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MAIN
Your
Money
Getting
The Most From Your Paycheck
Experts Share Some Good Advice

Would you
be able to make it through the week if your paycheck didn't come?
According
to a recent online survey, more than 63 percent of America's workers
would experience financial difficulties if their paycheck was
delayed even one week. With so many people living "paycheck
to paycheck," it's vital that Americans make the most of
every dollar they earn.
The American
Payroll Association and ADP
one of the largest payroll service providers offers these tips
to help maximize your income:
- Pay
Attention to New Tax Laws
If you don't have enough taxes withheld, you may be in for an
unpleasant shock at tax time. On the other hand, if you received
a large refund last year, you may have had too much money withheld
at work, giving Uncle Sam an interest free loan at your expense.
- Manage
Your Medical Costs With Advance Planning
Many
insurance plans allow your medical/dental insurance premiums
to be deducted from your paycheck before taxes are taken out.
In addition, Health Care Flexible Spending Accounts let you
save tax dollars on planned out of pockets medical expenses.
Check with your benefits administrator to see if these options
are available.
- Be Smart
About Your 401(k)
It's your responsibility to pay attention to how your 401 (k)
contributions are allocated. Also find out if your company gives
a percentage to match your 401 (k) contributions. If it does
and you're not contributing the maximum amount that your employer
matches, you're giving up "free money."
- Use
Direct Deposit To Help You Save
Although we all try to save, many Americans save less than 5
percent of their annual income. Direct deposit is an easier
way to manage your paycheck deductions and continue saving for
a rainy day. By setting up separate allotments into your checking
and saving accounts, you're more likely to live within your
budget while still ensuring that a portion of your paycheck
is automatically added to your savings.
About The Author...
Log onto the MyPaycheck
Web site for more information on how to make your paychecks pay
out even more.
Source: Newstream.com
Related
Web Sites:
Living
Paycheck to Paycheck
Tips
on Budgeting Your Paycheck
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