7 Smart Money Moves To Make In 2019, According To Experts

Casey Bond

If you made a few New Year’s Resolutions for next year, chances are at least one is money-related. According to a study by Fidelity Investments, about a third of Americans plan to make a financial resolution for 2019.

But whether you resolve to save more money or get on track for retirement, figuring out where to start can seem daunting. Fortunately, these financial experts shared their best advice on what to do with your money in 2019.

1. Take your savings online.

“If someone is sitting on a large amount of cash in their checking or savings account, they are missing out on earning interest. Rather than receiving 0.01 - 0.09 percent at their brick and mortar bank, they can set up a high-yield online savings account and earn around 2 percent. For someone with $50,000 in their savings account, transferring this money into a high-yield online savings account can add an extra $1,000 or more each year. The best part is unlike CDs, the funds aren’t locked-in for any length of time.” ― Matt Kircher, financial planner and founder of Fairpoint Wealth Management

2. Increase your income with a side hustle.

“I suggest that people launch a side hustle in the new year. Why? It’s easy. Many of them are fun. And some are really lucrative, paying between $30 and $90 an hour. One side hustle that is perfect for college students (or retirees) is called CoolWorks, which finds you seasonal jobs in resorts and national parks. My son and his girlfriend, meanwhile, charge electric scooters every night for both Bird and Lime. They figure they earn about $40-$50 a day that way. And it takes them about an hour to collect and deliver the scooters. Some of the cooking and beauty side hustles are also fun and well-paid. I also love the tourism ones, which allow you to structure, price and schedule your own local tours.” ― Kathy Kristof, award-winning journalist and editor at SideHusl.com

3. Transfer your debt – and then get rid of it.

“Many people feel like they’re drowning in credit card debt after the holidays. Consider opening a credit card that offers 0 percent APR on balance transfers. For instance, Chase Slate offers a 0 percent introductory APR for the first 15 months on balance transfers and purchases. This helps make monthly payments more affordable so you can pay down that debt fast.” ― Farnoosh Torabi, personal finance expert and best-selling author

4. Bump up your 401(k) contribution.

“A good way to save more and not notice it is to increase 401(k) contributions by 1 percent each year. Starting 2019 off right doesn’t have to feel painful from a financial perspective ― making this little tweak, assuming it fits into your financial plan, can pay off big years down the road.” ― Ian Bloom, financial planner and owner of Open World Financial Life Planning

5. Call your credit card issuer and ask for your limits to be raised.

“Credit cards limits play into your overall credit utilization, which then has an impact on your credit score. And your credit score affects the interest rates you pay to borrow money. One way to improve your credit utilization ― and therefore, your credit score ― is to pay down debts or to increase limits on existing debt. Most credit card companies will raise your rate periodically after you’ve made several on-time payments, but you can also call your credit card company and request they review your credit limit. Just keep in mind that they might run a credit check” ― Nick Stanley, certified financial planner and founder of Protogé Wealth Planning

6. Consider a Roth conversion.

“For anyone whose income was lower than expected this tax year and has money in an IRA, it’s a good idea to determine if a Roth conversion makes sense. This entails converting money from your Traditional IRA to your Roth IRA and paying taxes on the amount. The goal here is to move funds from a tax-deferred account to a tax-free account and paying a low tax rate to do so. The benefit is that once the money is in the Roth, all the future growth is 100 percent tax-free. Some situations where I’ve seen this make sense is when transitioning careers, going back to school, starting a business or retiring. Keep in mind, a Roth conversion must be done by Dec. 31 of the current tax year.” ― Danny G. Michael, certified financial planner and principal at Satori Wealth Management

7. Contribute to your HSA.

“If you’re eligible to contribute to a health savings account, do it! People neglect to fund those accounts, but they’re extremely powerful with the potential for triple tax benefits. And don’t necessarily spend the money — you can leave it in your HSA for years because there’s no ‘use it or lose it’ feature. Healthcare expenses don’t seem to be going away, and there’s a good chance you’ll want that money in retirement.” ― Justin Pritchard, certified financial planner and owner of Approach Financial

Responses have been edited and condensed for clarity.

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Myth #1: Pay For Your Vacation After You Get Home...

...since you're getting a bonus next month anyway, right? Or, take advantage of the department store's buy-now-pay-later option on that beautiful rug for your living room, because it's an interest-free deal. But there's a psychological reason to pay ahead of time, says Elizabeth Dunn and Michael Norton, authors of <em><a href="http://www.nytimes.com/2013/06/23/opinion/sunday/happier-spending.html?pagewanted=all&_r=0" target="_blank">Happy Money: The Science of Smarter Spending</a></em>. They've found research that suggests you'll enjoy your vacation more if you aren't sitting on the beach while thinking about what a huge bill you'll be facing once you get home. We get more happiness from things -- whether it's chocolate, a new book, or even a vacation -- we pay for, but don't use right away, than we do from goods we put on credit cards or deferred plans.

Myth #2: To Save Money, Shop Early

The "official" start to the holiday shopping season is Black Friday, with a staggering number of deals available on everything from jeans to video games to tablets. But Brent Shelton, spokesperson for the coupon site <a href="http://www.fatwallet.com/" target="_blank">Fat Wallet</a>, says if you hold out, you may find even better discounts: Stores have recently started offering "12 Days of December" promotions. Considering the average American spends about $750 on holiday gifts (<a href="http://www.nrf.com/modules.php?name=News&op=viewlive&sp_id=1438" target="_blank">thank you, National Retail Federation</a>), doing your research (e.g., looking online before you go to the store) and waiting until after Thanksgiving weekend could make your number much lower.

Myth #3: If It Isn't Painful, You're Doing It Wrong

No pain, no gain may apply to many things, but Hitha Prabhakar, <a href="https://www.mint.com/" target="_blank">Mint.com</a> financial advocate, says saving money doesn't have to be one of them. For example, when she started tracking her spending, she saw how much her daily Starbucks habit was costing her -- but decided that with her late hours and early morning meetings, that was a necessary component of her productivity and her sanity. So Prabhakar found other areas where she could effortlessly cut costs, opting for generic groceries that were just as healthy and not as expensive. Prabhakar's easy changes still resulted in her discretionary spending dropping by about 4 percent.

Myth #4: You're Never Seduced By Price Tags

We all know that a $19.99 shirt is not $19 -- it's $20. But somehow, prices ending with .77 cents and .88 cents set off a different reaction in our mind. When our brain sees those numbers on a price tag, it thinks we're getting a spectacular savings (and we might be...but we just as well might not). Retailing expert <a href="http://mark-ellwood.com/" target="_blank">Mark Ellwood</a>, author of the forthcoming book <em><a href="http://www.amazon.com/Bargain-Fever-Shop-Discounted-World/dp/1591845807" target="_blank">Bargain Fever: How to Shop in a Discounted World</a></em>, says this is neuroeconomics at work. Something about such a specific number suggests that the price has been calculated exactly against the cost of making that item, but it's really just a selling tactic, says Ellwood. You may not necessarily be saving money.

Myth #5: If You Haven't Saved At Least 10 Percent Of Your Income at 50, Your Golden Years Will Be Red

It's bedrock advice: The smartest-easiest-bestest way to guarantee a cushy retirement is to begin socking money away from the very first day of work. If you didn't (or couldn't) take that advice and have been spending instead of saving--for years or even decades -- while you may not retire to your own Richard Branson-style island, you can still play catch-up. Jocelyn Black Hodes, resident financial advisor at the women's financial website <a href="http://www.dailyworth.com/" target="_blank">Daily Worth</a>, tells latecomers to be aggressive (i.e., setting aside at least 20 percent of their income). <a href="https://401k.fidelity.com/public/content/401k/Home/HowmuchcanIcontrib" target="_blank">Those 50 or older can make an additional $5,500 contribution to their 401(k) plan</a> -- so instead of the $17,500 cap that applies to younger workers, they can save $23,000.

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This article originally appeared on HuffPost.