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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 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.

Related Web Sites:

Living Paycheck to Paycheck

Tips on Budgeting Your Paycheck