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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 one 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.

Budgeting becomes all-important for those who have suddenly undergone dramatic life changes. These might include newlyweds setting up a household budget, those who have become recently divorced, or college students who are learning to budget expenses while working a part time job.

Whether you're struggling to pay your bills or just want to get a better handle on it, most everyone can benefit from learning more about how to match a weekly paycheck with monthly bills.

The American Payroll Association and ADP one of the largest payroll service providers offers these tips to help maximize your income:

Pay attention to your taxable income

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.


Source: Newstream.com - MyPaycheck

More about budgeting your paycheck around the Web:


Make the Most of Your Paycheck - Schwab MoneyWise

How to Make the Most of Your Paycheck

 

 
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