The newest of tax increases has hit America's paychecks and pocketbooks. Bringing less home may increase the need to take out a payday loan, trying to make up the difference for what isn't going in the bank. With a 2% increase, households who bring home $50,000 will be seeing about $38 less in their biweekly paycheck. That comes out to about $1000 per year. Households that bring home $100,000 will see about $2000 less per year. While consumer spending is up, many households will be affected by the tax increase. Less money in the bank may mean needing to supplement your income with a payday loan to make up for the difference. But knowing how to make up for the shortfall is your best defense in dealing with the financial adjustment. Here's what you can do:
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Make Adjustments
Use your tax refund to make up for what you are not taking home by adjusting your exemptions. Meaning, have more taken out of your paycheck. By doing so, you will pay less tax on your income. Also, increase your 401(k) contributions if you are able.
Clean Out What You Can
There's money to be made with those unwanted items laying around your house, garage, and yard. Sell or pawn items such as bikes, electronics, jewelry. Hold garages sales for clothing, housewares, toys and other items that are in high demand. Items that contain scrap metals such as iron and copper are also worth selling and can be sold quickly. Exhaust your resources before you turn to the payday loan lender for extra cash.
Restructure and Refinance
You'd be amazed at how you can save money every month by re-evaluating your expenses. Lower you cell phone plan, cancel cable and opt for online movie streaming, or consider eating out less. Also, look into refinancing your home mortgage or auto loan and research credit cards with lower interest rates and 0% introductory offers. Doing this could save you well beyond what you won't be getting in your paycheck.
Forget Having Convenience
The gardener, the pool guy, the guy who makes your meals when you are eating out... these are all expenses that you can go without. Yes, it may be convenient to have someone else take care of your lawn but you will save quite a bit of cash when you take the "do-it-yourself" approach. Although a payday loan or cash advance may seem convenient, it may not be that easy to pay it back.
Get Creative!
Consider upping the deductible on your insurance(s). If you do unfortunately get into a car accident, you may have to pay a higher deductible but for every month out of the year, you will save on insurance premium payments. Believe or not, you can save $1000 per year doing this.
The payroll tax increase is going to effect everyone in a different way. If you are one of us who will definitely feel the strain with these changes, take control of your situation by implementing the above suggestions. You may find yourself pleasantly surprised when you see how much extra cash you can put in your pocket while making up for what you are having taken out of your paycheck.
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