Tips to Break the Pay-Check-to-Pay-Check Cycle
credit: RichieC
If you’re one of the many people living from pay check to pay check without having much hope of breaking the cycle of debt and repayment, you’ll be pleased to read a few tips from the experts at CNN Money. Rather than going through the obvious money saving strategies, they talk about a few ways that could net you a little extra cash and start to dig you out of the cycle.
- Adjust your tax withholding payments. If you are eligible for a tax refund, that means you’ve been paying too much tax for the whole year. You may be able to change the amount that is withheld and have more take home money throughout the year, and that can go to paying off debts sooner rather than waiting for the tax refund. Just be sure that that’s what you use it for – be disciplined.
- Check which pre-tax spending programs are offered by your employer. For example, you may be able to benefit from a medical spending plan where pre-tax contributions can then be used to cover medicines or the co-payment for doctor visits.
- Be aware of any bonus systems that your company might have in place – these are not just for sales people. For example, you might get a financial bonus if you refer new clients to your company. Find out what systems are available and do what you can to get some extra cash.
Tags: Budgets & Money Management | Debt Management | Finances | Saving | Saving Money | Tax
This entry was posted on Saturday, April 26th, 2008 at 4:30 am and is filed under Budgets & Money Management. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
