You may be making New Year’s resolutions regarding your money situation, or you may simply be taking the time to check in and make sure that you are still headed down the right financial path for your current goals and dreams. The beginning of the year is a great time to sit down and make a new budget. As you do this you may want to consider some ways to increase your take home pay, as well as ways to cut expenses so that you can achieve your financial goals.
1) You can sign up for a flexible spending account. This allows you to put pretax dollars aside to pay for your out-of-pocket medical expenses. You can do the same thing to pay for your daycare costs. You simply need to talk to your human resources department.
2) You may want to visit the IRS and see if you are having the right amount withheld from every paycheck. It is important to have your most recent pay stub with you, so that you can correctly enter your information. This will cut back on the size of your refund, but it will allow you to have the money you need during the year. You can earn interest on the money instead of the government.
3) You may want to choose one area that you can improve on during the following year. It may be that you decide to reduce your debt or increase your savings. You may cut back on one spending category in your budget. The little things really can make a big difference.
4) You may want to take a class or look for a new job so that you can improve your earning power over the new year. You may decide to do some contract work or to get a part-time job so that you can reach your money goals.
5) One important thing to do is to have a written budget that you follow each month. This way you know where your money is going, and whether or not you are achieving the goals that you want to.
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