 Ways to Boost Your Finances in 2019

From unnecessary expenses to your 401k, you can do more.

A GOBankingRates report on President Donald Trump’s two-year anniversary in office found Americans are struggling to grow their personal savings. However, there has been steady improvement over the years. The report pointed out that 69 percent of Americans had less than $1,000 in savings in 2016. That percentage dropped to 58 percent in 2018, but it still means more than half of all Americans had less than $1,000 in savings last year.

In an effort to line your pockets in 2019, here are some effective and simple ways to boost your personal savings this year.

Contribute to Your Retirement Accounts

If you’re not utilizing employee matching programs from your employer-sponsored IRA or 401k, you’re leaving money on the table. Max out your annual contribution if you can, and allow your employer to pick up the tab for (some) of your retirement years.

Automate Bill Payments

Life gets busy, so let automatic bill pay carry the burden of making crucial deadlines and due dates for your loans, credit cards, utilities and any recurring bills in your life. Missing a payment might be an accident, but credit card companies aren’t so forgiving when it comes to a seemingly innocuous blunder. In addition to a pricey late fee, creditors are working behind the scenes to dent your credit score and increase your interest rate.

Learn More: How to Save Money Paying Bills With Automatic Payments

Cancel Unused Subscriptions

Popular subscription services like Hulu, Netflix, Spotify and Blue Apron could be siphoning hundreds of dollars from you every year without your knowledge. Look through your statements with a fine-tooth comb to see if there are subscription services that you’re no longer using or have simply forgotten about. As for the subscription services you just can’t live without, check with roommates or family members and see if you can share or consolidate the costs.

Stay Cool During Stock Market Shake-Ups

It’s not in everyone’s nature to stay calm amid stock market volatility, but keeping your cool could mean the difference between long-term savings and short-term loss. Don’t lose sight of the fact that the stock market is cyclical and there’s a mathematical certainty that what goes down is bound to come up.

Negotiate Your Salary

With the country’s tight labor market and low unemployment, employees wield slightly more power over employers than they think. If you’re intimidated by the conversation, set a target salary range based on the market value for your skills and experience. Once you’ve organized your thoughts and have a list of reasons why that raise should be yours, practice your talking points with a friend or spouse until you feel confident.

Check out three ways you can save $1,000 in a month.

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