Raises to average 3% next year, performance bonuses down

Not to be Debbie Downer, but if you’re counting on a big raise next year, look in the mirror. Any big jump in money is likely to come from you, not your boss.

Insurance broker Aon conducted a survey of more than 1,000 companies, and found that base pay is expected to rise only 3 percent in 2018 (up a smidgen from 2.9 percent last year).

Moreover, spending on performance-based bonuses is expected to be 12.5 percent of payroll — a decrease to levels not seen since 2010. Last year, performance-based bonuses were 12.7 percent of payroll.

So where are you supposed to get more income to pay down debt and save more?

• Decrease discretionary expenses

Do more than just letting go of that latte. “Spend less on vacations, lower monthly bills like cable, eat out less. Take that money and develop an automatic savings plan where the money could be invested based on your time horizon for needing the money,” says Paul Tramontozzi, a certified financial planner with KBK Wealth Management in Manhattan.

• Get creative

Moonlight, monetize hobbies. Join the sharing economy. Consider driving for Uber, Lyft or Truxx. “Rent out your house, car, camera equipment. For example, if you can bike to work, you can just rent out your car to Turo,” says James Rowlin, CEO of Excel Global Partners in Austin.

• Keep it simple

Mike Sena, author of “Raise Your Hand If You’ve Ever Done Anything Stupid with Money,” offers ideas: “Never spend a $1 bill. Put them in a cookie jar, they will multiply like rabbits. Shop at Goodwill. I have found Tommy Bahama silk shirts, Wrangler jeans, custom lamps.”